EasyEquities owner Purple Group on a roll

The Purple Group share price has shown strong growth in 2024, increasing by around 58% year-to-date as investors gain trust in EasyEquities’ performance.

Purple Group is a South African financial services and technology group offering online trading, investing, and asset management.

Its main assets are its Easy Group portfolio, which includes EasyEquities, EasyProperties, and EasyAssetManagement.

Purple Group’s share price enjoyed rapid growth between 2019 and 2022. However, many analysts felt the share ran too hard and was set to come down.

Between April 2022 and February 2024, the company’s share price declined by over 80% as its results did not match its share price.

However, in April 2024, Purple Group reported excellent results for the six months through February 2024.

Revenue increased by almost 30%, from R146.02 million in 2023 to R188.79 million. The company also swung from a loss to a profit.

Purple Group reported a profit of R13.45 million for the six-month period, compared to a loss of R15.65 million in 2023.

Purple Group’s earnings per share also swung from loss to profit, increasing by 192.9% to 0.78 cents per share.

The largest portion of these results were derived from the Easy Group, which includes EasyEquities.

The Easy Group saw a 34.9% increase in revenue to R165.4 million. It made a profit of R16.74 million in the period, compared to a loss of R20.93 million in 2023.

Purple Group CEO Charles Savage said they were at a pivotal juncture, halfway through what he believes would be a milestone year for the company.

“These results are a testament to the strategic foresight and vision that gave birth to EasyEquities in October 2014,” he said.

“It has been a period of extraordinary growth, learning, and, most importantly, making investing easy and accessible for everyone.”

Investors loved the story. The Purple Group share price has increased by over 100% since 29 February 2024.

The chart below shows the Purple Group share price growth in 2024 year-to-date.