The fastest growing companies in Australia in 2020-21 have been identified by The Australian Financial Review’s Fast 100 and Fast Starters lists, with three drinks companies making the cut.
To be eligible for entry into the Fast 100, a business must have started trading on or before 1 July 2016, with companies ranked according to the compound annual growth rate achieved over a three-year period from FY19 to FY21.
Top Shelf International said it was thrilled to be named No.4 in the Australian Financial Review’s Fast 100 List for 2021. TSI grew 197.6% during this period with revenue of $2.16million in FY19 rising to $19.16million in FY21.
It said the transformation of the company, highlighted by its listing on the ASX, the launch of Grainshaker Vodka, national ranging of NED Whisky and the creation of the Australian Agave Project, has provided the platform for the next phase of growth.
“The last two years in particular have been an incredible period of growth but we have never lost sight of the ambition, which is to create a modern Australian spirits business with a portfolio of brands that sit at the centre of consumers’ social occasions,” TSI co-founder and CEO, Drew Fairchild (above) said.
“We have always believed in the opportunity for our brands to embody the independent spirit and personality of Australia, and by extension carve a unique place in their respective categories.”
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Mighty Craft was at No.15 on the 2021 AFR Fast Starters List. It grew 170.8% during the period, with FY21 revenue at $29.3million.
Growth for Mighty Craft in FY21 was driven by beer brands Jetty Road, Ballistic and Slipstream. It also has joint ventures with Slipstream, Sauce Brewing Co, Sparkke, Poison Creek Distillery and Torquay Beverage Company.
Spirits have been a major growth area for the business – it launched its Seven Seasons brand in March 2021 and added the $47m acquisition of the Adelaide Hills Group, which makes Mismatch beer, Adelaide Hills Cider and 78 Degrees spirits. It is also poised to launch a super-premium Hidden Lake whisky brand, using barrels from the Nant Whisky collapse.
Might Craft described the AFR listing as “a great achievement”.
“As we continue to help the craft industry prosper with our bold ambitions, strategic investments and talented team, it should be no surprise we find ourselves being recognised, and so early in our journey,” it said.
Two Bays Brewing Co followed at No.16. The gluten-free brewery, which is located on Victoria’s Mornington Peninsula, grew 160.1%, with FY21 revenue at $2.4million. It follows the brewer winning Best Small Business Award for FY22 in the Xero Awards.