Wrap Text
Unaudited interim group results for the six months ended 29 February 2024
Purple Group Limited
(Incorporated in the Republic of South Africa)
(Registration number: 1998/013637/06)
Share code: PPE ISIN: ZAE000185526
("Purple Group" or "the Company" or "the Group")
UNAUDITED INTERIM GROUP RESULTS FOR THE SIX MONTHS ENDED 29 FEBRUARY 2024
PURPLE GROUP CONSOLIDATED HIGHLIGHTS
- Group revenue increased by 29.3% to R188.8 million, compared to R146.0 million in the prior comparative period.
- Group operating expenses decreased by 0.4% to R141.8 million from R142.4 million in the prior comparative period.
- Profit attributable to ordinary shareholders of R10.9 million, compared to a loss of R10.6 million in the prior
comparative period, representing an increase of 202.3%.
- Group basic and headline earnings per share increased 192.9% to 0.78 cents per share, compared to a basic and headline
loss per share of 0.84 cents (restated) in the prior comparative period.
- The Group's net asset value per share increased by 7.4% to 41.60 cents, compared to 38.72 cents per share in the prior
comparative period.
EASY GROUP'S HIGHLIGHTS
- EasyEquities Group revenue increased by 34.9% to R165.4 million, compared to R122.6 million in the prior comparative period.
- Easy Group's operating expenses decreased by 1.0% to R122.4 million, compared to R123.6 million in the prior comparative period.
- Easy Group generated a profit after tax of R11.8 million, compared to a loss of R16.5 million in the prior comparative period,
representing an increase of 171.3%.
- Client assets increased by 20.2% to R51.1 billion, compared to R42.5 billion in the prior comparative period.
- Active clients increased by 12.5% to 944 517, compared to 839 791 in the prior comparative period.
- Cost of service per Active Retail Client decreased by 6.8% to R80.71, compared to R86.56 in the prior comparative period.
LETTER FROM THE CEO
DEAR STAKEHOLDERS
As we navigate through a defining year for the Purple Group, I am thrilled to present a transformative set of half-year results that
undoubtedly mark a pivotal chapter in our journey. We stand at the edge of EasyEquities' first decade - a significant milestone that
beckons with both promise and reflection. It compels us to remain steadfast in the present, dedicating ourselves to the realisation
of our dreams and surpassing the aspirations we set out in 2014 with a blend of naivety and vision.
Our journey began with a vision deemed by many as unattainable. Yet, here we stand, nearly ten years later, not merely surviving but
thriving and pioneering a movement. We are reshaping the financial landscape of our nation, fostering financial empowerment and
literacy for all. This purpose has been the cornerstone of our journey, far transcending the mere creation of a platform.
It is with a profound sense of gratitude and anticipation that I share these exceptional half-year results. They not only signify a
strong foundation for the future but also serve as a testament to the strategic foresight and vision that propelled EasyEquities
from its inception in October 2014. This period has been marked by extraordinary growth and learning, and most importantly, by
our unwavering commitment to making investing accessible to everyone. Our clear purpose from the outset - to democratise
investing - has seen us push boundaries further than ever before.
ACTIVE CLIENT GROWTH
Our active client base continues to expand year after year, a testament to the robustness of our platforms and the trust our
customers place in us, even when economic tides are rough.
RETAIL AND INSTITUTIONAL ASSETS
Customer assets are burgeoning, a trend that holds strong across both our retail and institutional landscapes.
REVENUE GROWTH
Revenue growth has been notable across the board, highlighting the value of our services to both retail and institutional clients
- and all this against the backdrop of a challenging macroeconomic environment.
DECREASE IN OPERATING EXPENSES
Our operational efficiency is sharpening, with a decrease in operating expenses that speaks to our strategic focus on cost-
effectiveness.
ENGAGEMENT
Engagement with our platforms deepens, evidenced by the enduring activity of funded accounts and an appetite for a diversified
product suite that grows with every new member who joins our Purple Group family.
RESILIENCE
The inflow of cash remains robust against the headwinds of economic uncertainty, reinforcing the steadfastness of our clients'
investment journeys with us.
PIONEERING REVENUE SUSTAINABILITY - THRIVE
We have rolled out Thrive, pioneering a path toward revenue sustainability that transcends economic cycles.
LEVERAGING OUR SCALE ADVANTAGE
Leveraging our scale advantage, we continue to introduce new products and services with minimal marginal cost, ensuring value
creation for our clients and shareholders alike.
Our achievements during this period, extensively detailed in the CFO's Report, underscore not only the Purple Group's significant
progress but also the resilience of our remarkable community. They validate our bold decisions to expand, collaborate, or acquire
new products and access new partner distribution channels, rewarding all stakeholders who have placed their trust in our team to
execute the group strategy with autonomy and agility.
As we venture into new horizons with the introduction of EasyTrader and the anticipated launch of EasySubscriptions and EasyRetire,
our innovation journey continues unabated. These initiatives, along with our robust growth across all our value drivers, signal a
bright future ahead. They reflect our holistic approach to financial empowerment, with each product and platform building towards
a comprehensive financial ecosystem designed to educate and empower our clients to make informed decisions.
In conclusion, as we approach this decade's milestone, our results not only herald a return to profitability but also underscore our
unwavering commitment to our core value drivers, even in challenging economic times. This achievement could not have been
possible without the dedication of our team, the trust of our clients, and the support of our partners and shareholders. Your belief in
our mission has been the driving force behind our success and our continuous pursuit of innovation.
As we look forward to closing out the year and embarking on the next decade of our journey, we do so with gratitude for the past
and excitement for the future. Thank you for being an integral part of this remarkable journey.
Warm regards,
Charles Savage CEO, Purple Group
16 April 2024
This short-form announcement is the responsibility of the directors and is only a summary of the information in the full announcement and does not contain full or
complete details. Any investment decision should be based on the full announcement which is available on our website http://www.purplegroup.co.za/our-financials.html or at
https://senspdf.jse.co.za/documents/2024/jse/isse/PPE/PPEInt2024.pdf. Copies of the full announcement may also be requested at the offices of our sponsors and at our registered
offices at no charge, during office hours. This announcement has not been audited nor reviewed by the company's external auditors. Any forward-looking statement has not
been reviewed or reported on by the company's external auditors.
Executive directors: Charles Savage (Chief Executive Officer), Gary van Dyk (Chief Financial Officer). Non-executive directors: Happy Ntshingila* (Chairman), Arnold Forman*,
Craig Carter*, William Bassie Maisela*, Bonang Mohale, Mark Barnes, Paul Rutherford (*Independent). Company Secretary: CTSE Registry Services Proprietary Limited.
Registered office: 1F, 173 Oxford Road, Rosebank, Johannesburg, 2196. PO Box 411449, Craighall, 2024. Auditors: BDO South Africa Incorporated, Registered Auditors,
Wanderers Office Park, 52 Corlett Drive, Illovo, 2196. Share registrars: CTSE Registry Services Proprietary Limited. Sponsors: Deloitte & Touche Sponsor Services Proprietary Limited.
Deloitte, 5 Magwa Crescent, Waterfall City, Midrand, 2090. Purple Group Limited (Incorporated in the Republic of South Africa) (Registration number: 1998/013637/06) Share code: PPE
ISIN: ZAE000185526 ("Purple Group" or "the Company" or "the Group") Tax number: 9552/065/64/2.
Date: 16-04-2024 09:05:00
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