Tech exporters’ R&D spend pleases minister

It is that time of year again when the authors of an annual report bang the drum for New Zealand’s technology sector.

Technology Investment Network (TIN) reported this week that firms captured within its index grew their revenues by 11 per cent to more than $11 billion this year, with exports up 12 per cent to nearly $8b and staff numbers rising 4.7 per cent to 47,417.

Its index tracks the country’s 100 largest exporters that could lay claim to the ‘‘tech company’’ label, as well as the top 100 smaller firms with the fastest-growing export revenues.

Trade Minister David Parker said it was positive that firms in the index grew their research and development (R&D) spending by 10 per cent to nearly $1 billion and that successes were ‘‘spread across the regions’’.

‘‘The combination of our 15 per cent R&D tax credit and the $1b a year from the Provincial Growth Fund will support these welcome trends,’’ he said.

The TIN directory of businesses was used by investors and graduates to identify investment and employment opportunities, TIN managing director Greg Shanahan said.

IT services firm Datacom topped the index this year with revenues of $1.27b, followed by F&P Appliances, F&P Healthcare and Xero.

Gig-economy firm 90 Seconds topped the list of fastest-growing smaller firms, with its revenues rising from $7m to $17m.