Advance Queensland and the Australian Centre for Business Growth today announced the first five high-growth companies to complete a nine-month intensive growth program.
The companies, which took part in the program thanks to funding from the Queensland government, have achieved breakthrough growth since they first joined.
The five companies:
- Grew aggregate profit by an additional 71 per cent; which added over $3million in profit in FY18
- Grew aggregate revenue by 21%, and increased revenue by $12million in FY18
- Created a total of 18 new jobs, representing 8% growth in the cohort’s overall full time equivalent employment.
The five companies graduating from the program are:
- CheckUP: innovative organisation dedicated to creating healthier communities and reducing health inequities across 190 communities throughout Queensland.
- LuinaBio: An experienced drug development and contract manufacturing organisation serving the pharmaceutical, biotechnology and veterinary industries.
- MSL Solutions: A global business that develops loyal communities for sports, leisure and hospitality businesses through software and data applications.
- Simient: An ICT business created to solve complex problems being faced by government departments including Queensland Health, thanks to the application of information management.
- Viridis Australasia: A property consultancy with an integrated laboratory helping organisations identify and achieve environmental goals and prosper.
The world-leading curriculum is based on the Australian Centre for Business Growth’s knowledge framework and enables executives from medium and small companies to learn how to lead, manage, execute and achieve accelerated growth
Dr Jana Matthews, ANZ Chair in Business Growth and Director of the Australian Centre for Business Growth at UniSA, says the significant increase in profitability indicates that the CEOs and executives have learned how to lead and manage growth – and, importantly, how to execute a growth strategy.
“These five companies are the first in Queensland to go through our program and can now look to reinvest profits into developing new products, entering new markets, buying new equipment, ramping up marketing, and hiring more people. Given their predictions for 2019 and beyond, we expect to see continued, substantial growth in revenue, profits, jobs and exports in the year ahead,” she says.
Innovation Minister Kate Jones congratulated the graduating companies on their success.
“Advance Queensland recognises the vital role that high-growth SMEs (small-and-medium-sized enterprises) play in driving growth across the State,” she says.
“By partnering with companies through the Growing Queensland Companies program we are arming our future business leaders with the knowledge, skills and tools they need to accelerate growth, support their workforce and boost revenue.
“Leaders such as these are key to the State’s future economy and we are proud to support these five innovative companies.”
Managing Director and CEO of MSL Solutions, Craig Kinross, who was one of the company graduates, said he has a greater understanding of how to achieve success thanks to the program.
“The program has allowed us to further develop our growth plans,” Craig said. “It has given us a really good framework for review and, in particular, it’s given us greater clarity around our purpose, our direction, our structure and how we measure that on an ongoing basis.”
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