If you're looking to add a growth share or two to your portfolio then you're in luck because the Australian share market is home to a large number of companies growing their earnings at a very strong rate.
Three which I feel are amongst the best on offer on the local market are listed below. Here's why I think growth investors ought to buy them:
a2 Milk Company Ltd (ASX: A2M)
One of my favourite growth shares is this New Zealand-based fresh milk and infant formula company. I'm a big fan of a2 Milk Company because of its strong growth prospects thanks to its expansion in the United States and the increasing demand for its infant formula products in China. It has been due largely to the latter that the company reported an impressive 42% increase in revenue for the first nine months of FY 2019 to NZ$938 million.
Appen Ltd (ASX: APX)
I think Appen is one of the most exciting tech shares on the local share market. This is because the company has worked hard to earn itself a leadership position in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. This bodes especially well for the company's growth prospects given how machine learning and artificial intelligence are expected grow materially over the next decade. Combined with recent acquisitions, I believe it is positioned perfectly to deliver above-average profit growth over the long term.
Nanosonics Ltd (ASX: NAN)
Nanosonics is an infection control specialist which I believe has significant growth potential. This is because of both its industry-leading trophon EPR disinfection system for ultrasound probes and management's plan to launch new products targeting other unmet needs in the near term. If the new products are half as successful as the trophon EPR disinfection system, then Nanosonics should have a very bright future ahead of it.
