I believe the Australian share market is home to some incredibly exciting growth shares. Ranging from the technology industry to the retail industry, there's something for everyone in my opinion.
At the moment there are 10 exciting growth shares in particular which I think should be on the radar of investors. They are as follows:
a2 Milk Company Ltd (Australia) (ASX: A2M)
Whilst Bellamy's Australia Ltd (ASX: BAL) showed that infant formula can turn sour very quickly for investors, at this point in time a2 Milk appears to be thriving in the massive China market. If this continues to be the case over the next few years then I believe a2 Milk will prove to be an outstanding investment.
Amaysim Australia Ltd (ASX: AYS)
Amaysim aims to shake up the home broadband industry in 2017 by offering low-cost plans through the NBN. I'm optimistic that its asset-light model will allow the company to undercut the competition whilst still remaining profitable.
Appen Ltd (ASX: APX)
Appen is a leading provider of high-quality language data and services to major technology companies, automakers, and even government agencies. Thanks to the increasing demand for its services, the company is expected to grow earnings by an average of 25% per annum through to FY 2018 according to CommSec.
Ardent Leisure Group (ASX: AAD)
Thanks to its Main Event family entertainment centres in the United States I believe Ardent Leisure has a bright future. Management intends to grow the brand's footprint from 27 to 200 centres in the future. Whilst trading was a touch weaker than normal during the U.S. election, I'm confident that trading this quarter will be back to normal.
Altium Limited (ASX: ALU)
Management has an ambitious target of more than doubling its sales revenue to US$200 million by 2020. Thanks to the incredible rise of connected devices, I expect this printed circuit board software provider to deliver on its target.
Galaxy Resources Limited (ASX: GXY)
A good number of these connected devices will have lithium ion batteries in them. As one of the world's leading lithium miners, I believe Galaxy Resources is in a fantastic position to benefit from the insatiable demand for the metal.
Medical Developments International Ltd (ASX: MVP)
MDI is the company behind the Penthrox pain management product, better known as the green whistle. Last year management gained approval for its sale in a number of lucrative markets worldwide. This year I expect there is a good chance we will see it approved for launch in the U.S. market.
Ramsay Health Care Limited (ASX: RHC)
This leading private hospital operator has grown its earnings by an average of almost 17% per annum for the last decade. I believe this incredible form can continue over the next few years thanks to hospital expansions and increasing demand for its services.
Sigma Pharmaceutical Limited (ASX: SIP)
Whilst the shares of the company behind the Amcal and Chemist King brands may come at a premium to rival Australian Pharmaceutical Industries Ltd (ASX: API). Its half-year like-for-like sales growth of 7.2% certainly justifies this. Furthermore, the recent launch of its Chinese online store has proven to be a big hit.
Webjet Limited (ASX: WEB)
Thanks to Webjet's industry-beating bookings growth so far this financial year, management has forecast for full year EBITDA from its continuing businesses to come in at $60 million in FY 2017. This is up significantly from $37 million a year earlier and demonstrates why I think it is one of the best growth shares on the ASX.
Foolish takeaway
Whilst I expect these companies will deliver strong results during earnings season, it might be prudent to sit tight until those results are known. As we saw with Aconex Ltd (ASX: ACX) last week, growth shares which fail to deliver on expectations can fall hard and fast.
