When it comes to growth shares the Australian share market is not short of them.
To help narrow down the options, I have picked out three growth shares which I think are arguably the best on the market right now and could provide strong returns in 2020 and beyond.
They are as follows:
Altium Limited (ASX: ALU)
One of my favourite growth shares and buy and hold options on the Australian share market is Altium. Thanks to its exposure to the rapidly growing Internet of Things market, it has been growing its sales and earnings at an explosive rate in recent years. This continued in FY 2019 when the design software company reported a 22.6% increase in full year revenue to US$171.8 million and a 41.1% increase in net profit after tax to US$52.9 million. The good news is that management appears confident this strong form can continue and reiterated its aim of growing its revenue to US$500 million by FY 2025.
Appen Ltd (ASX: APX)
Another tech company which I think has significant long term growth potential is Appen. It is a leader in the development of high-quality, human-annotated training data for machine learning and artificial intelligence. Last month it released its half year results and revealed a 60% increase in revenue to $245.1 million and an 81% increase in underlying EBITDA to $46.3 million. Given the extremely positive outlook for the markets it operates in and recent acquisitions, I believe it is well-positioned to continue growing its earnings at an above-average rate for a long time to come.
Nearmap Ltd (ASX: NEA)
Nearmap is a leading aerial imagery technology and location data company which I think has enormous long-term growth potential. This is due to the significant opportunity it has in the North American market and potential expansions into other territories. Another bonus is that after racing materially higher this year, its shares have pulled back considerably. I believe this could make it an opportune time to pick up shares with a long-term view.
