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10th Annual Deloitte Fast 50 Announced

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Fuseworks Media
Fuseworks Media
10th Annual Deloitte Fast 50 Announced

The 10th annual Deloitte Fast 50 index of New Zealand's fastest growing businesses was announced tonight at simultaneous events in Auckland, Hamilton, Wellington, Christchurch and Dunedin.

The index ranks the top 50 businesses according to their revenue growth over the past three years and sets the standard for high growth businesses in New Zealand. The number one ranking on this year's Fast 50 went to Telecom Rentals Limited, a subsidiary of Telecom which provides finance to businesses for telecommunications and information technology solutions.

Online retailer Nature Shop, from the Bay of Plenty, came second, and Christchurch-based energy efficient lighting manufacturer Energy Light was third.

Telecom Rentals had 1897% growth for the index period between 2008 and 2010, while Nature Shop had 1106%, and Energy Light 1081%.

Telecom Rentals also took out the national award for fastest growing business services company, while Nature Shop won the national fastest growing exporter and fastest growing retail or consumer products business awards, and Energy Light was the fastest growing manufacturer.

National leader of the Fast 50 programme, Deloitte partner Matt McKendry, says Telecom Rentals displays all the hallmarks of past winners of the Fast 50: it identified a gap in the market when finance companies were falling by the wayside, developed the right team and focused on its niche to achieve impressive revenue growth.

Mr McKendry says this year's index has proved yet again that successful businesses make the Fast 50 because they do the basics extremely well.

"We've identified over the 10 years of the Deloitte Fast 50 that the most successful companies are those which remain firmly focused on the business strategy and vision, and what they need to do to achieve it, without being distracted by external factors," Mr McKendry says.

While companies may create opportunities by identifying niche markets or opportunities, jumping on fast-shifting trends is only part of the growth picture, he says.

"Consistent growth, even through recession, comes from paying attention to basic principles. Effectively you can break this down in to the three 'Ps' - people, process and purpose.

"If you handle these elements well and make sure that the business is focused on fulfilling the needs of customers, you will be well on your way to achieving high growth."

To make the 2010 Deloitte Fast 50, companies had to achieve growth of 161%, slightly up on last year's benchmark of 145%, while growth of at least 523% was required to make the top 10 on the index.

This year's Deloitte Fast 50 businesses grew the New Zealand economy by $761 million in the past three years and created 806 jobs.

This year's index also saw 15 businesses achieve sustainable high growth by returning to the Fast 50 index, with Next Window making the list for a remarkable fifth consecutive year (with increasing growth percentages each time), Observatory Crest making it for a fourth time, and Synlait and Mojo Coffee Cartel being third-time companies on the list.

Other national category awards went to Auckland-based Mobilis Networks, for fastest growing technology business, Salmac Insulation of Dunedin, which won the fastest growing mature business award, and New Zealand Honey Company was the fastest growing primary sector business.

For the full Deloitte Fast 50 index, go to www.fast50.co.nz

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