The members of SmartCompany’s Smart50 list of Australia’s 50 fastest-growing SMEs have cemented their position as the real drivers of the Australian economy by shrugging off patchy economic conditions to create a staggering 1,144 jobs in the last 12 months.
The Smart50 is the first list published ranking Australia’s fastest-growing SMEs in 2009-10.
The list, now in its fourth year, brings together a group of innovative, nimble and aggressive businesses from emerging industries such as clean technology, new media and online retail.
The companies on this list are ranked by average annual revenue growth over the past three years. To be eligible, companies must have more than $500,000 in annual revenue. To view the entire list, click here.
Leading the pack this year is one of Australia’s fastest-growing green SMEs, Carbon Management Solutions, which posted average annual revenue growth of 453% over the past three years and revenue of $72 million in 2009-10.
The husband-and-wife run business, owned by Cameron and Amber Ferguson, is one of Australia’s biggest wholesale suppliers of solar panels for residential properties, and they now have their eyes on the commercial property sector.
Second on the list is online retailer Megabuy Group (with growth of 174%), followed by search agency Switched on Media (growth of 156%), SELMAR Institute of Education (growth of 153%) and construction firm Apricus Australia (growth of 125%).
Well known brands returning to the Smart50 this year include franchisors Aussie Farmers Direct, Telcoinabox and Pizza Capers, software giant Aconex and online publisher Kidspot.com.au.
Total revenue of the 50 companies on this list climbed from $701 million last year to $741 million, although this remains more than 25% lower than the $1 billion recorded in 2008 during the last boom economic period.
The companies on the list employ a total of 3,716 people, up from 3,232 staff in 2009.
SmartCompany publisher Amanda Gome says the high level of jobs created by the Smart50 underlines the important role SMEs have played in driving Australia’s economic recovery.
“Conditions have been patchy in many sectors in the last 12 months and it is almost impossible to get funding from a bank,” Gome says.
“But these companies have continued to expand and hire. In fact, one of their biggest problems is finding good people and this is getting worse as skills shortages return.”
The Smart50 again highlights the changing face of Australia’s economy.
There are two solar companies in the top 10 (Carbon Management Solutions and Apricus Australia) plus two media groups (DAT Media and Viocorp).
Technology-related companies continue to dominate the Smart50. The most prominent sector is information technology, followed closely by property and business services, internet and retail trade.
“The Smart50 continue to be at the forefront of the big trends in Australian business, such as the push towards a green economy. They’re also masters at using technology to get the jump on their competitors.”
In terms of geography, 20 of the companies are based in New South Wales, with Victoria and Queensland the most prominent states.
Almost half of the companies on the list are aged five years and under, while the bulk took two years or less to hit the magical $1 million revenue mark.
James was the editor and publisher of SmartCompany and LeadingCompany for five years. He is now the Australian Financial Review‘s companies & markets editor, and a former BRW editor.
