PURPLE GROUP LIMITED - Unaudited summary consolidated results for the six months ended 28 February 2018

Release Date: 20/04/2018 17:30
Code(s): PPE
 
Wrap Text
Unaudited summary consolidated results for the six months ended 28 February 2018

PURPLE GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1998/013637/06)
Share code: PPE   ISIN: ZAE000185526  
("Purple Group" or "the Company" or "the Group")

UNAUDITED SUMMARY CONSOLIDATED RESULTS
FOR THE SIX MONTHS ENDED 28 FEBRUARY 2018 

GROUP LOSS PER SHARE AT 1.89 CENTS DOWN 66% HY 2017: LOSS 5.52c)
EQUITY ATTRIBUTABLE TO PURPLE GROUP SHAREHOLDERS AT R272M UP 14% (HY 2017: R239m)
FUNDED INVESTMENT ACCOUNTS AT 58 518 UP 98% (HY 2017: 29 554)
EASYEQUITIES REVENUE AT R7.8M UP 123% (HY 2017: R3.5m)
EASY EQUITIES PLATFORM ASSETS AT R2.87BN UP 158% (HY 2017: R1.1bn)
RETAIL CLIENT DEPOSITS R629M UP 99% (HY 2017: R316m)
RETAIL CLIENTS REGISTERED AT 126 558 UP 129% (HY 2017: 55 239)
FUNDED TRADING ACCOUNTS AT 5 412 UP 36.5% (HY 2017: 3 965)
GT247.COM PROFIT AFTER TAX AT R2.0M UP 105% (HY 2017: R1.0m)


CHAIRMAN'S LETTER
Easy Equities has now achieved a level of market acceptance and momentum
that provides a strong base for future growth:

   - revenue has grown from R1.7 million to R7.8 million over the past two
     years, a compound growth rate of 113% p.a.
   - Funded investment accounts has grown from zero when EE was
     launched in October 2014 to 58 518 accounts currently

Our core trading operation, GT247.com, has, until recently, funded the
technology, platform development, people and marketing costs in EE.

Sanlam, on 17 November 2017, invested R100 million to fund further
development and secure a 30% equity stake in EasyEquities.

GT247.com is expected to return to the stable earnings we have enjoyed from
this operation over the years:
   - average attributable earnings over the past five years was R18 million;

   - cost savings achieved over the past twelve months, annualized, are in
     excess of R10 million;
   - Trading Revenue is up 18% compared to HY 2016;
   - The new platform has already resulted in a 44% increase in funded
     trading accounts in the last 6 months.

The combination of predictable earnings in GT247.com and the exciting
capital growth prospects of EasyEquities will prove to be just the right mix
for Purple Group's shareholders going forward - providing a base for
returning to dividend payments whilst enjoying the rating EasyEquities will attract as a
Fintech disruptor.

Purple has turned the corner and I expect better times ahead for all of us.

Mark Barnes
Chairman

CHIEF EXECUTIVE OFFICER'S LETTER

Purple Group posted an accounting consolidated loss after tax, attributable to 
ordinary shareholders of the company, of R16.8 million, which was offset by an 
economic gain, taken directly to reserves, of R67.4 million arising from the sale
of 30% of EasyEquities.

Investors, shareholders and analysts alike are encouraged to pay special attention 
to the underlying companies' financials and key performance indicators (KPI's) in 
assessing our true performance.

The compounded annual growth rate (CAGR) achieved across all KPI's in EasyEquities, 
over the past three years, continues to prove the business case.

   - Retail Client Registrations have grown from 4 161 to 126 518 a CAGR of 212%
   - Funded Investment Accounts have grown from 2 981 to 58 518 a CAGR of 170%
   - Platform Assets have grown from R62 Million to R 2.875 Billion a CAGR of 259%
   - Retail Deposits have grown from R34.7 Million to R628 Million a CAGR of 163%
   - Net Revenue has grown from (R1.148) Million to R7.79 Million a CAGR of 98%

The average annual growth rate across all KPI's from H1 2017 to H1 2018 was 
121.6%. This is now the 7th half year reporting period for 
EasyEquities where we have evidenced that our unique platform driven market 
disruption is real and tangible.

