Media Release Embargoed
20 October, 2006
Home Ventilation the Fastest Growing Enterprise in the Country
A major franchisor and manufacturer of home ventilation systems Cristal Air International which trades as HRV is the country’s fastest growing enterprise, topping this year’s Deloitte Fast 50 index and experiencing 732 % growth.
The Auckland based winner is a first time entrant and has been built in only a few years from a relatively small operation, to a market leader that installs hundreds of new systems every month.
IT companies continue to dominate the Fast 50 this year with two distinctive brands in the top five, Cohesive Limited placed second and Trade Me the 2004 Fast 50 winner placed fourth. Supercritical Extraction NZ limited which manufactures the Trilogy cosmetic products is another first time entrant coming in third place on the list with 690% growth.
"We started the Fast 50 index six years ago, and we saw then the IT sector was just starting to makes it mark. Two IT focused companies in the top five this year proves that this sector has cemented itself as a highly valued industry to New Zealand," says Brett Chambers the Deloitte partner leading the research.
“Even though the Fast 50 contributed $404 million to the local economy staying in the index remains to be tough,” says Chambers.
The majority of the Fast 50 entrants have a positive outlook with over half believing that their 12 month economic forecast will be profitable but only one company Trade Me has remained in the Fast 50 for four consecutive years.
“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.”
“The themes emerging in this year’s index are not widely different from last year. ‘What does the customer want? How do we export to new markets?’ and will this be profitable seem to be the constant questions continually asked by our small business leaders.”
“However a couple of stand outs this year were ‘How to use brand ‘NZ?’ and ‘How can we add further value to our stakeholders?’ are new to the mix which proves design led initiatives are becoming more of a focus for burgeoning businesses,” adds Chambers.
According to Brett Chambers the top three issues don’t change from year to year, however, the order of importance does. Last year attracting staff was the number two challenge compared to its number three spot this year.
When asked what particular economic factor has impacted on business growth, exchange rates remain the number one factor concerning the Fast 50. However, economic uncertainly was also been highlighted as an area of concern adding to the debate as to whether the economy is actually slowing or further indication of the media hype.
“The average age of a Fast 50 business is seven years with average revenue of $11 million so exchange rates and the value of NZ dollar have obviously played a key part in determining success.”
" The next phase of
growth for the majority of the Fast 50 companies is to grow
internally which is a positive sign for the economy, and the
local job market as well as our export industry," adds
Other winners included:
• Fast 50’s fastest growing technology business – Cohesive, Auckland
• Fast 50’s fastest employee growth – Kiwibank, Wellington
• Fast 50’s fastest growing exporter – HiFX, Auckland
• Fast 50’s fastest sustained growth – Southern Hospitality, Dunedin
The Fast 50 is a Deloitte initiative which operates in more than 31 countries around the world. The index is produced solely on the basis of revenue growth and profit is not taken into account. Businesses are ranked by their revenue growth over a two year period this year the minimum revenue requirements increased from $100,000 in the base year to $250,000 and from $250,000 in the last year to $500,000.
The Fast 50 is firmly established as a key barometer of New Zealand’s emerging market and the input from over 1,200 businesses was sought.