Garage Project takes top ranking on 2015 Deloitte Fast 50 index  

Garage Project, a Wellington-based craft brewery, has taken the number one ranking on this year’s Deloitte Fast 50 with an impressive 664% growth.

Christchurch construction company Farrell Group (628% growth), Mad Group, the food group behind Mad Mex and Habitual Fix (603%), bespoke jewellery manufacturer Naveya & Sloane (552%) and tradespeople recruiter Tech 5 Recruitment (545%) round out this year’s top five.

The annual Deloitte Fast 50 index, announced tonight at the Deloitte Festival of Fast Growth, ranks businesses experiencing rapid revenue growth over three years across a range of sectors, including manufacturer, technology, services, retail and consumer products, exporters and mature business. The index sets the benchmark for high growth businesses in New Zealand.

The threshold for entry into the Fast 50 was 194%, just below last year’s record 201%,  and the top 7 companies on the index all had three-year growth rates in excess of 500%. Thirty-seven companies are appearing on the Deloitte Fast 50 for the first time and 35 companies have revenues under $5 million.

A total of 24 companies on the 2015 index are from the Auckland and Upper North Island region, followed by 8 from Wellington and the Lower North Island, 7 from the Central North Island, 6 from Dunedin and the Lower South Island and 5 from Canterbury and the Upper South Island.   

Fifteen companies classify themselves as technology companies, twelve are consumer businesses, eight are from the construction industry and six are manufacturers.  The remaining nine companies on the index are from the health, agribusiness, tourism, education and energy industries.  

Deloitte Private partner Bill Hale says the high level of diversity among this year’s Fast 50 companies shows any type of business, from anyplace in New Zealand, can do well with the right approach.

“This is important as it creates job opportunities across more than just the tech industry, and demonstrates that SME businesses can be successful in their niche with good strategy and good execution,’ he says.

“What’s more, the high percentage of first-timers and the large number of smaller companies with revenue under $5 million suggests that there is plenty more growing to do for this year’s group of companies.”

Dairy products company Lewis Road Creamery was named the 2015 national Rising Star.  In association with the Deloitte Fast 50, together with BNZ, the Rising Star awards are designed to recognise early-stage, innovative, high potential companies – the next generation of Fast 50 businesses.

Along with being the number one ranked business on the 2015 Deloitte Fast 50, Garage Project took out the national award for fastest growing manufacturer. The second ranked business on the index, Farrell Group, won the national award for fastest growing services business and third ranked Mad Group won the national award for fastest growing retail or consumer products business.

Other national category awards went to seventh ranked Vend for fastest growing technology business, Compass Agribusiness Management for fastest growing agribusiness, EBOS for fastest growing mature business and The Collective for the fastest growing exporter.

The third annual Deloitte Festival of Fast Growth, held today at Auckland’s Villa Maria winery, brings together the country’s fastest growing companies for a one day inspirational business event. The focus of the day is to provide an informal but challenging and thought provoking environment for high growth business. It includes meaningful workshops, networking opportunities and concludes with the celebration to count down the fastest growing companies from 50 to 1.

For the full Deloitte Fast 50 index, go to www.fast50.co.nz.

About the Deloitte Fast 50

The Deloitte Fast 50 index ranks the top 50 businesses in New Zealand according to their revenue growth over the past three years.  Entrants are required to be New Zealand registered companies, have been in business for a minimum of three years, and have had operating revenue of at least $300,000 in the 2012/13 financial year.

As well as the national Fast 50 index, there are awards given to the fastest growing manufacturer, technology business, services business, retail/consumer products business, exporter, and mature business (operating for 15 years or more).

All technology businesses which enter the Deloitte Fast 50 are automatically nominated for the Deloitte Technology Fast 500 Asia-Pacific index announced in Hong Kong on 3 December 2015.

The number one ranked companies since the programme began in 2001 are:

2001:  TelstraSaturn, telecommunications

2002:  Marshal Software, internet security

2003:  Prolificx, electronics

2004:  Trade Me, online auctions

2005:  42 Below, vodka

2006:  HRV, home ventilation

2007:  Energy Mad, eco-friendly light bulbs

2008:  Watson & Son, manuka honey/healthcare

2009:  New Zealand Honey Co, honey products

2010:  Telecom Rentals, telecommunications equipment finance

2011:  Powershop, online electricity retailer

2012:  Pulse Utilities, electricity retailer

2013:  Earthwise, environmentally friendly cleaning products for the home

2014:  Voyager Internet, full service telecommunications company

About the Rising Star awards

Deloitte and BNZ proudly present the fourth annual Rising Star awards.  Designed to complement the Deloitte Fast 50, they are for businesses that do not qualify for the main list but are recognised as early-stage, innovative, high potential companies.

Past national winners:

2011:  BigLittleBang, online gaming for children

2012:  World Wide Access, software technology for exporters

2013:  KiwiYo, self-service frozen yoghurt

2014:  My Food Bag, fresh food and recipe delivery