Purple Group flags bumper earnings

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Purple Group flags bumper earnings

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Published Date: 2021-04-08 | Source: Stephen Gunnion | Author: Stephen Gunnion

Purple Group flags bumper earnings

The fintech company has scaled up its EasyEquities investment platform and benefitted from new partnerships.

Purple Group has prepared shareholders for a surge in earnings when it releases its interim results tomorrow. Its shares rallied.

In a trading statement, the fintech company said earnings and headline earnings for the six months to end-February were likely to be between 834% and 854% higher than the 0.09c it reported last year. It gave no further detail.

Purple Group swung to a full-year profit last year after scaling up EasyEquities, its online share trading and investment platform. When it released its results for the year to end-August, it said a renewed focus on Emperor Asset Management and the time and energy it spent with its partners also supported the improved performance. During the year it concluded a partnership agreement with Capitec Bank. It also went live with the EasyEquities Australia and EasyProperties platforms.

Retirement fund administration business RISE secured mandates totalling R6.7 billion in its last financial year. RISE, a joint venture with NBC Fund Administration Services, was appointed fund administrator and investment manager of five retirement funds last year.

Purple's shares closed 9.8% higher at R1.12 yesterday.





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