For the second year in a row, an electricity company has topped the Deloitte Fast 50 list of New Zealand's fastest-growing companies – though Pulse Utilities NZ's staggering 2637 percent revenue growth didn't quite reach the dizzying heights of last year's winner, Powershop, with 5280 percent growth.
The annual Deloitte Fast 50 index ranks businesses according to their revenue growth over the past three years; to make the charts companies had to achieve growth of 154 percent, while growth of at least 480 percent was required to make the top 10.
Along with being the number one ranked business on the Fast 50, Pulse Utilities NZ also took out the national award for fastest growing retail or consumer products business, while McCashin’s Brewery won the national fastest growing manufacturer award. PowerKiwi, the number two business on this year’s index, was the overall Wellington regional winner.
National leader of the Fast 50 programme, Deloitte partner Stephen Nicholas, said Pulse Utilities NZ picks up where 2011 winner Powershop left off, challenging the status quo of the electricity industry with its Just Energy brand.
“Pulse Utilities has achieved remarkable growth by sticking to the simple formula of providing full service with the best possible local price for its customers. By focussing on this combination of customer service and a low price in areas of New Zealand that may not seem like a priority for the bigger players in the industry, Pulse has differentiated itself from the pack,” he says.
“Both Pulse Utilities, and second place PowerKiwi, clearly demonstrate that there is room for independent retailers to achieve extraordinary growth in the New Zealand electricity industry.”
Nicholas said this year’s index has demonstrated once again that doing the basics right goes a long way towards achieving business success.
“Things like having a deeply rooted culture of values and integrity, a strong customer-centric focus and the good sense to embrace collaboration with the right partners at the right time can help businesses catapult ahead of the competition,” he says.
“What Deloitte Fast 50 winners have in common is that they are phenomenally focused on these things.”
Other national category awards went to designer jewellery maker Kagi for
fastest growing exporter, 2degrees Mobile for fastest growing
technology business, Konnect Net for fastest growing services business,
CBL Insurance for fastest growing mature business and Wellington-based
Global Horticulture New Zealand was the fastest growing primary sector
business for the second straight year.
Deloitte says the 2012 group of 50 businesses grew the New Zealand economy by $637 million in the past three years and created 1376 jobs.
Three businesses returned to the Fast 50 index for a third time in 2012: Futrix, K9 Natural Food and Simply Energy.
The winner of the Rising Star prize – given to an innovative company with potential that doesn't yet qualify for the Fast 50 (they must have more than $300,000 in revenue and records for three years) – was export specialist World Wide Access.
For the full list of Fast 50 2012 winners, see fast50.co.nz.
|1||Pulse Utilities NZ||2636.51 %||Auckland and Upper North Island||Retail or consumer product|
|2||PowerKiwi||1915.64 %||Wellington and Lower North Island||Retail or consumer product|
|3||McCashin's Brewery||1836.38 %||Christchurch and UpperSouth Island||Manufacturing|
|4||Night 'n Day Foodstores||951.71 %||Dunedin and Lower South Island||Retail or consumer product|
|5||Konnect Net||906.09 %||Auckland and Upper North Island||Services|
|6||2 degrees Mobile||537.92 %||Auckland and Upper North Island||Technology|
|7||Powershop||529.39 %||Wellington and Lower North Island||Retail or consumer product|
|8||Xero||513.5 %||Wellington and Lower North Island||Technology|
|9||Mediacom||487.6 %||Auckland and Upper North Island||Services|
|10||Ecoya||479.63 %||Auckland and Upper North Island||Retail or consumer product|
And here's a handy infographic Deloitte whipped up drilling down into the attributes of this year's Fast 50 companies:
Idealog has been covering the most interesting people, businesses and issues from the fields of innovation, design, technology and urban development for over 12 years. And we're asking for your support so we can keep telling those stories, inspire more entrepreneurs to start their own businesses and keep pushing New Zealand forward. Give over $5 a month and you will not only be supporting New Zealand innovation, but you’ll also receive a print subscription, an Idealog t-shirt and a copy of the new book by David Downs and Dr. Michelle Dickinson, No. 8 Recharged (while stocks last).