This year, 32 companies grew their revenue by double or triple digits compared to 23 in 2022.
Craig Mostyn and Almondco Australia recorded the largest growth with 102.7 and 101.8 per cent growth, respectively. Two companies recorded over 50 per cent increases – CCEP and malt producer Boortmalt Australia.
Craig Mostyn had the most significant jump in ranking, #66 to #44, with its reported revenue more than doubling on the previous year. The primary driver behind this was the acquisition of 50 per cent of West Australian meat processor and exporter V&V Walsh.
AlmondCo Australia is a co-operative, with more than 80 per cent of the country's almond growers being members. It started the year by completing a multi-million-dollar upgrade including a new processing facility and warehouse, importing specialised machinery from Spain to start R&D on possible value-add products.
Another strong performer was meat processor Mort & Co, which moved up the list 13 places from #44 to #31. In July 2022, the company acquired a 50 per cent interest in the Yarranbrook Feedlot in Queensland, contributing to its growth.
High over-the-hook prices and cattle turn-off rates, along with herd rebuilding activity, have also stimulated revenue growth for the industry as a whole.
UPDATE: A correction to the Top 100 following publication, due to an incorrect figure an incorrect figure supplied for Vittoria Food & Beverage’s FY22 revenue by our data partner IBISWorld, meant the company’s FY23 revenue looked like it fell 17.5 per cent. In fact, when the correct figure was used (FY22 $213 million), Vittoria registered a 21 per cent rise in revenue to FY23 $258 million.
Vittoria MD Rolando Schirato said the company’s impressive year was driven largely by an increase in its retail coffee sales, instant coffee, tea, its café business, and overall improvement in food service.
(Vittoria’s ranking in the 2023 Top 100 remains unchanged. The numerical listing reflects FY23 for all companies.)
Top 100: The 2023 Top 10
Top 100: The climbers in 2023
Top 100: The falls of 2023
Top 100: 2023's new arrivals
Top 100: Key sectors
Food & Drink Business, in collaboration with IBISWorld, presents this year’s Top 100 companies, a ranking by revenue of Australia’s largest players in the food and beverage sector. The report is sponsored by Foodmach.
The Top 100 reflects financial reporting from calendar year 2022 and financial year 22/23. The list is only inclusive of manufacturers and looks at total revenue of the highest reporting ANZ entity of the company.
