If you’re looking for growth shares to add to your portfolio, then you may want to get better acquainted with the ASX shares listed below.
Here’s what you need to know about them:
Altium Limited (ASX: ALU)
The first growth share to look at is Altium. Its electronic design software platforms, Altium Designer and Altium 365, are leaders in their field. In fact, they are so far ahead of the competition that management is targeting market domination later this decade. At that point, it expects to be generating annual revenue of US$500 million. This will be more than double what it is achieving at present. This growth is expected to be underpinned by strong demand for this type of software due partly to the growing Internet of Things and artificial intelligence industries.
Pushpay Holdings Group Ltd (ASX: PPH)
Another ASX growth share to look closely at is Pushpay. It is a leading donor management and community engagement platform provider in the faith sector. It has been growing its operating revenue at a rapid rate in recent years thanks to a combination of organic growth and the benefits of acquisitions. Pleasingly, the latter has continued in FY 2022 with Pushpay announcing the US$150 million acquisition of Resi Media earlier this week. Management expects the strategically compelling acquisition of a market-leading faith-focused streaming platform to broaden Pushpay’s core product offering.
Temple & Webster Group Ltd (ASX: TPW)
A final ASX growth share to look at is this online furniture and homewares retailer. As with the others, Temple & Webster has been growing at a very quick rate in recent years. This has been driven by the structural shift to online shopping and its strong market position. For example, Temple & Webster recently released its full year results and revealed an 85% increase in revenue to $326.3 million and a 141% jump in EBITDA to $20.5 million. Positively, the shift online is still only in its infancy, particularly for this category in Australia. This bodes well for the future.