ITCs top three in Fast 50

ITCs top three in Fast 50

INFORMATION technology and communications companies (ITCs) are well represented in the 2004 Deloitte/Unlimited Fast 50 index, taking out the top three places.

Wellington-based online auction site Trade Me takes top honours with growth of 1078% while 2003 winner, the electronic technology solution provider Prolificx, has dropped to number three.

Prolificx sister-company Endace Group, a specialist in computer network intelligence, has secured second place with revenue growth of 1076%.

A further 18 ITCs feature on the list, continuing the trend of the last two years.

The New Zealand Fast 50 was launched in 2001. Companies are ranked according to percentage growth over a three-year period, must have been in business for three years and have had operating revenues of at least $100,000 in 2001–02 and at least $250,000 in the last financial year.

National programme director for Deloitte’s Fast 50 campaign, Brett Chambers, says making the Fast 50 is the benchmark of success for fast growth companies.

“As in previous years, fast growth companies still find it difficult to attract capital to sustain their growth strategies, although there are signs that accessibility is impro-ving,” he says.

“Coping with fast growth is a constant battle. With high growth comes increased risks and managing these risks requires attention to all facets of the business. A key message from our Fast 50 entrants this year is that despite fast growth and the pressure that this places on the organisation, you can never afford to let standards of customer service slip.”

All of the winners from the Fast 50 that fall into the ITC category go through to the Deloitte Asia-Pacific Fast 500 which will be announced on December 9 in Hong Kong.

Chambers says ITC companies will continue to make up a high proportion of the index due to the nature of the business.

“It’s very easy for ITCs to scale quickly as they don’t have to invest heavily in manufacturing.”

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