With the S&P/ASX 200 Index (INDEXASX: XJO) closing 0.50% higher today, there were a number of companies that performed very strongly.
Here are three ASX growth shares that performed particularly well. I believe each of these companies has strong potential to create long-term growth for shareholders moving forward.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price raced higher today, notching a 5.09% increase to close at $4.54. Over the past 6 months, Pushpay shares have risen by a massive 46.45%.
Pushpay is a donor management platform provider for the faith, not-for-profit, and education sectors. The company has been growing its market share in the US rapidly in the past few years. This has resulted in strong recurring revenue growth, and there appears to still be significant potential for long-term growth moving forward.
The company has been steadily building its client base of churches, which provides for a steady stream of regular donations. Pushpay's recent acquisition of church management system provider Church Community Builder should improve its overall offering to church clients and drive further growth over the next few years.
Pushpay recently reached the breakeven point for profitability and cash flow. Its revenue and gross profit margins are now rising more quickly than expenses, which could translate to strong profit growth in the years to come.
Redbubble Ltd (ASX: RBL)
Redbubble operates a global online marketplace connecting independent artists with customers. Its share price closed 8% higher today, continuing the sharp upward trajectory that began last Monday (3 February 2020). In this time, Redbubble shares have risen by a massive 25%.
However, shares have been under pressure recently, falling heavily in mid-December after a surprisingly poor trading update. The Redbubble share price is 33% below where it was on 11 December 2019, the day before it experienced a dramatic 44% one-day fall.
In the update, the company revealed that its Redbubble branded marketplace had underperformed expectations due to an increase in price competition.
However, with strong upward movement in the Redbubble share price over the past couple of weeks, the company now appears to be showing signs of regaining some of those losses. Moving forward, I believe Redubble has a very solid business model with strong long-term potential.
Bingo Industries Ltd (ASX: BIN)
BINGO is a waste management company whose share price raced higher today to close at $3.05, up 4.45%.
Around this time last year, BINGO was in the dumps after the company downgraded its guidance, sending shares down 46% on the day. Since then, shares have gone on to experience a 160% increase as the company continues to tap into the long-term potential of waste management that's being driven by our growing population.
BINGO recently acquired rival Dial A Dump Industries, fuelling its evolution into a fully vertically integrated company that provides solutions across the entire waste management supply chain.
As the leader in building and demolition waste management in Sydney, BINGO appears to now be well-placed to deliver strong long-term revenue growth for shareholders.
