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5 of the best ASX growth shares to buy this month

I believe the Australian share market is home to a good number of companies that are capable of growing at a strong rate over the next few years at least.

Five that I think would be great options for growth investors are listed below. Here’s why I like them:

Altium Limited (ASX: ALU)

Altium is an award-winning printed circuit board (PCB) design software provider which has been growing at an incredible pace over the last few years. The good news is that with the Internet of Things boom driving an increase in demand for its software, I believe this strong growth can continue for a long time to come.

Appen Ltd (ASX: APX)

Appen is a global leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. It has also been an impressive performer in recent years thanks largely to the quality of its offering and the growth in machine learning and artificial intelligence. As this market is expected to grow materially over the next decade, Appen appears well-placed to continue its strong form long into the future.

Aristocrat Leisure Limited (ASX: ALL)

Aristocrat Leisure is a gaming technology company which I think would be a great option for growth investors. Although the company is best-known for its pokie machine business, its digital business is the one which I expect to be the key driver of growth over the long-term. Another positive with Aristocrat Leisure is that its shares trade at a very reasonable 22x estimated full year earnings. 

Nanosonics Ltd (ASX: NAN)

Nanosonics is a leading infection control specialist which has been experiencing strong demand for its industry-leading trophon EPR disinfection system for ultrasound probes. This has led to strong sales of both the product and the consumables that it uses. Given its large market opportunity, the quality of the product, and its high levels of recurring revenue, I believe it is well-positioned to deliver strong sales growth for some time to come.

Webjet Limited (ASX: WEB)

A fifth and final growth share to consider is this leading online travel agent. I believe its B2B and B2C brands are well-placed for strong long-term bookings growth due to the continued shift to online travel booking and their increasing popularity with consumers. Overall, I expect this to ultimately lead to further strong growth over the next decade.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and Nanosonics Limited. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Nanosonics Limited and Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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