In my opinion the Australian share market is home to a plethora of tech shares with strong long-term growth potential.
Three at the small end of the market which I think are worth keeping a close eye on are listed below. Here's why they are on my watchlist:
Fastbrick Robotics Ltd (ASX: FBR)
Fastbrick Robotics is the company best known for the Hadrian-X bricklaying robot that can lay 1,000 standard brick equivalents per hour. As a comparison, the typical Australian bricklayer can lay 400 bricks per day. The robot is on track to be fully assembled by the end of the second quarter of this calendar year and its software team are now completing the construction management software package. The team are also developing several new features including a waste management system and the ability to create projects for two and three-storey applications. I think the company could have an exciting future ahead of it if everything goes to plan.
Over The Wire Holdings Ltd (ASX: OTW)
Over The Wire is a telecommunications and IT service company. It offers businesses products and services which include data networks and internet, voice, cloud and managed services, and data centre co-location. I've been very impressed with its performance over the last 12 months and its recent half-year result in particular. That release revealed a 72% increase in total first-half revenue to $24.05 million and a 62% lift in first-half EBITDA to $4.9 million. This growth was generated both organically and through the acquisition of VPN Solutions which completed on November 1 2017. Pleasingly, it looks like there will be more of the same in the second-half.
Redbubble Ltd (ASX: RBL)
Redbubble operates a global online marketplace which connects independent artists with customers and a global network of third party fulfillers utilising print on demand technology to fulfil customer orders. Its shares have been on a tear over the last 12 months and it isn't hard to see why. In February Redbubble reported revenue of $102.3 million for the first half of FY 2018, an increase of 30% on the prior corresponding period. Pleasingly, management appears confident that it can build on this success in the second half.
