The Deloitte / Unlimited Fast 50 awards crowned Masterton-based manuka honey company Watson & Son the fastest growing business in New Zealand last night for its incredible revenue growth of 784% over the last two years.

Watson & Son grows premium honey from 20,000 hives and was established in 2003 to develop raw honey into healthcare products.

Delloitte Fast 50 leader Matt McKendry says Watson & Son is a brilliant example of a Kiwi company making the most of a relatively scarce local product, securing its supply chain, adding value in an innovative way, and doing extraordinarily well.

“This fascinating company could only operate in New Zealand – they are focused on driving revenue from simple honey right through to creating specialised high value manuka products. To deliver revenue growth of almost 800 per cent is a phenomenal effort,” Mr McKendry says.

Six other primary sector businesses joined Watson & Son: Rakaia dairy company Synlait (3rd with 644%), Ashburton agritech and feed company Winslow (12th with 371%), Waharoa cheese-maker Open Country Cheese Company (25th with 243%), Morrinsville animal feed business Seales (43rd with 159%), and Hamilton dairy processor Canary Enterprises (49th with 152%).

The 2008 Fast 50 companies built the New Zealand economy by $901 million - the largest amount since the index was initiated in 2001 and surpassing last year’s contribution by $146 million.

Mr McKendry says the six primary sector businesses share similar traits despite the diverse nature of their businesses.

“They are all innovating within a traditional market sector, delivering increasing value to customers, and securing higher revenue growth in the process – it’s worth noting that their average revenue per employee is north of $1.5 million.”

The Fast 50 features 23 companies from previous years, with Wellington-based Kiwibank and Auckland’s Xytech Technologies making their fourth appearance this year. Six companies have been named on the list three times: Chillisoft (Auckland), Escea (Dunedin), First Rate NZ (Auckland), NextWindow (Auckland), Torpedo7 (Hamilton) and Trilogy Natural Skincare (Wellington).

“There is something of a dearth of good news for New Zealand business at the moment so this is a great opportunity to highlight some of our best enterprises, and recognise the fact that many of the Fast 50 are not booming then busting – they’re securing enduring value and growing in a swift but sustainable way” Mr McKendry says.

The average 2008 Fast 50 company is six years old, employs 51 staff, records annual sales of $26m (up from $20m for the 2007 Fast 50), and experienced revenue growth of 294% between 2006 and 2008.

The top 50: