Purple Group in the red

Charles Savage

EasyEquities-owner Purple Group swung from a profit to a loss for the 2023 financial year, as its expenses significantly outpaced revenue.

Purple Group released its results for the year ended August 2023, which revealed a weak performance from the group.

Revenue grew by a marginal 0.8% to R276.06 million, while expenses before other income, fair value & impairment adjustments, interest, depreciation and amortisation grew by 31.9% to R280.21 million.

This saw the company make a loss of R35.2 million for the year – a 149.6% decline from the R70.95 million profit it made in 2022.

The company’s earnings also fell significantly, with basic and headline earnings per share swinging to losses.

Purple Group made a basic loss per share of 1.9 cents – a 152.2% drop from 2022. Headline earnings per share fell by 283% to 2.05 cents per share.

The loss attributable to ordinary shareholders of Purple Group amounts to R25 million year-to-date in 2023, compared to a profit of R44 million in 2022.

EasyEquities – Purple Group’s largest business by revenue – performed poorly in 2023, with an 11.1% growth in revenue but a 44.8% increase in expenses.

This saw EasyEquities make a loss of R33.38 million for the year – a 146.4% decrease from the R71.94 million profit the business made in 2022.

This is despite an 18% increase in registered clients in the year and a 17.5% increase in active clients to 897,940.

Purple Group’s other business,, saw a 34.5% decrease in revenue to R37.3 million compared to R56.9 million in the prior year.

This business made a profit of R2.37 million for the year – a 79% decrease from 2022.

Purple Group CEO Charles Savage said the company faced “some formidable economic challenges” and a “rollercoaster marked by economic fluctuations in the period”.

However, he said Purple Group’s achievements in this period “are a testament to the strength of our strategy, the dedication of our team and the loyalty of our customers and partners”.

“As I take a step back to reflect on our journey at Purple Group over the past year, I am filled with a sense of pride and optimism,” he said. 

“Like many others, we’ve been up against some formidable economic challenges, and still, we have continued to demonstrate resilience, adaptability and a relentless focus on our core value drivers.”

Purple Group did not declare a dividend for the 2023 financial year.