I think that the Australian share market is home to a good number of quality tech shares that are worthy of a spot in most portfolios.
Three fast-growing tech shares which I think are worth considering today are listed below. Here's why I like them:
Redbubble Ltd (ASX: RBL)
Redbubble is an e-commerce platform provider that has really caught the eye during the last 12 months. This was especially the case in February when it reported its half-year results. For the first-half of FY 2018 Redbubble achieved revenue of $102.3 million, up a sizeable 30% on the prior corresponding period. This was driven largely by a 40.2% increase in customer numbers. With management confident that the second-half will be equally strong, I think investors should take a closer look at Redbubble.
Volpara Health Technologies Ltd (ASX: VHT)
Last week this digital health company advised that it has exceeded its Annual Recurring Revenue (ARR) growth target of 200% well ahead of expectations. Volpara's ARR now stands at NZ$3.6 million, compared to NZ$1.1 million at the end of FY2017, an increase of 223%. Demand for Volpara's breast cancer detection software platform has been growing ahead of expectations. According to the release, approximately 3.2% of all women screened in the United States are now contracted to Volpara's software (approximately 1.27 million women), compared to the target for the year of 3%.
Webjet Limited (ASX: WEB)
I think that this online travel agent is one of the best options in the tech sector. Thanks to the tourism boom and the shift to online travel booking, Webjet outperformed the market's expectations with a 45% increase in half-year net profit after tax before acquisition amortisation from continuing operations in February. And with its bookings growth well ahead of the industry average, I remain confident that the second-half will be just as strong. Given its current growth profile, I think Webjet is good value at under 27x estimated forward earnings.
