21 October, 2005
First time entrant 42 Below Tops the Deloitte/Unlimited Fast 50
42 Below, the daring marketer and producer of premium vodka, gin and water has taken first place in this year’s Deloitte/Unlimited Fast 50 index – for the fastest growing companies in New Zealand.
This is the first time the well known Auckland based manufacturing company has entered the index. The three year old operation has managed to top the table with a phenomenal revenue growth rate of 2116%.
According to Brett Chambers the Deloitte partner heading the research process, the massive growth rate is a stunning example of entrepreneurial flare and effective planning and execution.
“We started the Fast 50 index five years ago, and we saw then the IT sector was just starting to make its mark. Two IT focused companies in the top five this year proves that this sector has cemented itself as a fast growing and value adding part of our economy, but with 42 Below taking first place, the more traditional businesses prove they can grow just as fast despite the shortage of skilled labour, the high New Zealand dollar and competing imports,” adds Chambers.
This is again evident with the number three fast growing company, Climate Coatings Ltd. This manufacturing business delivered 1259% revenue growth in the last two years, a fantastic result for this sector.
ITmaniacs an IT recruitment company took second
place with 1287% growth.
Last year’s winner Trade Me came in at number 4 on the index.
“Specialist recruitment companies are also featured prominently in this year’s index, providing services that many organizations are seeking in a tight labour market,” says Brett Chambers.
During the research process all the Fast 50 entrants were asked about their business outlook for growth. More than half the participants were confident their growth would continue.
“One of the strongest messages coming
through this year is that the customer is king. The Fast 50
entrants identified a strong customer focus as the key
driver to their success. Interestingly the same hurdles
facing growth businesses continue to present themselves”
says Brett Chambers.
“Access to capital, recruiting good staff, healthy cash flow, and a proper infrastructure for growth are the same challenges that fast growth companies were grappling with five years ago.”
“What is good to see though, is the number of companies making their second or third appearance in the Fast 50. Achieving over 100% growth in any two year period is a remarkable achievement but to achieve this kind of growth year on year is truly phenomenal,” adds Brett Chambers.
Other winners included:
Fast 50’s fastest growing employer – for companies who have increased the size of their workforce. The national winner of this category is Radius Pharmacy Ltd. The healthcare and biotechnology company is based in Wellington.
Fast 50’s fastest growing mature company- for companies with revenue of more than $5m in their base year– The national winner for this category is Kiwibank Ltd based in Wellington.
Fast 50’s fastest growing exporter - for companies whose total export sales represent more than 50% of their revenue – The winner of this category is 42 Below Ltd. The vodka, gin and water company is based in Auckland.
Fast 50’s fastest growing ICT Company sponsored by The HiGrowth Project - the national winner of this category is Trade Me Ltd, the online auction company is based in Wellington.
Fast 50’s fastest growing publicly listed company – for companies on the New Zealand stock exchange. The national winner of this category is 42 Below Ltd, the vodka, gin and water company, is based in Auckland.