There might be some really great ASX shares to consider for their growth potential over the long-term.
Some businesses are growing quickly now but have much larger plans for the future.
There are companies tapping into trends whilst others are managing to change industries with technology.
Here are two that are growing quickly with even more compelling potential::
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Australian Ethical Investment Limited (ASX: AEF)
The Australian Ethical share price has nearly doubled in just four months.
This business aims to provide investment products to investors that match their ethics.
It continues to experience a high level of demand. In the first quarter of FY22 alone, it saw net inflows of $290 million. This helped the funds under management (FUM) grow 7.7% over the three months.
FY21 saw the underlying net profit after tax (UPAT) rise by 19% to $11.1 million, with FUM going up 50% to $6.07 billion.
However, the ASX share believes with its market positioning and investment for growth, if it executes well it thinks it can grow its business by three to five times over the next few years.
Australian Ethical continues to launch new products and funds that can attract more funds. It has launched its high conviction fund, as well as its high growth fund. The business is now working on launching a high conviction exchange-traded fund (ETF).
It's investing in multiple areas including upgrading its technology platform, expanding its adviser-facing team and exploring different customer channels.
The company is focused on the ultra-long-term, with an eye not just on the next five years but to 2030, 2040 and beyond.
Airtasker Ltd (ASX: ART)
Airtasker is now an international marketplace business that links people who want to work with people that need work doing.
The ASX share is setting the scene for growth in the UK and US. It's already growing rapidly in the UK – in the first quarter of FY22 it saw UK gross marketplace volume (GMV) increase by more than 100%, though this was from a low number.
In the US, expansion and the Zaarly integration is "progressing well", with city-level markets launching in Dallas, Kanas City and Miami.
Despite the lockdowns, Airtasker was able to grow its overall GMV by 6.2% year on year to $35 million. Since the easing of restrictions in Sydney and Melbourne, it experienced a "sharp" bounce back with the latest weekly GMV of $3.6 million, which was $185 million on an annualised run rate basis. The business noted it's heading into its strongest southern hemisphere seasonal growth period.
Airtasker has one of the highest gross profit margins on the ASX, with a margin of 93%. This could be very helpful for future profit growth.
The ASX share said with its FY21 result that with positive operating cashflow ($5.5 million compared to the prospectus forecast of $0.1 million) and a "strong" cash balance, it's well positioned to invest in international expansion.
By the end of FY22, the business is targeting an annualised run rate of international GMV to be between $8 million to $10 million. That compares to around $3 million in FY21.
Airtasker believes that it has an enormous global opportunity, with more than $600 billion of a global total addressable market for existing local service industries in Australia, the US and the UK. Australia reportedly represents a $52 billion opportunity.
