High Growth Australian Tech Stocks To Watch In August 2024

The Australian market has shown a positive trend, rising 1.1% over the last week and 11% over the past year, with earnings projected to grow by 13% annually in the coming years. In this favorable environment, identifying high-growth tech stocks that can capitalize on these conditions is crucial for investors looking to maximize their returns.

Top 10 High Growth Tech Companies In Australia

Name	Revenue Growth	Earnings Growth	Growth Rating
Infomedia	7.67%	28.71%	★★★★★☆
Clinuvel Pharmaceuticals	22.90%	28.13%	★★★★★★
Doctor Care Anywhere Group	23.44%	96.41%	★★★★★★
Megaport	13.60%	32.52%	★★★★★☆
Enlitic	104.77%	94.35%	★★★★★☆
DUG Technology	13.29%	46.01%	★★★★★☆
Xero	13.50%	24.14%	★★★★★☆
Mesoblast	45.23%	49.67%	★★★★★★
Adveritas	66.47%	103.87%	★★★★★★
SiteMinder	19.40%	61.16%	★★★★★☆

Click here to see the full list of 54 stocks from our ASX High Growth Tech and AI Stocks screener.

Here we highlight a subset of our preferred stocks from the screener.

Qoria (ASX:QOR)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: Qoria Limited, with a market cap of A$433.74 million, focuses on marketing, distributing, and selling cyber safety products and services.

Operations: Qoria Limited generates its revenue by marketing, distributing, and selling cyber safety products and services. The company operates within a niche market focused on digital security solutions.

Qoria's recent earnings report highlighted a significant improvement, with sales reaching AUD 99.45 million, up from AUD 81.88 million last year, while net losses narrowed to AUD 54.77 million from AUD 86.72 million. Despite being unprofitable, the company is on track to achieve profitability within three years and boasts an expected annual earnings growth rate of 78.31%. The revenue growth forecast of 15.2% per year outpaces the Australian market's average of 5.3%, driven by robust R&D investments totaling $12M annually.

• Delve into the full analysis health report here for a deeper understanding of Qoria.

• Gain insights into Qoria's historical performance by reviewing our past performance report.

SEEK (ASX:SEK)

Simply Wall St Growth Rating: ★★★★☆☆

Overview: SEEK Limited, along with its subsidiaries, provides online employment marketplace services across Australia, South East Asia, New Zealand, the United Kingdom, Europe, and other international regions and has a market cap of A$8.28 billion.

Operations: SEEK Limited generates revenue primarily from its Employment Marketplaces segments in Australia and New Zealand (A$840.10 million) and Asia (A$244 million). The company focuses on providing online employment marketplace services across various international regions.

SEEK's revenue for the year ended June 30, 2024, was AUD 1.08 billion, showing a decrease from AUD 1.16 billion the previous year. Despite reporting a net loss of AUD 100.9 million compared to a net income of AUD 1.05 billion last year, SEEK is expected to grow its earnings by an impressive 41.36% annually over the next three years. The company's R&D expenses are substantial at $12M annually, indicating strong investment in innovation and future growth potential within Australia's tech sector.

• Click here and access our complete health analysis report to understand the dynamics of SEEK.

• Evaluate SEEK's historical performance by accessing our past performance report.

WiseTech Global (ASX:WTC)

Simply Wall St Growth Rating: ★★★★★☆

Overview: WiseTech Global Limited develops and provides software solutions for the logistics execution industry across various regions, with a market cap of A$39.06 billion.

Operations: The company generates revenue primarily through its Internet Software & Services segment, which accounts for A$1.04 billion. WiseTech Global operates across the Americas, Asia Pacific, Europe, the Middle East, and Africa.

WiseTech Global's revenue surged to AUD 1.04 billion in FY24, reflecting a robust growth of 27.5% from the previous year. Earnings also climbed significantly, with net income reaching AUD 262.8 million, up by 23.8%. The company's R&D expenses amounted to AUD 161.4 million, underscoring its commitment to innovation and maintaining competitive advantage in the tech sector. With anticipated revenue growth between 25%-30% for FY25 and a recent dividend increase of 10%, WiseTech Global demonstrates strong future prospects within Australia's high-growth tech landscape.

• Navigate through the intricacies of WiseTech Global with our comprehensive health report here.

• Understand WiseTech Global's track record by examining our Past report.

Where To Now?

• Unlock more gems! Our ASX High Growth Tech and AI Stocks screener has unearthed 51 more companies for you to explore.Click here to unveil our expertly curated list of 54 ASX High Growth Tech and AI Stocks.
• Shareholder in one or more of these companies? Ensure you're never caught off-guard by adding your portfolio in Simply Wall St for timely alerts on significant stock developments.
• Elevate your portfolio with Simply Wall St, the ultimate app for investors seeking global market coverage.

Contemplating Other Strategies?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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