Fast50 Co. Quest Shows NZ Business In Good Heart

For immediate release- 29 August 2001

FAST50 COMPANY QUEST SHOWS NZ BUSINESS IN GOOD HEART

We know where you are, but not what you do: The search for New Zealand’s 50 fastest growing businesses is throwing up some early regional trends, with entries now closed in the inaugural corporate growth search.

Almost 500 nominations have been received for the Deloitte/Unlimited Fast 50, which plans to identify New Zealand’s fast growing companies.

Auckland leads the charge, with 38.5% of entries, followed by Christchurch at 27%. Wellington businesses comprise 22% of entries, with Dunedin at 7% and Hamilton businesses making up 5.5%.

But just which sector the winning companies will come from is anyone’s guess at this stage. The biggest category is companies rating themselves as ‘other’, not fitting into manufacturing (20%), services (16%), retail (15%), technology (11%) or the less-than- 5% remaining categories of health care, biotech, telecommunications, tourism or leisure.

The Fast 50 is a Deloitte global initiative, run in several countries as Fast 100 or Fast 500, with information gleaned from publicly available data. The programme in New Zealand, run as the Deloitte/Unlimited Fast 50, invited voluntary participation as privately owned companies are not required to file accounts

Deloitte CEO Nick Main says the nominations provide solid evidence that a large number of New Zealand business are running in the fast lane.

“They are tomorrow’s potential bluechips with the final rankings all about growth, based on revenue figures supplied for three years,” he says.

The full ranking will be published in the November issue of the business magazine, Unlimited, and its publisher, Vincent Heeringa, says the rankings will also point to emerging entrepreneurs and business heroes. The top –rated company receives a trip to the Global Forum of CEOs of fast growing organisations, to be held 8-10 May 2002 in Florida, US.

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For more information: Sonia Cottrell, Deloitte, 09- 303 0837, 021 344 468 Vincent Heeringa, Unlimited, 377 9902, 021 936 739

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