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2 reliable growth stocks I’d consider for a new Stocks and Shares ISA in 2024

The new tax year is already underway, but it’s never too late to search for the best growth stocks to add to your Stocks and Shares ISA for 2024. Today, we’re focusing on mid-cap stocks with long-term growth potential that can remain profitable for decades. Here are two options that stand out.

Premier Foods (LSE: PFD) is the owner of popular British food brands such as Mr Kipling and Bisto. These well-known brands provide a strong foundation for stability even in uncertain economic times. Premier Foods has been working to cut costs and pass on savings to consumers, making it a more attractive option compared to competitors like Unilever. However, the company primarily focuses on cakes and desserts, which have seen a decline in sales recently. Despite this, the share price has increased by 361% over the past five years, showcasing its resilience.

Breedon Group (LSE: BREE) is a major supplier of construction materials in the UK. Following a share consolidation in May 2023, the company’s share price has increased by 13% and is currently trading below fair value. With a strong balance sheet and a 3.5% dividend yield, Breedon Group is in a good position for long-term growth. However, its success is dependent on a strong economy that supports demand for new construction. Despite potential economic challenges, Breedon Group’s solid brand and minimal debt suggest it could weather any storms and recover in the long run.

Overall, both Premier Foods and Breedon Group are solid defensive stocks with strong long-term growth potential. Consider adding them to your ISA for a reliable investment option.

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