The pandemic has hit the global economy hard this year and has been stifling the growth of a large number of companies in FY 2021.
However, not all companies are being held back by the crisis. In fact, some have continued their unstoppable growth this year.
Here's why these three ASX shares are growing rapidly in FY 2021:
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Afterpay Ltd (ASX: APT)
Thanks to the ongoing popularity of the buy now pay later payment method, the shift to online shopping, its successful international expansion, and the growing frequency of use, this payments company was on fire in FY 2020. Pleasingly, its strong growth has not abated in FY 2021. Afterpay recently released a trading update which revealed that it recorded underlying sales growth of 115% to $4.1 billion in the first quarter.
Kogan.com Ltd (ASX: KGN)
This ecommerce company has been a big winner during the pandemic. With most retail stores across the country closing to stop the spread of the virus, shoppers migrated online in large numbers. Many of these making the shift for the first time. This led to Kogan delivering a very strong FY 2020 result in August. As with Afterpay, this strong form has continued in FY 2021. During the month of August, the company reported gross sales growth of more than 117% and adjusted EBITDA growth of more than 466%. This was driven by the addition of 152,000 new customers to its platform during the month, bringing its total to 2,461,000. A further update will be provided at its annual general meeting later this week.
Pushpay Holdings Ltd (ASX: PPH)
Finally, Pushpay is a fast-growing donor management and community engagement provider to the church market. It has been an extremely strong performer this year. This has been driven by its high quality platform, its strong market position, and the COVID-induced shift to a cashless society. Earlier this month the company released its half year results and revealed a 48% increase in total processing volume to US$3.2 billion and a 53% increase in operating revenue to US$85.6 million. Things were even better for its earnings, thanks to further operating leverage. Pushpay reported EBITDAF growth of 177% to US$26.7 million.
