Purple Group to halve losses
Shares jumped 7% after the company published a much-improved trading update
Diversified financial services provider Purple Group announced on Tuesday that its results were moving in the right direction but it still expected to report a full-year loss for the year ended August.
The company that owns brands such as Easy Equities, Emperor Asset Management and GT247.com that all operate in the investment industry, provided a trading update via Sens in which it expected to post a headline loss of 3.08c a share, a decrease of 52% over the prior year. This translates to a headline loss of R28m for 2018.
The company reported a headline loss of 6.42c a share in 2017, on sharply weaker revenues that declined by nearly 30% to R74m on the back of low volatility and reduced investor confidence.
The news sent the company share price over 7% higher at 29c a share on Tuesday.
Purple Capital expects to publish its annual results on Friday, November 30.