5 ASX Growth Stories of 2024
DISCLAIMER: This article analyses publicly available information about multiple companies listed on various stock exchanges. The information presented is for informational purposes only and should not be considered as financial or investment advice. All data and company information has been sourced from public announcements and filings, but accuracy cannot be guaranteed. Past performance is not indicative of future results. Any investment decisions should be made only after conducting your own research and consulting with qualified financial advisors. Stock markets are volatile and investments carry risk of loss. The companies mentioned may have updated or amended their plans, forecasts and guidance since the source documents were published. Readers should refer to the companies' latest official announcements for the most current information.
EZZ Life Science Holdings (EZZ) - Achieving around 380% growth in share price over the 2024 calendar year is a health and wellness company that primarily develops and sells health supplements and functional foods, with expanding international distribution. The key driver of EZZ's share price in 2024 was exceptional business execution and international expansion. Significant catalysts included securing a five-year sales agreement with Hong Kong-based distributor, Pinehills, worth A$15M in the first year, receiving US Food and Drug Administration (FDA) approval for nine products enabling US market entry, and launching new functional food products. The company delivered outstanding financial results in FY24 with revenue up 78.9% to A$66.4M and NPAT up 91.8% to A$6.9M. This performance was underpinned by successful expansion of distribution channels, particularly in China, and growing its product portfolio to 53 SKUs.
SKS Technologies (SKS) - With its share price growing by around 510% over 2024 this electrical technology solutions provider has focused on servicing data centers, defense and commercial building projects. SKS Technologies success was driven by major contract wins in the data center and defense sectors throughout 2024. Notable contracts included a A$90+ million data center project with Built, a A$22 million contract with Erilyan Projects, and $11 million in defense contracts at RAAF Base Tindal. The company's work-on-hand reached record levels of A$185 million, supporting revenue growth projections of A$260 million in FY25. The successful diversification into data centers and defense, combined with operational efficiency improvements delivering higher margins, has driven investor confidence.
Findi Limited (FND) - A financial technology company providing ATM and digital payment solutions in India experienced share price growth of around 360% over 2024. Findi's share price has been driven by strategic expansion in India's financial services sector. A key catalyst was the acquisition of Tata Communications Payment Solutions Ltd (TCPSL) for A$75.7 million in November 2024, which added 4,600 operating ATMs and made Findi the second-largest White Label ATM (non-bank entity ATM) operator in India. The company delivered strong FY24 results with revenue up 22% to A$66.5M and EBITDA up 63% to A$27.4M. The market has responded positively to Findi's strategy of creating an ecosystem between physical ATMs and digital payments, as well as its plans to eventually become a full-service payments bank in India.
Zip Co (ZIP) - Buy-now-pay-later and digital payments company, Zip's share price grew about 370% in 2024 supported by achieving record profitability in FY24 and demonstrating continued operational momentum. The company delivered positive group cash EBTDA of A$78.8 million, representing a A$127 million improvement. This was driven by strong revenue growth and disciplined cost management delivering significant operating leverage. The Americas segment showed particularly strong performance with cash EBTDA improving 420% from FY23. The company successfully reset its capital structure and established strong foundations for growth while maintaining high customer engagement.
Mesoblast (MSB) - Biotechnology company developing cellular medicines experienced substantial share price grow in 2024 of around 900%. The key driver of Mesoblast's share price has been significant progress with its lead product RYONCIL for steroid-refractory acute graft versus host disease. In March 2024, the FDA indicated that available clinical data appeared sufficient to support a BLA submission (a Biologics License Application is a request for permission to introduce, or deliver for introduction, a biologic product into interstate commerce). The company then submitted its BLA in July 2024, which was accepted by the FDA with a PDUFA date of January 7, 2025, the date by which the FDA must respond to the Biologics License. Additionally, the company's REVASCOR product received both rare pediatric disease and regenerative medicine advanced therapy (RMAT) designations from the FDA in 2024 for congenital heart disease.
Disclosure: The author, Duncan McIntosh, holds long positions in Mesoblast Limited (ASX:MSB), EZZ Life Science Holdings Limited (ASX:EZZ), SKS Technologies Group Limited (ASX:SKS) and Findi Limited (ASX:FND). Positions were entered into during the normal course of investing in 2024. The views expressed in this article represent the author's personal opinions and analysis. Readers should conduct their own due diligence and consider seeking professional financial advice before making any investment decisions.