Teys Australia heads the list of Queensland private companies on IBISWorld Top 500 list

A family business built up over four generations into a multi-billion dollar meat empire has been named the top Queensland private company. SEE WHO ELSE IS ON THE LIST

A family business that started 75 years ago with a butcher shop in Woolloongabba has become Queensland’s top private company.

Teys Australia which in 2011 formed a joint venture with Cargills rose one spot to 7th place in the national list of IBISWorld Top 500 Private Companies for 2021.

Now in the fourth generation, the Teys family remains heavily involved in the business which recorded a 12.2 per cent increase in revenue to $3.03bn according to IBISWorld figures.

Teys started in In 1946, four brothers, Cid, Cliff, Mick, and Max, opened their first butcher shop in Brisbane’s Woolloongabba. The company now operates from 14 locations across Australia.

The company, which is the second largest meat processor and exporter in Australia, overtook construction giant Hutchinson Builders which fell to 11th place on the national list this year from sixth in 2020 with a 10.5 per cent drop in revenue to $2.57bn.

Executive chairman Teys Australia Brad Teys.

Overall there were 71 Queensland private companies on the list which found the top 500 private businesses across Australia generated $261.3bn in revenue, a 6 per cent increase on 2019/20, despite the impact of the Covid-19 pandemic.

Seven Queensland businesses debuted or returned to the list this year with health services company Icon Group the top debutant at No 43, with revenue of almost $1.3bn, up 12.8 per cent. It was the eight biggest private company in Queensland.

Hutchies chairman Scott Hutchinson said Covid has treated everyone differently.

“I think we’ve been a bit flat and other companies in other industries have been very successful during Covid,” he said.

“When there is a boom like this a lot of builders get caught with lower prices,” he said.

“We’re handling it better than most because there’s a flight to the balance sheet which is what is happening now. We’ve even had to turn a bit away.

“While our turnover dropped a bit, it will go up next year, although we won’t be making much money.”

Hutchies chairman Scott Hutchinson whose family company came 11th on the IBISWorld 500 top Australian private companies list.

The other three companies in Queensland’s top five were UnitingCare Queensland which rose six places up the list to 25 with revenue up 5.5 per cent to $1.86bn; the RACQ fell two spots to 35 despite revenue increasing by 1.4 per cent to $1.49bn; and in construction the Power family’s BMD Group rose two places to 36 with its revenue of $1.46bn virtually unchanged.

RACQ Group chief executive David Carter said as a member-owned mutual they made the decision to assist members during the financially difficult period.

“We paused increases on motor insurance premiums during the height of Covid-19 and took other steps to adjust to a different operating environment,” he said.

“While this slowed our revenue growth, in 2020/21, RACQ’s net surplus was $56.5m, based off solid performances from our core business lines of Assistance, Insurance and Banking.”

Mr Carter looking to the future, RACQ will continue to evolve to find new ways to assist members.

“Sustainability will be key for our members in every facet of their lives in the decades to come. Connected and electric vehicles will form a big part of this, as will the sustainable choices we all make in our homes,” he said.

RACQ revenue growth slowed in 2020/21.

According to IBISWorld about 60 per cent of companies on the 500 list recorded revenue growth in 2020-21, a similar figure to the previous year.

“However, this figure was significantly higher over the three years through 2018/19, where three quarters of the list recorded revenue growth,” they said.

“The lower proportion of companies recording growth is symptomatic of the continued effects of the Covid-19 pandemic on the economy throughout the year.

“On the other hand, many companies were able to return to growth as restrictions eased in other parts of the country. The pandemic also provided some businesses with opportunities to grow, such as many in the motor vehicle and other discretionary retail sectors, and transport and medical sectors.”