If you are looking for some ASX share suggestions, I believe that the following 2 companies are well worth considering.
Both Pushpay Holdings Ltd (ASX: PPH) and Macquarie Telecom Group Ltd (ASX: MAQ) have seen very strong share price gains over the last 6 months, driven by their impressive recent financial performances.
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Macquarie Telecom
Macquarie Telecom has continued to grow at a rate well ahead of some of its larger telco rivals such as Telstra Corporation Ltd (ASX: TLS).
For the 6 months ended 31 December, Macquarie delivered a 9% rise in revenue on the prior corresponding period. The telco's earnings before interest, tax, depreciation and amortisation (EBITDA) grew even more strongly, by 24% in the first half. The main driver of this growth was the company's hosting business, which offers cloud computing-related services including data centre services. This division reported an 18% increase in revenue to $62.7 million.
This strong revenue growth is reflected in Macquarie Telecom's recent share price growth. The Macquarie Telecom share price has risen from $23.21 at the beginning of 2020 to now be trading at $46.25.
Macquarie Telecom has also indicated it will continue to invest in and drive growth from 3 key megatrends: data centres, cloud computing and cyber security. These 3 market segments are now driving growth in IT markets worldwide.
The local Australian telco is particularly focused on capturing the growing demand for data centre services through the expansion of its data centre portfolio. Earlier this year, the company commenced construction of its IC3 East data centre at the Macquarie Park Data Centre Campus. This expansion will help to meet the growing demand from its corporate, wholesale, and government customers.
Pushpay
Pushpay offers a donor management platform provider for the faith, not-for-profit, and education sectors. The company operates in the large-to-medium church sector of the massive US market.
After trending sideways since the beginning of 2018, the Pushpay share price has been on fire in recent months. The company's share price has risen from $2.94 in late March to now be trading at $7.54. That's a gain of 156%. Its share price did reach as high as $8.90 in late June, but has since lost some of those gains in recent weeks.
This share price growth comes on the back of strong recent expansion in its customer base. Pushpay achieved an impressive 39% increase in its total processing volume to US$5 billion for the 12 months to 31 March 2020.
I believe that Pushpay is well positioned for continued growth, driven by the growing demand for its donor management platform in the large (and mainly untapped) US market.
Foolish takeaway
Both Macquarie Telecom and Pushpay operate in two very different markets. However, both are quality companies and I am confident that both have strong growth prospects over the next few years.
