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Purple Group flags bumper interims

CHARLES Savage, chief executive of Purple Group.

CHARLES Savage, chief executive of Purple Group.

Published Apr 7, 2022

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Purple Group, headed by chief executive Charles Savage, looks set for a set of bumper interims, with profits more than double, which it expects to publish on Monday.

The financial services company owns the online platforms EasyEquities, EasyProperties, EasyCrypto and GT247.com.

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It anticipated a basic earnings per share and headline earnings per share of between 1.60 cents and 1.66c, compared to basic earnings per share and headline earnings per share of 0.85c reported in the prior period – an increase of between 88 percent and 95 percent.

The profit attributable to owners of the company had improved from a profit of R8.3 million in the prior period to a profit of between R17.4m and R18m for the period, an increase of between 109 percent and 117 percent.

Purple’s EasyEquities is growing legs.

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The EasyEquities platform, which started in 2014, allows investors to buy fractional ownership of shares listed on the JSE and the New York Stock Exchange, and now has a million users.

Savage last week tweeted that EasyEquities: “It took us 32 months to reach R1 billion (in deposits) and this month for the first time ever we replicated this feat in just 31 days.”

The share price in intraday trade yesterday was up 1.31 percent to R3.09 on positive investor sentiment. The shares were up 46 percent in the past six months, rising 199 percent in a year and up a whopping 952 percent in the past three years. Purple with a market value of R3.7 billion, has a price to earnings of 68.39.

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