Purple Group, the owner of the EasyEquities investment platform, returned to profit in the six months ended February as revenue grew and operating expenses declined.
Group revenue increased by 29.3% to R188.8m, while attributable profit rose to R10.9m after a loss of R10.6m in the prior period.
Group operating expenses decreased by 0.4% to R141.8m, and it reported headline earnings per share of 0.78c after a loss of 0.84c a year ago.
EasyEquities Group’s revenue increased by 34.9% to R165.4m and it generated a profit after tax of R11.8m, compared with a loss of R16.5m before. Easy Group’s operating expenses decreased by 1% and it generated a profit after tax of R11.8m, compared with a loss of R16.5m.
Client assets increased by 20.2% to R51.1bn and active clients increased by 12.5% to 944,517.
CEO Charles Savage said the results 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.”
Revenue growth has been notable across the board, highlighting the value of the group’s services to both retail and institutional clients — and all this against the backdrop of a challenging macroeconomic environment, he said.
Leveraging the group’s scale advantage, it continues to introduce new products and services with minimal marginal cost.
“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 the robust growth across all its value drivers, signal a bright future ahead, he said.
“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.”
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