Charles Savage from GT247/ Purple Group . Pic: JAMES OATWAY.
Charles Savage from GT247/ Purple Group . Pic: JAMES OATWAY.

Financial services provider Purple Group’s losses widened in the year to August, as a result of poor investment conditions.

Headline loss per share widened to 6.42c, from 0.37c in the previous comparative period, the company said in a statement.

Purple owns online stockbroker Easy Equities; over-the-counter derivative trading businesses, GT247.com and GT Private Broking; and Emperor Asset Management.

"The market conditions over the past 12 months, characterised by low volatility and reduced investor confidence, were not ideal for our speculative trading businesses, GT247.com and GT Private Broking," the company said. "This, coupled with the significant client outflows experienced by Emperor Asset Management, has resulted in a 35% decline in revenue during the year.

Easy Equities, though, opened 59,550 new accounts, up 91.6% on the comparative period a year ago. Client assets totaled R1.13bn, which was up 58.9% and partner funds under administration were R291m, up 83%.

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