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Honey from The New Zealand Honey Co - Source: ONE News -
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The New Zealand Honey Co has beaten out the likes of Next Window, Synlait and Digital Island to be named the fastest growing company in New Zealand in the Deloitte Fast 50 awards.
The Dunedin based company grew at an amazing 995% between 2007 and 2009, with general manager Chris McElroy saying it has seen fantastic growth in the United Kingdom and Hong Kong markets.
"We've basically targeted the international sales markets where we think we can get the best sales growth. It's one of those cliches where it's probably best to fish where the whales are...where double digit growth is occurring, that's where you should be marketing," he says.
The company produces a range of mono flora honey, such as beech forest honeydew, rata and clover, mostly sourced from the South Island.
Deloittes Fast 50 leader Matt McKendry says New Zealand Honey Co exemplified a company that had successfully exploited the "massive value-add potential" of a niche product.
It is the second year in a row a honey company has picked up the Fast 50 award. Last year it was awarded to Masterton based Watson and Son.
"Export growth for New Zealand honey is running at about 25%. Even just the active Manuka market internationally now is a $100 million business," says McElroy.
McElroy says the company is fundamentally a marketing company, having no production facilities and outsourcing its packing in Belgium.
Marketing focuses on the honey's claimed health benefits, taking advantage of what McElroy says is a global trend back to natural, healthy products.
"We have honeys that have a very high anti-bacterial properties, but also honeys that have very high anti-oxidant properties. People around the world are buying honey for their health reasons," he says.
The company's principle shareholder is a beekeeper. McElroy believes having a strong beekeeping industry as a solid base for what the company is trying to do internationally extremely important.
He says the company is excited it is able to run a successful and sustainable business in the South Island.
To make the Fast 50 this year companies needed revenue growth of 145% or higher between 2007 and 2009.
Deloittes says Fast 50 companies grew the New Zealand economy by
$426 million collectively between 2007 and 2009 and created 784
jobs.
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