There are some leading ASX growth shares that might be worth looking at after they delivered their results recently.
The below two companies are ones that are expecting to deliver substantial profit growth over the next year or two.
They are also companies that speak of rising operating leverage as they get bigger.
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Corporate Travel Management Ltd (ASX: CTD)
Corporate Travel is one of the world's largest corporate travel businesses.
FY21 was obviously heavily impacted by COVID-19, restrictions and lack of travel but the company is expecting a recovery.
Indeed, the fourth quarter of FY21 showed positive profit numbers (as opposed to losses).
In earnings before interest, tax, depreciation and amortisation (EBITDA) terms, Corporate Travel made a loss of $8.2 million in the second quarter, a $5.5 million loss in the third quarter and generated $13.6 million of EBITDA in the fourth quarter.
Corporate Travel's FY21 second half showed 199% half on half growth of total transaction value (TTV) to $1.2 billion and 70% half on half growth of revenue and other income to $126.3 million.
The company also said that the ANZ region was profitable throughout FY21 despite continuing border closures.
After the year end, July delivered a record post-COVID revenue result. The ASX growth share noted that July defied the seasonal activity reduction in North America and Europe during the seasonal vacation period.
The company has no debt and finished the period with $99 million of cash. It's targeting a return to dividends in the 2022 calendar year.
Corporate Travel Management managing director Jamie Pherous said:
After the Travel & Transport acquisition, CTM is now estimated to be the world's fourth largest global travel management company. Through our recent acquisitions, realised synergies and permanent reductions to our cost base we expect the business will deliver material accretion to group earnings post-COVID.
Airtasker Ltd (ASX: ART)
The marketplace business was another ASX growth share to report its result to the market.
In FY21, Airtasker recorded revenue growth of 38% to $26.6 million. This was ahead of the prospectus forecast of $24.5 million.
Gross marketplace volume (GMV) also beat the prospectus forecast (of $143.7 million), rising 35% year on year to $153.1 million.
Whilst starting from a low base, the UK marketplace saw accelerating GMV growth – it was up 232% year on year and 93% quarter on quarter.
The ASX growth said that the Zaarly integration and US expansion planning is progressing well.
'Underlying pro forma EBITDA' was $0 million, compared to a loss of $4 million in FY20. It also made positive operating cash flow of $5.5 million, which beat the prospectus forecast of $0.1 million.
Coming into the result, the broker Morgans rated Airtasker as a buy with a price target of $1.29, which is still materially higher than where Airtasker is today. The broker was attracted to the growth potential in the US and UK, with Airtasker accelerating its plans.
The company ended FY21 with $45.9 million of cash, which it was ready to invest into accelerating its international expansion. Airtasker reported that its gross profit margin was 93% in FY21.
