Massive growth sees Powershop on top

Last updated 13:37 02/12/2011

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New Zealand's fastest growing electricity retailer has been named one of Asia Pacific's fastest growing companies.

Powershop, the Wellington online electricity retailer, has ranked sixth in the Deloitte Technology Fast 500 Asia Pacific index in Hong Kong, after recording 50-fold growth over the last three years.

It is the highest ranking by a New Zealand company in the 10 years the index has been running.

A subsidiary of state-owned enterprise Meridian, Powershop has more than doubled its customer accounts over the last year to more than 40,000, using cheeky advertising and offering customers easy access to their bills online.

The Deloitte index ranks the top 500 tech businesses according to their revenue growth over the past three years. According to the index, Powershop reported revenue growth of 5,280 per cent in three years.

Mobile phone network operator 2degrees was also among the fastest growing companies, ranked 7th with 3,762 per cent growth in three years.

Eight New Zealand companies were among the top 100 companies, including NZ Tax Refunds, Midas Infomedia, Xero, 2Talk,Tomizone and Ensid Technologies.

In total, 37 New Zealand companies made this year's Deloitte Technology Fast 500 Asia Pacific index. New Zealand had by far the highest representation per capita.

In the total list, Auckland-based businesses led the way with 17 making the index. There were 10 from Wellington, Canterbury had five, Waikato four, and the Bay of Plenty one.

Deloitte partner Matt McKendry said the placings showed New Zealanders are able to foot it with the best entrepreneurs in the region.

''It's interesting that nearly half these New Zealand businesses are online based, and are using communications technology to overcome our relative isolation,'' McKendry said.

In terms of the geographical spread of companies on the Tech Fast 500, the largest number of companies came from Taiwan with 133, followed by South Korea with 96, China (86), Australia (53), India (43), New Zealand (37), Japan (34), Singapore (13) and Malaysia (5).

The top-ranked business was Chinese online grocery retailer Yihaodian (The Store Corporation) with 19,218 per cent revenue growth.

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