2 of the best growth stocks to buy right now

Could these UK shares be two of the best growth stocks for me to buy right now? Here’s why I’m thinking of snapping up these profits creators.

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I’m looking for the best growth stocks to buy right now. Here are two top UK shares that have grabbed my attention.

Battling the cyber threat

As sad as it is, Western nations spend colossal amounts every year on systems that protect their citizens. It’s a constant that stretches all the way back to the dawn of man. The battlefields are slowly changing however, and this provides opportunities for some defence companies to thrive. I think Ultra Electronics (LSE: ULE) is one of these.

This UK share is a specialist in the field of cyber security. Safeguarding ourselves in the digital age is becoming imperative as electronic attacks from other states, from terrorists and from lone hackers rise sharply. Just this week the British Foreign Office announced it was a subject to “a serious cyber security incident”.

Profits have been growing steadily at Ultra Electronics despite the pandemic. And City analysts think the bottom line will swell by an extra 4% in 2022 too. The threat that its systems could fail is a constant one. And it could have disastrous consequences that could smack future orders. But as of today, I think this leader in its field could be a very shrewd buy for me.

Making magic

Bloomsbury Group (LSE: BMY) is another solid earnings generator I’m considering investing in. This is despite the publishing industry facing unprecedented cost challenges as paper shortages emerge. The head of Hachette UK recently said that supply problems are the “most extreme” in at least a quarter of a century.

This has the potential to hit Bloomsbury’s profits hard. Costs could soar and the company could struggle to fill stores with its books. Still, from a long-term perspective, this is a UK share I think remains highly attractive. Reading as a hobby has really taken off since Covid-19 lockdowns. I expect Bloomsbury’s products to remain in high demand, even if the number of active readers begins to decline.

Bloomsbury is perhaps best known as the publisher of the Harry Potter series of books. The franchise’s success is astonishing given that the first book was released all the way back in 1997.

JK Rowling’s timeless series remains insanely popular with children and adults alike, helping earnings at Bloomsbury to grow and grow. A new generation of readers pick up the books for the first time each year, while revamped editions keep sales ticking over from existing fans too.

Bloomsbury though is about more than just wizards. The company’s digital academic publishing division just hit the ambitious sales and profits targets it set back in 2016. And Bloomsbury continues to grow this part of the business to meet strong student demand. It just paid £17.3m to acquire US-based academic publisher ABC-CLIO.

City analysts think Bloomsbury’s yearly earnings will rise 6% and 9% in the financial years to February 2022 and 2023 respectively. I think this is one of the best growth stocks to buy for the long haul.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended Bloomsbury Publishing. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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