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5 ASX growth shares to boost your portfolio performance

Looking for some ASX shares with excellent growth prospects to add to your portfolio?

Here are my 5 of my top picks right now – all of which I feel have strong potential share price growth over the next five years.

A2 Milk Company Ltd (ASX: A2M)

Over the past 4 years, a2 Milk has been growing at a very impressive rate and its strong growth looks set to continue.

For FY19, total revenue was $1,304.5 million, up a very impressive 41.4%.

a2 Milk has a well-established brand name and entrenched position in the Australian market. I feel it has strong prospects for growth in both the massive markets of US and China over the next 5 years.

It appears to be reasonably well placed to meet future targets, making it a good share to buy and hold for the long-term, in my opinion.

Corporate Travel Management Ltd (ASX: CTD)

I feel that Corporate Travel is well placed for further strong share price growth over the next decade, due to its diversified business model and exposure to global growth opportunities outside its local markets.

The company recorded FY19 earnings before interest, tax, depreciation and amortisation (EBITDA) of $150.1 million, up 20%. It also grew its revenue by 21%.

Corporate Travel’s reach extends to the UK, Europe, Asia and North America, with more than 70% of its revenue base generated outside of Australia and New Zealand. Its local operations also continue to perform well.

Appen Ltd (ASX: APX)

Appen is the global leader in providing data for use in machine learning and artificial intelligence (AI).

The company reported strong results for the first half of its financial year ending June 2019. Revenue was up by a very high 60% to $245 million.

It continues to experience very strong demand from many of the largest global technology firms.

I believe that Appen’s strong growth is likely to continue over the next decade, due to the rapidly rising demand for AI products and machine learning markets.

WiseTech Global Ltd (ASX: WTC)

WiseTech Global is a leading global developer and provider of software solutions to the logistics industry.

WiseTech Global continues to grow at a rapid pace, in both size and scale via organic growth and targeted acquisitions. For FY19, it recorded revenue of $348 million and net profit after tax (NPAT) of $54 million. That’s an impressive 57% and 33% annual increase, respectively.

Once it has integrated its recent acquisitions, I believe that this will provide it with an excellent launching pad for future growth

Xero Limited (ASX: XRO)

Xero is an online accounting software provider for small businesses. It has experienced phenomenal growth over the past 10 years, and in my opinion, this strong growth looks set to continue.

In its H1 FY20 financial results, operating revenue was up an impressive 32% to NZ$338.7 million.

Xero has a very high gross profit margin of 85% and its core markets of Australia and New Zealand continue to see an improving upward trend in gross profit margin.

It is also growing its subscriber base quickly in a range of overseas markets.

If you would like to look further afield, try these 5 shares.

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Phil Harpur owns shares of A2 Milk, Appen Ltd, Corporate Travel Management Limited, WiseTech Global, and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia owns shares of A2 Milk, Appen Ltd, and WiseTech Global. 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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