Top performers defy market pessimism

Australia's top 50 IT companies are defying market pessimism with average revenue growth rates over the past three years of 394 per cent.

The Deloitte's Technology Fast 50 Report, which has been released after a tough 12 months including the Nasdaq crash of 2000, shows employment growth has been more than 400 per cent.

The top three companies - Open Telecommunications, ninemsn and Technico - have averaged revenue growth of up to 2000 per cent in the past three years.

Despite the tech-wreck and a squeeze on capital, Deloitte Australia's technology and telecommunications group lead partner Ian Thatcher said companies are reinvesting profits into their organisations and recognising people are a crucial asset.

"Performance-based packaging through options and bonuses are common place but the fast 50 companies are now also investing heavily in developing organisational culture and a positive working environment," he said.

"The top 10 companies all grew by more than 1138 per cent; in the future we can expect to see technology companies increase their IPO activity as the market settles and look to overseas markets to fund growth.

"Listing on the Nasdaq appears to be a preferred option, followed by the ASX and London Stock Exchange."

Some of the companies to make the top 50 include Kaz Computer Services, HarvestRoad, eServ and Myob.

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