Winners and losers: Private company rich list revealed
Well-known business empire Hutchinson Builders has weathered the COVID-19 downturn to remain Queensland's top performing private company, new research has revealed.
A report by market research and analysis company IBISWorld has revealed the state's highest-earning private businesses.
Hutchinson Builders took the top spot with revenue totalling $2.92 billion, a 2.7 per cent increase on the previous year.
CEO Scott Hutchinson's company remains Australia's sixth-highest-earning private business.
Hutchies was closely followed by food manufacturer Teys Australia, with $2.70 billion in revenue, and Uniting Care Queensland with $1.59 billion in earnings.
Of the nation's top 500 private companies, 72 are from Queensland, or 14 per cent of the list.
IBISWorld senior industry analyst Jason Aravanis said revenue growth averaged 3.4 per cent across Queensland companies.
"Something we saw was the impact of COVID-19 which really starts to bite in the final quarter of the 2019-20 financial year," he said.
Hospital and aged-care provider Uniting Care's 0.7 per cent fall in revenue came despite an average revenue growth of 3.9 per cent in the industry.
Solar panel and telecommunications manufacturer One Stop Warehouse Group was the nation's fastest-growing company with revenue increasing 30 per cent this financial year on the back of 108 per cent growth in 2018-19.
"They were just driving sales," Mr Aravanis said.
Sunpork was the state's second-fastest growing company following a jump in the price of pig meat.
"Another pandemic in China, wiping out a lot of the pig population has meant the supply of pork to China on jacked up prices," Mr Aravanis said.
The IBISWorld Senior Analyst said Queensland Airports Limited and Brisbane Airport Corporation were the worst performers and declared "both really struggled for the same reason".
"When international borders closed passenger numbers dropped 99 per cent," he said.
"It just decimated them."
Fishing business A Raptis & Sons and waste treatment and disposal company Aquatec Maxcon Group were two new entries on the list.
"Aquatec launched into top 500 because they were contracted for the upgrade of the Longford water treatment plant by TasWater," Mr Arvanis said.
Originally published as Winners and losers: Qld's private company rich list revealed