We remain focused and attentive to ensuring that growth continues, 
in partnership, both locally and, very soon, abroad too. Our partner strategy is 
already proving to be very rewarding. We welcome Rise to our stable of partner 
platforms, our first foray into the institutional market. Independent feedback 
on the Rise platform capability confirms that we have every chance of disrupting 
this market too. More exciting partner opportunities are in the pipeline, we will 
keep you posted.

Congrats to Team #Easy on an extraordinary set of results.

GT247's KPI's achieved over the last 18 months are also starting to show signs of life

   - Funded Trading Accounts increased from 3 930 to 5412 a growth of 38%
   - Trading Revenue increased from R19.8 Million to R23.4 Million a growth of 18.2%
   - Operating Expenses decreased from R25.6 Million to R19.8 Million a saving of 22.7%

Additional cost savings and efficiencies can be expected in the year ahead. The 
platform migration and cost saving initiatives are now behind us and the team have 
returned to focusing on earnings growth. Having had sight of our marketing and Crypto 
Currency launch plans I am optimistic for the year ahead. The economic and political 
climate is also setting up for a sustained period of increased investor confidence, 
albeit with higher levels of market volatility, both are good drivers of GT247.com's 
income growth into the future.

Emperor Asset Management has been restructured for the future, with new management in 
place. In partnering RISE and EasyEquities, Emperor has an enviable distribution 
opportunity for their products and services. To this extent the new team has already 
secured two institutional asset consulting mandates.

The write-offs in Real People are now behind us.

On balance I'm very proud of what we are creating, the team we are building and 
the disruption we are driving. I am grateful to all shareholders for their incredible 
support and I am confident that we all see the future value being created.

Charles Savage
Group CEO

CHIEF FINANCIAL OFFICERS REVIEW BY OPERATING SEGMENT
The internal restructuring of the Purple Group was completed effective 1 November
2017 and shortly thereafter, the transaction with Sanlam Investment Holdings
Proprietary Limited ("SIH") was concluded effective 17 November 2017. In the result,
SIH acquired a 30% shareholding in EasyEquities for a consideration of R100 million.
The current Purple Group structure is reflected below:

SANLAM INVESTMENT HOLDINGS (PTY) LTD 30% First World Trader (PTY) Ltd t/a EasyEquities (FSP 22588)
PURPLE GROUP LIMITED 70% First World Trader (PTY) Ltd t/a EasyEquities (FSP 22588)
PURPLE GROUP LIMITED 100% GT247 (Pty) Ltd t/a GT247.com 
PURPLE GROUP LIMITED 100% Emperor Asset Management (Pty) Ltd (FSP 44978)

Operating segment review
GT247.com review
This business provides a trading destination for active over-the-counter derivatives
traders as well as execution services for the Group's asset management business,
Emperor Asset Management.

Trading Revenue HY 2018 is up 14.5% compared to HY 2017.

Client trading activity was up 3.9% in respect of equity CFDs, primarily driven by a
number of specific market events and a general increase in market volatility. Increased
volatility also drove revenue generated from clients trading indices, commodities and
currencies.

Asset management execution revenue for EAM clients was down. This decrease was primarily 
driven by a 51.6% decrease in Client Funds under management.


