I think these UK growth shares could potentially double your money

Growth shares can make you a lot of cash. Pick the right stocks, and you could double your money. Over the years, I’ve personally doubled my money on a number of UK growth shares including ASOS, GB Group and dotDigital.

Today, I’m going to highlight two UK growth shares that I believe have the potential to double investors’ money (over the medium-to-long term, of course). In my view, both of these companies look set for strong gains over time.

An innovator in digital monetisation

The first UK growth share I want to highlight is Cerillion (LSE: CER).

It’s a leading provider of billing, charging, and customer management systems. The company has delivered 90 customer installations worldwide and has a proven track record of delivering cost-effective, cloud-based (SaaS) solutions. Its vision is to be the enabler of seamless digital experiences for the world’s communications and subscription businesses.

Cerillion’s half-year results, issued in May, showed that the company has significant momentum right now. Revenue was up 46% to £10.2m reflecting implementation work on five major new contract wins. Adjusted EBITDA was up 673% to £2.7m. Meanwhile, new orders were up 28% year-on-year to £9.5m. It’s also worth mentioning that the company increased its dividend by 9%, which suggests that management is confident about the future.

Cerillion currently sports a forward-looking P/E ratio of what I think is a reasonable 27 and has a market cap of just £96.5m. If the company can continue growing at a healthy rate, I think we could see the company’s market cap double in time. Of course, the stock is not going to double up overnight. But in my view, this growth share has all the right ingredients to double your money.

A disruptive growth share 

Another UK growth share I think could potentially do that is Keystone Law (LSE: KEYS). It’s an innovative ‘platform-based’ UK law firm that is disrupting the legal industry by enabling lawyers to work from home or their own offices. It has over 350 lawyers on its platform (it believes its addressable market is 47,000 lawyers) and serves clients across a range of industries.

Keystone Law shares have underperformed due to Covid-19. This is not a surprise, as the demand for some legal services (such as those associated with transactions) will have declined.

I see this share price weakness as a great buying opportunity. The group is in a strong financial position, and its model is designed to service clients remotely. So it’s well placed to deal with any near-term challenges.

In August, Keystone announced that it had appointed 15 new partners from several of the UK’s top law firms. These hires highlight the attraction of the group’s virtual business model. “Now that many lawyers have been working remotely during lockdown, the appetite for an alternative to the traditional law firm model is stronger than ever,” commented CEO James Knight. The group also announced that it has finalised arrangements to launch offices in the Middle East. It clearly has momentum right now.

Keystone Law currently trades on a forward-looking P/E ratio of about 31 using next year’s EPS forecast and sports a market cap of about £137m. If it can continue growing at a healthy pace, I think it could easily double its market cap over time. I’d buy this UK growth share today.