I'm a big fan of growth shares and fortunately for me the Australian share market is not short of quality options in that area.
So much so, I thought I would pick out seven of my favourites right now to give you a few ideas of what's out there:
A2 Milk Company Ltd (ASX: A2M)
This infant formula and dairy company's shares have come under a spot of selling pressure over the last few weeks amid concerns that its growth won't be as explosive as expected this year. I think the selloff could be a buying opportunity for investors that are willing to hold onto its shares for the long-term.
Afterpay Touch Group Ltd (ASX: APT)
One of the best growth shares on the local market in my opinion could be this payment solutions company. However, a lot will ultimately come down to whether it succeeds in the enormous U.S. market. Especially after its most recent update hinted that the Australian market opportunity was maturing sooner than expected.
Aristocrat Leisure Limited (ASX: ALL)
Last month this gaming technology company released its half-year results which revealed an impressive 24.4% increase in net profit after tax. One of the catalysts for this strong performance was a sizeable increase in the number of users of its digital games. There are now 8.9 million people playing its digital games on a daily basis and generating sizeable recurring revenues.
Appen Ltd (ASX: APX)
One of the fastest growing areas of the tech sector right now is machine learning and artificial intelligence. As a provider of dataset services to these markets, I believe Appen is well-positioned to continue its impressive growth for many years to come.
Cochlear Limited (ASX: COH)
Cochlear is a hearing solutions company that I expect to deliver above-average profit growth for the next decade. Thanks to its wide distribution network that stretches across the world, Cochlear should benefit from the growing number of people over the age of 65 globally.
NEXTDC Ltd (ASX: NXT)
Another area of the tech sector that is booming at the moment is cloud computing. Gone are the days when you'd download software to your computer, everything is becoming cloud-based now. This has led to demand for data storage to grow at an incredible rate and puts data centre operators like NEXTDC in a great position to profit. Its shares are priced to perfection, though. So failure to deliver on the market's expectations could see its shares take a hit.
ResMed Inc. (CHESS) (ASX: RMD)
In its most recent quarterly update this sleep treatment company revealed an impressive 32% increase in quarterly profit to US$132.5 million. With the sleep treatment market expected to grow at a solid rate over the next decade and ResMed sitting in a market-leading position, I expect more above-average profit growth over the coming years.