                                                                              GT247.com          
                                                       HY2018      HY2017
                                                        R'000       R'000        % move
Revenue                                                24 273      26 588         (8.7)
 Trading revenue                                       23 425      20 463          14.5
 Asset management execution revenue                       743       5 795        (87.2)
 Other revenue                                            105         330        (68.2)
Trading expenses                                      (1 543)     (2 304)        (33.0)
Operating expenses                                   (19 771)    (21 999)        (10.1)
Net income                                              2 959       2 285          29.5
Interest expense                                        (114)       (433)        (73.7)
Depreciation and amortisation                           (533)       (655)        (18.6)
Profit before tax                                       2 312       1 197          93.1
Current and deferred tax                                (314)       (223)          40.8
Profit after tax                                        1 998         974         105.1
Key revenue drivers          
Client funds (R'm) - Trading                             97.9       138.2        (29.2)
Trading activity indicator - Equity CFDs                 3.69        3.55           3.9
Client funds (R'm) - Asset management            
execution                                               146.9       303.6        (51.6)
Funded Trading Accounts                                 5 412       3 965       (36.58)

The GT247.com business generated a profit after tax of R2 million for HY 2018, 
representing a 105.1% increase over the comparative period. Although this profit 
for the six months is far from the profit after tax generated by this business for the 
12 months ended 31 August 2015 of R37.7 million, it is encouraging to show an increase.

Management has implemented a number of initiatives over the past 12 months that
would be expected to position the GT247.com business to compete more effectively
and deliver an improved bottom line, including:

1.  The swap out of the GT247.com proprietary trading platforms (over the past six
    months) for the Meta Trader 5 platform, which provides clients with a single
    destination for all their trading needs with functionality rivalling the best in the
    world; and
2.  Numerous cost saving initiatives have been implemented and should largely be
    completed by 31 August 2018. These cost savings are expected to result in the
    realisation of around R4 million of savings during the current year, ending 31
    August 2018, and then an additional decrease of R6 million to be realised during
    FY 2019 off the FY 2018 base.

Emperor Asset Management review
Emperor Asset Management is a boutique asset manager that primarily offers retail clients 
segregated portfolios tailored to each individual's risk-return profile.

                                                                EMPEROR ASSET MANANGEMENT
                                                      HY2018         HY2017
                                                       R'000          R'000        % move
Revenue                                                2 144          7 365        (70.9)
Trading expenses                                       (314)          (375)        (16.3)
Operating expenses                                   (2 952)        (3 166)         (6.8) 
Net (loss)/income                                    (1 122)          3 824       (129.3)
Depreciation and amortisation                           (10)              -             -
(Loss)/profit before tax                             (1 132)          3 824       (129.6)
Current and deferred tax                                 152          (697)       (121.8)
(Loss)/profit after tax                                (980)          3 127       (131.3)
Key revenue drivers
Client funds (R'm) - Asset management                  191.5          340.2        (43.7)
Client funds (R'm) - Asset consulting                1 005.7              -          >100

Emperor has an 11-year track record of quantitative momentum-style
investing.

The last 24 months have been an extremely difficult period, resulting in significant
outflows from Emperor's momentum based alternative strategies, with a resultant
decrease in revenue.

Emperor has taken steps to reposition and add to its offering over the last 12 months
to cater to a broader audience of investors.

In this regard Emperor has secured client assets of R14 million through offering
managed portfolios on the EasyEquities platform, alongside other asset managers.

In addition, Emperor secured its first two institutional asset consulting mandates
(totalling R1 billion) during February 2018. Although the revenue expected to be
generated from these mandates is modest, it is a positive step towards institutionalising
Emperor's offering.

                                                                             EasyEquities    
EasyEquities review                                                www.easyequities.co.za                                              

                                                           HY2018      HY2017
                                                            R'000       R'000      % move
Revenue                                                     7 789       3 488       123.3
Trading expenses                                            (557)       (629)      (11.4)
Operating expenses                                       (21 442)    (18 733)        14.5
Net loss                                                 (14 210)    (15 874)      (10.5)
Other income                                                    -           -           -
Loss before interest, depreciation and              
amortisation                                             (14 210)    (15 874)      (10.5)
Interest income                                             1 339           -           -
Interest expense                                            (195)     (1 264)      (84.6)
Depreciation and amortisation                             (2 776)     (1 607)        72.7
Loss before share of net profit of joint              
venture                                                  (15 842)    (18 745)      (15.5)
Share of net profit of joint venture              
accounted for using the equity method                       (195)           -           -
Loss before tax                                          (16 037)    (18 745)      (14.4)
Current and deferred tax                                    2 123       3 418      (37.9)
Loss after tax                                           (13 914)    (15 327)       (9.2)
Key revenue drivers              
Direct retail client assets (R'm)                         1 418.0       912.4        55.4
Partner retail client assets (R'm)                          446.5       199.8       123.5
Partner institutional assets (R'm)                        1 005.7           -        >100
Total platform assets                                     2 870.2     1 112.2       158.1
Retail client deposits (R'm)                                628.6       315.6        99.2
Retail clients registered                                 126 518      55 239       129.0
Funded investment accounts                                 58 518      29 554        98.0


