While the London Stock Exchange isn’t known for its growth stocks, there are plenty of UK shares that could deliver huge gains over the next two to three years. The key to finding them, in my view, is looking for companies that are expanding rapidly yet still trading at reasonable valuations.

Here, I’m going to highlight three stocks where I see the potential for significant share price rallies over the next two to three years. For those seeking capital gains, I reckon these names are worth considering.

A future FTSE 250 stock?

First up, we have Jet2 (LSE: JET2). It’s the UK’s leading package holiday company and the third-largest airline.

This company has a really impressive growth track record. Over the last nine years, it has grown its revenue from £1.7bn to £7.5bn – a compound annual growth rate (CAGR) of about 18%.

It’s also very profitable. In recent years, its return on capital employed has averaged around 15%.

Yet its valuation is still very reasonable today. Looking at earnings forecasts for this financial year, the forward-looking price-to-earnings (P/E) ratio is only 12.

Given this valuation, I see scope for outsized returns in years ahead. I’m assuming here that demand for holidays and flights in the UK remains strong (it may not).

One thing that could boost the shares is a move from the UK’s Alternative Investment Market (AIM) to the Main Market. This should broaden the investor base and lead to FTSE 250 inclusion.

A FinTech leader

Next, we have Wise (LSE: WISE). It’s one of the world’s leading international payments businesses.

This is another company that’s growing rapidly. Over the last five years, its revenue has climbed from $550m to $2,503m – a CAGR of 35%.

Yet, it’s really not priced like a growth company. At present, it’s trading on a P/E ratio of 19.

At that valuation, I see scope for big returns in the medium term. Sooner or later, investors are going to spot the growth here.

Of course, competition from rivals such as Revolut and TorFX is a risk. International payments is a competitive industry.

I believe Wise offers the best service in the market, however. Not only does it have the best FX rates but most of its transfers are instant.

Demand here is booming

Finally, check out Applied Nutrition (LSE:APN). It’s a fast-growing British fitness supplements company.

Between FY22 and FY25, Applied Nutrition grew its revenue from £35m to £107m. That represents a CAGR of 45%.

For FY26 (which ended on 31 July), analysts expect £160m. For FY27, the consensus forecast is £205m.

As for the valuation, the P/E ratio is about 22. So, we have growth at a reasonable price.

Looking ahead, I expect Applied Nutrition to continue growing. Because younger generations are very focused on health and wellness today.

That said, a consumer spending slowdown could derail the growth story. After all, a lot of supplements are non-essential goods.

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Edward Sheldon owns shares in London Stock Exchange Group, Wise, and Applied Nutrition.