Growth stars prove niche is necessary

The variety of regional businesses awarded in this year’s Fast 50 awards shows any company can thrive if it fills an untapped niche, Deloitte partner Bill Hale says.

This year’s Deloitte Fast 50 regional winners are companies spanning industries from financial software to peanut butter and sheep’s milk.

The awards recognise companies with the highest revenue growth for the past three years.

Hale said the 2017 regional winners showed New Zealand businesses succeed across a range of industries.

‘‘A common theme is that they are all strong across strategy, capability and commitment, but focus on finding a point of difference and nailing it in that niche.’’

Auckland and Wellington’s winners are mostly technology firms, suggesting

both ends of the North Island are home to thriving technology hubs.

The regional winners of the new Master of Growth award are cloud accounting software firm Xero, electronics trader Protempo, pharmaceutical wholesaler Ebos Group and real estate company New Zealand Sotheby’s International Realty.

Those companies are in line for the ultimate award that will have one company commended for its ability to sustain exceptional revenue growth for the past four years.

Pic’s Peanut Butter, drug maker New Zealand Health Manufacturing, building company ZB Homes, and LED light maker Switch Lighting were named as the fastest growing manufacturers in their regions.

Deloitte will whittle the winners into a national Fast 50 index, ranking the businesses on their revenue growth percentage over the past three years on November 9.

To qualify for the Fast 50 growth index, businesses have to be at least three years old and have earned at least $500,000 of revenue in the 2015 financial year and had rising revenue growth for two years since. Previously the minimum revenue requirement was $300,000.

Last year, financial technology firm Pushpay took out the winning spot with a record-breaking 4574 per cent annual revenue growth.

Brewer Garage Project topped the 2015 list with revenue growth of 664 per cent.

PHOTO: SUPPLIED Pic’s Peanut Butter owner Pic Picot, whose firm has been recognised as a fast-growing manufacturer.