BHP ranked Australia’s top company

BHP has been ranked as the largest company in Australia in IBISWorld's Top 1000 Companies report.

In its annual report, IBISWorld examines Australia's largest firms and the path different industries trod over the previous 12 months, ranked by revenue.

Overall revenue growth was down 7.5 per cent year on year, from the 14.6 per cent growth recorded in last year's list.

Unsurprisingly BHP took out the top spot, recording revenues of approximately $73 billion, $11.8 billion ahead of the second placed Woolworths Group.

The miner recorded an NPAT of $14.65 billion, an increase of 23.2 per cent year on year.

Rio Tinto came in fourth, falling from third last year, with recorded revenues of $59 billion, while Glencore rose in the ranks from 16th to the 13th year on year, with a 2014 revenue of $22 billion.

Fortescue also shot up the rankings, moving 34th in 2013 to 27th in 2014, after recording $12.6 billion in revenues.

Gina Rinehart's Hancock Prospecting jumped ahead in the ranks, moving from 166th in 2013 to 143rd in 2014, after bringing in $2.65 billion in revenues.

Anglo American was placed just outside the top 100, coming in at 119th with revenues of $3.2 billion, while Newmont sat at 155th with $2.5 billion and Peabody at 160th with $2.46 billion.

In the face of a decline in mining's fortunes, and a gloomier outlook ahead, engineering services and consultancy firms made up a large part of the list as they shift out of the industry.

"The engineering consulting industry's sustained growth looks set to continue as firms push into the infrastructure sector following the slow decline in mining investment," IBISWorld said.

The sector itself is the third fastest growing sector in the country.

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