Hon Steven Joyce

Minister of Science and Innovation

28 October 2015
Media Statement

TIN 200 companies grow to $9 billion

The release of the annual TIN report on the performance of New Zealand’s top hi-tech companies shows further rapid growth in revenues, exports, staff numbers, and research and development activity, says Science and Innovation Minister Steven Joyce.

The Technology Investment Network’s 2015 TIN Report reveals New Zealand’s TIN 200 companies collectively grew to $8.952 billion in annual revenue, a $600 million (7.3 per cent) increase over last year.

“The report shows our hi-tech businesses are an impressive growth story that are rapidly diversifying the New Zealand economy,” Mr Joyce says. “Export revenues are up by 7.5 per cent to an all-time high of $6.5 billion and a record 19 companies now have revenues of $100 million or more.

“Job growth across the TIN200 has accelerated with 2410 new jobs created in 2014/15, taking total job numbers to 37,333.”

The report shows companies achieving revenue growth in all regions of New Zealand, growth in all three major technology sectors - ICT, manufacturing and biotechnology - and in every major export market.

Four sectors – Financial Services Technology, General Software, Healthcare and Appliances – each achieved close to $100 million in revenue growth over the past year.

“The star performers in these sectors – businesses like Xero, Fisher&Paykel Healthcare, and Wynyard Group are all examples of how far New Zealand companies can go when they invest in producing world-leading innovation,” Mr Joyce says. “Research and development investment across the TIN200 grew by a whopping 16.1 per cent to $920 million in 2014/15.

“One of the interesting things in this year’s report is that the TIN Rising Stars – those companies showing sustained growth over three or four years – are on average investing nearly twice as much on R&D as the other TIN companies.

“The report suggests the gap between the leading TIN companies and the rest is closing, with 24 TIN100+ companies now having revenues of more than $10 million.

“This highlights the important role that R&D is playing in growing and establishing new tech companies.”

Overall, Mr Joyce said the report highlights what New Zealand tech companies can achieve with the help of government policies that remove roadblocks to their growth.

“With the new Innovation chapter of the Business Growth Agenda, we will continue to provide New Zealand tech companies with a platform from which they can use their talents and expertise to compete and win on the world stage.”

ends

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