STATE’S TOP-EARNING PRIVATE COMPANIES REVEALED

A CONSTRUCTION company has ridden the wave of Tasmania’s building boom to be named the state’s top-earning private company.

Vos Construction was named as the state’s highest-revenue private business, in a report produced by market research and analysis company IBISWorld.

It was one of six Tasmanian businesses to make the list, which features the top 500 private businesses in the country. Vos came in at No.364.

The company’s turnover for the year ending June 2019 was $163.53 million, a 38.9 per cent increase on last year’s figure.

Vos Construction’s southern construction manager Mark Millhouse attributed this to the company’s contracts for many major projects. These include the Vibe Hotel in Argyle St and the Parliament Square development in Hobart, and the Bio-Mar fish-feed production facility at Wesley Vale in the state’s North-West.

“In previous years we’ve had a lot of the government work, but there is a lot more private development going on in southern Tasmania,’’ Mr Millhouse said.

“There is a general sense of confidence in investing in Tasmania. The size of the projects is increasing and therefore the turnover.”

Other Tasmanian businesses to make the list were water freight transport company SeaRoad, with revenue of $135.37 million ranking it at 410.

Health insurance company St Lukes Health’s revenue was listed at $131.85 million, which saw it ranked at 418.

Boatbuilder Incat ( 430) recorded $124.97 million in revenue, while construction company Hazell Bros (439) had $121.36 million.

Devonport-based aquaculture company Petuna rounded out the list at 495, with earnings of $97.14 million.

IBISWorld senior industry analyst Nathan Cloutman said Tasmanian companies accounted for 0.3 per cent of total revenue generated by the top 500 in this year's list.

Mr Cloutman said Incat’s growth was attributed to its contract to design and construct a large vehicle passenger ferry for Spanish company Naviera Armas.

He said Incat last year launched a number of vessels built for Manly Fast Ferries.

IBISWorld said to determine the list, researchers evaluated last year’s participants, along with companies in its internal database. It then adds in any new companies.

Data is obtained through the Australian Securities and Investments Commission if the company does not provide data. If companies do not release to ASIC, data from previous years is used or an analyst will estimate revenue — unless a company asks not be included in the list.

St Lukes Health and Incat are included in this year’s list on 2017-18 figures.