When it comes to growth shares, I believe that Australian investors are spoilt for choice.
This is because right now there are a large number of high quality and fast-growing shares to consider buying on the Australian share market.
Three that I think are amongst the best on the market are listed below. Here's why I would buy these ASX growth shares:
Altium Limited (ASX: ALU)
Altium is a printed circuit board (PCB) design software company which I believe could provide strong returns over the next decade. This is thanks to its industry-leading software and its exposure to the rapidly growing Internet of Things market. Management certainly appears confident in its growth prospects. Earlier this year it revealed that it is aiming to grow its revenue to US$500 million by FY 2025. This compares to FY 2019's revenue of US$171.8 million.
Appen Ltd (ASX: APX)
Appen is a leading provider of high-quality language data and services to major technology companies, automakers, and governments. Earlier this week the company revealed that demand for its services continues to increase. As a result, it has upgraded its guidance for FY 2019. Management now expects underlying EBITDA to be in the range of $96 million to $99 million. This implies year on year growth of 34.6% to 38.8%. Due to favourable tailwinds and its leadership position, I believe it is well-placed to continue this strong form in FY 2020 and beyond.
Nearmap Ltd (ASX: NEA)
Nearmap is a leading aerial imagery technology and location data company. It has been a very impressive performer over the last few years thanks to growing demand for its offering in the ANZ and North American regions. Pleasingly, this has continued in FY 2020 with management expecting further impressive group annualised contract value (ACV) growth. Last week it announced that this is expected to be in line with analyst consensus estimates of $116 million to $120 million in FY 2020. The top end of its guidance range represents growth of 33% on FY 2019's ACV of $90.2 million.
