It’s not just the S&P 500 that has outstanding growth stocks. There are some impressive companies listed on the FTSE 100 and the FTSE 250 as well.

The key to sustained growth over the long term is a strong competitive position. And the UK has some companies that I think are among the hardest to disrupt in the world. Here are two worth considering.

Experian

At a price-to-earnings (P/E) multiple of 36, Experian (LSE:EXPN) isn’t cheap and it isn’t likely to post huge gains in any particular year. But I still think it has outstanding growth prospects.

With a high P/E stock, investors need to be confident the business has a good long-term prospects. And there are definitely risks that should be considered.

One is a change in regulation, such as the shift from requiring three credit reports to two for US mortgages. That has the potential to alter a competitive landscape that’s currently helpful.

Despite this, I think Experian can keep growing steadily and this could add up to spectacular returns over time. The key to this is its database, which is extremely hard to replicate.

This puts the firm in a strong position and I expect it to result in steady growth over the long term. The company’s latest earnings update reported 7% growth in sales and 8% EPS growth. 

That doesn’t sound like much, but it’s more than enough to make earnings double every decade. If that happens (no guarantees, of course), I think today’s share price will look cheap after 10 years, and a steal after 20.

Games Workshop

Games Workshop‘s (LSE:GAW) a member of the FTSE 250. But the way the company’s been growing, I think it might be headed for the FTSE 100 before too long. 

On average, the company’s grown its revenues at 16% a year over the last decade. And earnings per share have increased by a staggering 28% a year, on average.

The key to the firm’s success is its intellectual property. Games Workshop makes a product that its customers can’t get anywhere else – and are willing to keep spending on. 

This is a powerful asset, but there are some risks with the stock. One is the simple possibility of consumer fashions shifting over time with a product that nobody ultimately needs. 

In a discretionary industry, this is almost inevitable. Games Workshop has been remarkably resilient, but there will undoubtedly be a time when its products are less popular.

Investors need to be ready for this and the firm has to keep spending on marketing to maintain its position. But at a P/E multiple of 26, investors should take note of some impressive growth.

Growth investing

For investors, finding a company with outstanding growth prospects at a P/E multiple of 10 is the dream. But that’s because it mostly doesn’t happen when they’re awake. 

More often, the key with growth stocks is having a long-term view of a company’s prospects. Most of all, that means being able to understand its ability to maintain its competitive position.

A firm’s ability to grow earnings for decades can justify paying a high earnings multiple for it on day one. And I think the UK has a number of businesses that are in that position.