Booming Exports Help Propel TIN200 Companies to Billion Dollar Revenue Rise in 2018, Cementing Future for Tech as New Zealand’s Key Export Earner

24 October 2018

TIN Report Shows NZ Tech Companies Continue to Demonstrate their Ability to Compete and Win Overseas


  • $11.1 billion

    TIN200 total revenue for 2018

  • $1.1 billion

    TIN200 total revenue growth for 2018

  • 47,417

    Number of TIN200 full-time staff in 2018

  • Profitability

    up by 38.1%

  • Fintech growth

    of 33.2% or $220 million

  • North American growth

    of 13.4% or $289 million

  • R&D reaches $991 million

    or 10.2% growth

  • Top 10

    TIN Public Company Stock Price Index climbs 57.3%

  • 26 companies qualified for TIN Rising Star** status

    combined they contributed revenue of $1.9 billion with a three-year compound annual growth rate of 38.1%


    #1 on TIN200 list, #1 EY Ten Companies to Watch for second year running

  • HMI Technologies

    recipient of TIN Rocket Award 2018 for biggest jump in TIN200 rank (climbed 44 places)

Download the Full Press Release

Auckland, 24 October 2018 – The 2018 TIN Report, launched tonight at a gala awards event in Auckland, shows that turnover for New Zealand’s top 200 (‘the TIN200’) technology companies increased by 11% to reach $11.1 billion in the past year; the second billion-dollar growth result in three years and the driver behind a record profitability** rise for this group of companies.

Exports growth drove this expansion, growing 12.4% to reach a total of nearly $8 billion, helping companies achieve the economies of scale needed to grow profitability by a record 38.1%. The North American and Australian markets provided the bulk of export dollar growth ($571 million in combined growth); however, Europe was the fastest growing sector (16.7%) highlighting the ability of the TIN200 to compete and win globally.

“This year, the performance of New Zealand’s tech export sector is sending a strong message that it has the potential to become our country’s leading source of offshore income”, said Greg Shanahan, managing director of TIN. “An overwhelming number of key metrics point towards long-term sustainable growth for the TIN200 and we’re very excited to see the further potential that this growth presents.”

The TIN Report monitors the performance of New Zealand’s 200 (TIN100 and Next100) largest technology exporters in the areas of Information and Communications Technology (ICT), High-tech Manufacturing and Biotechnology. It is sponsored by New Zealand Trade and Enterprise, Spark, EY, Absolute IT, James & Wells and Simmonds Stewart.

ICT companies accounted for almost half this year’s TIN200 revenue growth, adding $521 million in com-bined revenue. The TIN200’s High-tech Manufacturing and Biotech firms also trended above their histori-cal averages, increasing revenue by 8.6% and 13.6%, respectively. For the first time in the 14-year history of the TIN Report, there are more ICT companies than High-Tech Manufacturing firms in the TIN200, reflecting the rapid proliferation of high-growth ICT companies in New Zealand over recent years. Furthermore, of the record 19 new entries joining the TIN200 ranks this year, more than half of these were ICT firms.

The Fintech secondary sector recorded the highest growth with a 33.2% increase in revenue for the year (a rise of $220 million). In addition, nine of the twelve TIN secondary sectors improved profitability.

Growth in 2018 was shared equally across the TIN200 companies with every revenue band growing by over 8%. Smaller TIN companies with turnover below $20 million experienced a growth resurgence this year with a 12.8% revenue rise, tripling their growth rate from last year’s Report.

This year’s TIN Report shows that growth was also spread across all New Zealand, with over half of the regions achieving revenue increases over 10%. The combined Greater Auckland and Northland regions accounted for 122 of the TIN200 companies and had a particularly strong year – contributing 54.9% (or $604m) of total TIN200 revenue growth.

