2 fast-rising growth stocks that could make you a millionaire

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Building a million pound portfolio over the course of an investing lifetime might sound like an impossible dream but, through regular contributions, dividend reinvestment and a bit of luck, it's perfectly feasible. If you want to speed up the process however, you're going to need to take on more risk. This usually involves investing in smaller companies with big growth potential. Here are just two examples that could set you on your way.

Growth mindset

Reporting "exceptional" interim numbers to the market this morning was LearningTechnologies(LSE: LTG) -- a market leader in providing e-learning solutions to corporate and government clients.

Revenue jumped 68% to £21.5m in the six months to the end of June, of which £17.6m was organic. Pleasingly, the proportion of the former generated outside of the UK also increased to 46% from 32% a year before -- handy to know as we crawl towards our EU departure. Another positive was the fact that recurring revenues -- a highly sought after quality -- rose to 37%. Adjusted earnings before interest and tax grew 41% to just over £4m.

Commenting on results, CEO Jonathan Satchell was particularly enthusiastic on the firm's outlook, stating that Learning Technologies was achieving "excellent trading momentum" as it moved into H2. Its order book is "significantly ahead" of the prior year on a like-for-like basis with the recent acquisition and integration of talent management solutions provider NetDimensions also likely to help the firm realise "significant growth" in 2018.

Over the last year, shares in the Brighton-based business are up 66%, leaving stock trading on an eye-watering 33 times forecast earnings. With a fairly low price-to-earnings growth (PEG) ratio of just 0.9 and the likelihood of e-learning solutions becoming even more popular over the medium-to-long term, however, I think the shares could still be worth snapping up (or adding to a watchlist in the hope that a general pullback in the markets will provide a cheaper entry point).

Shining light

Another growth stock that's caught my eye recently is LED lighting manufacturer and distributor Luceco(LSE: LUCE). Last week's half-year report made reference to a "strong start to the year" for the £382m cap, coupled with a "strong order book" for H2.

Revenue climbed 25.5% higher -- to just over £75m -- in the first half of 2017 compared to the same period in 2016. Even when currency fluctuations are taken into account, this still came in at an admirable 17.3%. Operating profit rose to £9m from £7.2m with margins remaining consistent. The reduction in net debt from just under £48m to just over £26m is something to be applauded as well.

According to CEO John Hornby, Luceco's revenue and profit growth can be attributed to "strong market share gains" in both the UK and newer international markets along with the expansion of its product ranges. Looking forward, its Chinese manufacturing centre should help to further increase its competitive advantage and ensure that the company continues to generate seriously high returns on the money it invests.

Like those of Learning Technologies, a forecast price-to-earnings (P/E) ratio of 23 for the current year means that Luceco's shares are far from cheap. Having climbed 60% in value over the last year alone, that's hardly surprising. Nevertheless, a similarly low PEG ratio (1.1) again implies that prospective investors are still getting a great deal given the firm's growth strategy.

Another top growth share

Why not take a look at another growth opportunity identified by the Fool's Head of UK Investing, Mark Rogers. He thinks this top British brand is set for great things over the next few years as it continues to expand into new international markets.

Mark's report is completely FREE to read and comes with no obligation. For your copy, just click here.

Paul Summers has no position in any of the shares mentioned. The Motley Fool UK has recommended Luceco. 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.