Purple Group Limited, a leading financial services provider, celebrates its 1-year anniversary with a noteworthy journey marked by resilience, adaptability, and strategic growth. The company, incorporated in the Republic of South Africa, has navigated economic challenges and continued to demonstrate a relentless focus on core value drivers.
In the consolidated results for the year ended August 31, 2023, Purple Group revealed a mix of challenges and successes:
|Figures (in R millions)
|Group Revenue Increase
|0.8% growth to R276.1 million
|Group Expenses Growth
|31.9% increase to R280.2 million
|Loss before Adjustments & Tax
|R49.0 million loss
|Group Headline Loss per Share
|Group Basic Loss per Share
|Net Asset Value per Share Increase
|6.3% rise to 40.80 cents
|Loss attributable to Ordinary Shareholders
|R24.9 million loss
EasyEquities, a subsidiary of Purple Group, showcased robust growth and client engagement:
|Figures / Growth
|EasyEquities Group Revenue Increase
|11.1% growth to R237.8 million
|Registered Clients Growth
|18% increase to 2.06 million
|Active Clients Growth
|17.5% increase to 897,940
|Platform Assets Growth
|25.3% increase to R46.6 billion
|Retail Inflows Decrease
|28.1% decrease to R5.90 billion
|Institutional Inflows Increase
|169.9% increase to R5.2 billion
|Cost of Service per Active Client Decrease
|10.0% decrease to R170
|Loss before Adjustments and Tax
|R44.0 million loss
The subsidiary, GT247.com, experienced a revenue decrease of 34.5%, reaching R37.3 million. However, it managed a profit after tax of R2.4 million.
Charles Savage, Purple Group’s CEO, reflected on the economic rollercoaster, acknowledging the challenges and emphasizing the company’s resilience. He highlighted strategic investments, expansion into Southeast Asia, and the importance of diversification.
Purple Group expanded into Southeast Asia with EasyEquities Philippines Inc. and a partnership with GCash, viewing these ventures as more than just growth opportunities. Despite challenges, the company is building regulatory relationships, strengthening ties, and engaging with the Filipino community.
Purple Group showcased its commitment to innovation by introducing new products like EasyCredit, EasyProtect, and EasyBonds. The focus is on improving customer experience and addressing client needs.
The company continues to invest significantly in technology to enhance operational efficiency, improve customer experience, and position itself for rapid scaling as market conditions improve.
The future looks promising for Purple Group as it plans to introduce three new products to the Easy brand family: EasyRetire, EasyTrader, and EasySubscriptions. The launch of the Thrive loyalty program aims to reward and incentivize good investor behavior.
Charles Savage expressed gratitude to the dedicated team, loyal clients, strategic partners, and supportive shareholders. He emphasized the importance of their belief in the company’s vision, which has been crucial to its resilience, innovation, and success.
As Purple Group looks ahead with optimism, the company remains committed to building not just a company but a financial legacy for the people and countries it serves. The investments made during challenging times, particularly in technology, product development, market expansion, and efficiency, position Purple Group for a transformative and successful future.