Purple Group reduces losses


Purple Group reduces losses

Published Date: 2019-04-16 | Source: Stephen Gunnion | Author: Stephen Gunnion | Comments

Purple Group reduces losses

The financial services group has prepared investors for a much smaller first-half loss.

Purple Group expects to report a much reduced first-half loss as a restructuring undertaken in its last financial year starts to yield positive results.

In a trading statement, the financial services group said it expected to report a basic and headline loss of between R10.4 million and R11 million for the six months to end-February, an improvement of between 61.9% and 65.6%. It's basic and headline loser per share would reduce to between 0.65c and 0.72c from last year's 1.89c loss. It gave no specific reasons for the improvement.

Last year, the group completed an internal restructuring and sold a stake in its EasyEquities share trading and investment platform to Sanlam. It also restructured its debt profile after an empowerment consortium led by Business Leadership SA CEO Bonang Mohale invested R25 million in the business. And an overhaul of its GT247 contract-for-difference (CFD) platform resulted in an increase in trading activity.

Its results are expected to be published on SENS on 17 April. Its shares closed unchanged at 28c in light trade yesterday.

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