The Hamilton and North Auckland/Northland regions each grew by over 16%, and Otago/Southland grew by 13%. The Wellington/Lower North Island region grew by more than 12% to reach more than $2.3 billion of this year’s total TIN200 turnover; the second-largest revenue generator after South Auckland (with $5.2 billion revenue).

Research and Development spend rose almost in line with revenue growth, rising 10.2% to just below $1 billion ($991 million). This suggests that the TIN200 place innovation at the heart of their core competen-cies and a key to their continued success.

“Technology has become a significant part of our economy,” said Mr. Shanahan. “But this is just the start of the New Zealand tech story, with the TIN200 setting their sights high as they push to become the number one export. The host of exciting companies at tonight’s launch event are testament to the strength, depth and shared ambition within the sector. This is a milestone for the sector, worthy of celebration.”

According to the TIN Report, the tech sector now employs 47,417 people globally with just over half in New Zealand (25,451). These jobs yield significantly higher wages than the national average, providing the opportunity for tech to help raise wellbeing and address economic disparities in New Zealand.

Foreign interest in New Zealand technology remains buoyant. TIN-tracked companies received more than $200 million in offshore investments in the past two years, including $41.2 million dollars invested in FY2018. There were also eight foreign buyouts of TIN200 firms in the past year, all focused on companies in sectors with high growth and unique IP.

Copies of the TIN Report are available in eBook or hard copy and can be ordered from Lists of the top ten and most promising companies in each category are listed below. A further regional breakdown is available on

Notes to Editors

*TIN Rising Stars: A TIN200 company qualifies as a TIN Rising Star if it has demonstrated sustained high growth over the past three years (Minimum 20%, 3-year CAGR). The Rising Stars come from a diverse range of New Zealand’s highest growth secondary sectors
**Profit is measured as EBITDA unless otherwise stated

Top 10 Companies by Rank + 2018 Revenue

Datacom Group

Fisher & Paykel Appliances

Fisher & Paykel Healthcare


Gallagher Group


Douglas Pharmaceuticals

Temperzone Group

Tait Communications


Orion Health

Magic Memories

EY Ten Companies to Watch 2018: TIN100 companies with the largest revenue growth in 2018

The EY Ten Companies to Watch list recognises the TIN200 companies with the highest dollar value increase in revenue in the past year. Included are companies that have provided revenue figures and achieved a minimum growth of 5%..

Absolute IT Supreme Scale-Ups 2018: The Next100 companies (ranked between 101-200 in the TIN200) with the largest revenue growth in the past year

The Absolute IT Supreme Scale-Up Companies list recognises the Next100 companies (ranked between 101-200 in the TIN200) with the highest dollar value increase in revenue in the past year. Included are companies that have provided revenue figures and achieved a minimum growth of 5%.

Spark Early Stage Companies 2018 (listed alphabetically)

The award recognises promising TIN companies that are in an early stage of the company lifecycle (development, pre-commercialisation or in market stages) from the 2018 TIN100 Report. These companies have been selected based on an assessment of the innovation of their technology and the potential market opportunity.

Download the Full Press Release

For more information please contact:
Media Enquiries: Kate Dobbin Mob. +64 21 522 103


Greg Shanahan, Managing Director, Technology Investment Network
Ph. +64 9 445 0362, Mob. +64 27 435 6045,

About the TIN Report
The TIN Report is produced by Technology Investment Network with sponsorship from NZTE (New Zealand Trade & Enterprise), Callaghan Innovation, Spark, EY and AJ Park. The TIN Report is a critical reference for benchmarking the performance of New Zealand’s 200 largest globally focused technology companies. The size of the tech industry has grown significantly since 2005 and in recognition of this, TIN collated information on more than 600 companies in 2017. Find out more.

About Technology Investment Network
Technology Investment Network (TIN) is a private company established in 1999 to facilitate the growth of the technology export sector in New Zealand. The company’s goal is to contribute to the New Zealand economy by supporting the growth of, large, sustainable, New Zealand based, global technology businesses. Find out more.