These unaudited results are available on the Company's website:
http://www.purplegroup.co.za

The Group has continued to invest in its EasyEquities investment platform over the
past six months.

Revenue for the six months ended 28 February 2018 was 123.3% higher than the
comparative period last year.

Total Client Assets on the EasyEquities platform increased 158.1% to R2.87 billion
compared to HY 2017. Direct Retail Client Assets increased by 55.4% HY 2018
compared to HY 2017, supported by the launch of the EasyEquities US Investment
Account during September 2017 and the EasyEquities Retirement Annuity Account
during January 2018. Direct Retail Client deposits totalled R465 million HY 2018, an
increase of 76% compared to HY 2017.

Partner Retail Assets increased by 123.5%, which also included the addition of unit
trusts into the investment universe. Total deposits across partner retail clients
totalled R164.8 million HY 2018, an increase of 218% compared to HY 2017.

The platform secured its first two institutional clients during February 2018 through
its joint venture, RISE ("Retirement Investments and Savings for Everyone Proprietary
Limited"). RISE is a new entity that has been established to target the pension
administration and related asset management industry. The assets secured onto the
platform comprise the first in respect of this joint venture.

Operating expenses were 14.5% higher HY 2018 compared to HY 2017 due to higher
professional fees and employment related costs. Professional fees incurred during
the period mainly comprise audit fees in respect of the year ended 31 August 2017
and legal consulting fees paid, associated with the USD Investment Account and the
Retirement Annuity Account launched during the period. Additional staff resources
were employed to support the new products launched and the increased volumes
being generated by the business.

In the result, the loss before tax decreased by 14.4% HY 2018 compared to the prior
comparative period.

Purple Group head office and investments review
The below income statements includes the Purple Group Head Office expenses and
the investment related activities of the Purple Group.

                                                                 Purple Group Limited   
                                                    HY2018        HY2017
                                                     R'000         R'000       % move
Revenue                                                 58             -            -
Operating expenses                                 (4 663)       (5 285)       (11,8)
Net loss                                           (4 605)       (5 285)       (12,9)
Other income                                         3 444           903        281,4
Loss before interest, depreciation and   
amortisation                                       (1 161)       (4 382)       (73,5)
Interest expense                                   (3 470)         (108)      3 113,0
Depreciation and amortisation                         (23)          (34)       (32,4)
Loss before fair value, impairments and   
guaranteed adjustments                             (4 654)       (4 524)          2,9
Fair value, impairments and guarantee   
adjustments                                        (8 113)      (42 942)       (81,1)
Loss before tax                                   (12 767)      (47 466)       (73,1)
Current and deferred tax                             5 823        10 444       (44,2)
Loss after tax                                     (6 944)      (37 022)       (81,2)

Operating expenses have decreased by 11.8% HY 2018, compared to HY 2017 primarily
driven by additional costs being allocated to the operating subsidiaries, in line with
services provided by Purple Group employed resources.

Other income includes a profit of R3.4 million realised by Purple Group in respect of its
investment in Misty Sea Trading, which was realised for a total consideration of R6.1
million during HY 2018. This investment was carried at R2.7 million at 31 August 2017.
The higher interest expense relates to an increase in the debt commitments at Purple
Group Level.

