Scott Technology managing director, Chris Hopkins

New Zealand’s high tech firms boosted investment in research and development (R&D) and staff numbers and many posted strong revenue growth despite difficult business conditions, according to a comprehensive survey of the $8 billion sector.

The eighth annual TIN100 Report, an analysis of the performance of the top New Zealand-founded high-tech companies published in association with Industrial Research Ltd, reveals an impressive range of increasingly R&D-focused companies who achieved strong revenue growth despite a sluggish economy and currency headwinds.

In addition to solid overall growth of 2.2%, this yearÕs TIN100 Report features a wide range of R&D focused companies, from high-tech manufacturing to ICT and biotech, who achieved phenomenal revenue growth. Among those achieving greatest growth by dollar value were Tru-Test and Gallagher Group – both current and former IRL R&D partners.

R&D intensive companies featuring in the report are:

Dunedin-based, NZX-listed purchaser of IRL’s superconductor technology firm HTS-110, Scott Technology grew an impressive 15.1%, won a key Australian meat industry automation contract worth $11m and graduated from the $20m-$49m category up into the $50m-$99m set, with revenues of $53.6 million. (In its August year end results, Scott Technology reported 19% revenue growth to $65m).

Palmerston North-based New Zealand Pharmaceuticals, whose long-time collaboration with IRL is accelerating growth in the high-value pharmaceutical manufacturing industry and delivering substantial foreign exchange earnings to New Zealand, grew 13.2%.

Canterbury Scientific Ltd, an innovative Christchurch-based biotech company, leveraged IRL’s newly developed industry focused protein science team to diversify its diagnostic product range, grew its revenues by more than 21%, from $4.2m to $5.1m.