These mid cap shares are growing at a quick rate…
The post 2 exciting mid cap ASX growth shares to watch appeared first on The Motley Fool Australia. –
If you’re a fan of mid cap shares then you’re in luck. Right now, there are a number of mid caps trading on the ASX that could have a lot of potential.
Two which could be worth keeping a close eye on are listed below. Here’s what you need to know about them:
Audinate Group Limited (ASX: AD8)
The first mid cap ASX growth share to watch is Audinate. It is a digital audio-visual networking technologies provider best known for its innovative Dante audio over IP networking solution. This solution is used widely across the professional live sound, commercial installation, and recording industries globally.
Demand for Dante softened during the height of the pandemic but has rebounded very strongly. For example, it recently released an update which revealed full year FY 2021 revenue of US$25 million. This was up 23% on the prior corresponding period.
Audinate also revealed a record backlog of committed sales orders for FY 2022. This bodes well for its growth in the new financial year. This should be supported by its recent expansion into the video market.
Dubber Corp Ltd (ASX: DUB)
Another mid cap ASX growth share to watch is Dubber. It is a software company that provides businesses with a scalable call recording service. This service has been adopted as core network infrastructure by multiple global leading telecommunications carriers across multiple continents.
Dubber’s cloud-based technology allows businesses to record, manage, and analyse their phone calls and communications. They can even use artificial intelligence to analyse the emotions and stress levels of a caller.
The company has been experiencing growing demand for its offering, which is underpinning very strong growth in active customers and revenue. For example, during third quarter of FY 2021, the company revealed a 158% increase in annualised recurring revenue (ARR) to $34 million. This is still only a small slice of its overall market opportunity estimated to be 100 million users.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AUDINATEGL FPO and Dubber Corporation. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO and Dubber Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.