Blowing out all previous records, online electricity retailer Powershop has claimed the top spot on this year’s Deloitte Fast 50 with a massive 5280 percent growth, the highest-ever in the index’s 11-year history.
Mobile network 2degrees came second with a 3762 percent growth and Wellington-based telecommunications finance company Telecom Rentals – 2010’s Fast 50 winner – was third, with 987 percent.
The annual Deloitte Fast 50 index, announced last night, ranks businesses according to their revenue growth over the past three years and sets the benchmark for high-growth businesses in New Zealand.
Fast 50 programme leader Deloitte partner Matt McKendry said Meridian-backed Powershop challenged a number of industry norms and effectively turned electricity retailing on its head.
“Powershop has developed a unique business model in the retail electricity market by turning a utility into a consumer good. This has enabled it to engage with its customers in ways unheard of in an industry that’s been characterised by poor customer relations,” McKendry said.
“They’ve really shown that courage, tenacity and innovative thinking can deliver outstanding success, even in a tough economic climate, by adopting a challenging mindset and not being confined to a conventional business model.”
Along with being the number one ranked business on the Fast 50, Powershop took out the national award for fastest growing retail or consumer products business, while 2degrees won the national fastest growing technology business and Telecom Rentals the fastest growing business services business award.
Other national category awards went to online accounting software provider Xero for fastest growing exporter, Christchurch-based K9 Natural Food as the fastest growing manufacturer, Salmac Insulation of Dunedin, which won the fastest growing mature business award for the second year running, and Global Horticulture New Zealand as the fastest growing primary sector business.
The 2011 group of Deloitte Fast 50 businesses grew the New Zealand economy by $594 million in the past three years and created 1502 jobs.
This year’s index also saw 16 businesses achieve sustainable high growth by returning to the Fast 50 index, with Synlait Milk making the list for a fourth consecutive year, while Cook Brothers Construction, MedRecruit and Tuatara Brewing Company were all on the list for a third time.
“Many of the businesses on the 2011 Deloitte Fast 50 are culminations of new ways of thinking in recessionary times, both in terms of their service or product offering but also how they run their businesses,” McKendry said.
To make the 2010 Deloitte Fast 50, companies had to achieve growth of 144 percent, while growth of at least 485 percent was required to make the top 10 on the index.