GOG, MNZS, NANO- Growth stocks offering returns of over 90%

Highlights

• IMF has lowered UK growth forecast for the next year as it warns of a global recession.
• British economy is expected to witness the slowest growth among all the richest G7 economies in 2023.
• Despite UK inflation hitting recently hitting a 40-year high again recently, the market has started giving some signs of a reversal.

Not just the UK, recession fears are looming over the global economy. The International Monetary Fund (IMF) has recently lowered its 2022 global growth forecast and has warned that the British economy will witness the slowest growth among all the richest G7 economies next year. IMF believes that the growth in the UK will drop to only 0.5% in 2023, way less than its prediction of 1.2% in April.

Owing to the Covid-19 pandemic and the Russia-Ukraine war, the world economic growth has contracted for the first time since 2020. As growth has taken a hit in the leading economies, which include the UK, the US, and China, IMF is predicting that the global economy is getting nudged towards a recession amid the soaring inflationary pressures.

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However, even though the outlook has darkened, this might be the best time to invest in shares for a stock market rally. Despite UK inflation hitting recently hitting a 40-year high again recently, the market has started giving some signs of a reversal. Mortgage rates and oil prices have begun tumbling, and if this trend continues, the soaring energy bills might also follow suit.

As these are the top reasons for recession concerns as per analysts, any progress could lead to brighter times ahead in the near future. Amid recession fears and falling growth, UK investors can go for growth stocks, which typically perform better as compared to the average market. Here are 3 UK growth stocks that have offered returns of over 90% this year.

The Go-Ahead Group plc (LON: GOG)

The shares of the passenger transport business, The Go-Ahead Group plc, were trading at GBX 1,488.00 at 2:23 PM (GMT+1) on Wednesday. GOG currently holds a market cap of £642.48 million. As of 27 July, Go-Ahead Group has given a whopping return of 122.85% to its shareholders on YTD basis, while its return on one-year basis stands at 43.06%. However, its EPS lie in the negative zone, at -1.07.

Menzies (John) plc (LON: MNZS)

The shares of Menzies Aviation plc’s holding company, John Menzies plc, plunged by 0.16% at 2:28 PM (GMT+1) on Wednesday and were trading at GBX 607.00. The company currently holds a market cap of £559.08 million. As of 27 July, John Menzies has given a return of 95.84% to its shareholders on YTD basis, while its return on one-year basis stands at 90.02%. However, its EPS lie in the negative zone, at -1.51.

Nanoco Group Plc (LON: NANO)

The shares of the leading producer of nanomaterials, Nanoco Group Plc, surged by 2.30% at 2:32 PM (GMT+1) on Wednesday and were trading at GBX 40.00. The company currently holds a market cap of £126.07m. As of 27 July, Nanoco Group has given a return of 97.52% to its shareholders on YTD basis, while its return on one-year basis stands at 112.83%. However, its earnings per share lie in the negative zone, at -0.01.