Guarantee adjustments
The fair value write down relates to Purple Group's indirect investment in Real People
Investment Holdings Limited ("RPIH") through Blockbuster Trading 3 Proprietary
Limited ("BBT"). Although Purple Group's investment in BBT was largely written off,
the shareholders of BBT, at the inception of this deal during September 2007, granted
the Industrial Development Corporation ("IDC"), (which funded the transaction) a
put option, on a joint and several basis, whereby the IDC may put any unredeemed
preference shares to the shareholders of BBT at the subscription price. At 31 August
2017 Purple Group provided for the estimated liability in respect of this guarantee, an
amount of R26.9 million.

Subsequent to year-end the shareholders of BBT reached final agreement with the
IDC in respect of the debt owed to the IDC. In the result, Purple Group was allocated
a disproportionate share of this liability, an amount totalling R35 million (being an
additional R8.1 million above the amount raised of R26.9 million), for which Purple
Group has reached payment terms.

PURPLE GROUP CONSOLIDATED RESULT
In the result, the Purple Group has generated a consolidated loss after tax, attributable
to ordinary shareholders of Purple Group, of R16.8 million for the six months ended
28 February 2018, compared to a loss after tax of R48.2 million in the comparative period.

Purple Group shareholders' share of the EasyEquities loss after tax for the period of
R10.9 million (HY 2017: loss of R15.3 million), along with the loss after tax incurred by
the Purple Group Head Office and Investments segment of R6.9 million (HY 2017: loss
of R37.0 million) have largely contributed to the consolidated loss of R16.8 million.

The Basic loss and headline loss per share for HY 2018 has decreased by 66% from
a loss of 5.52 cents per share in HY 2017 to a loss per share of 1.89 cents per share
for HY 2018.

Segmental balance sheets
                                                                      Purple
                                         GT247.com                 Group and       2018
                                           and EAM EasyEquities  Investments      Total
                                             R'000        R'000        R'000      R'000
As at 28 February 2018              
Segment asset              
Non-current assets                          14 835       29 528      265 714    310 077
Current assets                             123 186       92 579       11 570    227 335
Total assets                               138 021      122 107      277 284    537 412
Segment liabilities              
Non-current liabilities                          -            -       20 500     20 500
Current liabilities                        134 243       42 964       38 147    215 354
Total liabilities                          134 243       42 964       58 647    235 854

SUBSEQUENT EVENTS
The directors are not aware of any other matter or circumstances arising since 28
February 2018 up to the date of this announcement, not otherwise dealt with in this announcement.

Basis of preparation of the unaudited results
The unaudited condensed Group interim financial statements are prepared in
accordance with the recognition and measurement requirements of International
Financial Reporting Standards ("IFRS"), the presentation and disclosure requirements
of IAS 34 - Interim Financial Reporting, the SAICA Financial Reporting Guides as issued
by the Accounting Practices Committee and Financial Reporting Pronouncements as
issued by the Financial Reporting Standards Council, the Listings Requirements of
the JSE Limited and in the manner required by the South African Companies Act, 71
of 2008.

This announcement does not include the information required pursuant to paragraph
16A(j) of IAS 34, however, the areas that include significant judgements made by
management in applying the Group's accounting policies and key sources of estimation
uncertainty were the same as those that were identified in the audited consolidated
annual financial statements as at and for the year ended 31 August 2017, and which
are available on the Company's website, at its registered office and upon request.

Accounting policies which comply with IFRS have been applied consistently by all
entities in the Group and are consistent with those applied in the previous financial year.
The preparation of these unaudited condensed Group interim financial statements for
the six months ended 28 February 2018 was supervised by the Financial Director, Gary
van Dyk CA (SA).

Any forward-looking statements contained in this announcement have not been
reviewed or reported on by the Company's auditors.

The directors take full responsibility for the preparation of the unaudited consolidated
results for the six months ended 28 February 2018.

On behalf of the board
Mark Barnes (Non-Executive Chairman)
Charles Savage (Chief Executive Officer)
Gary van Dyk (Chief Financial and Operations Officer)

Johannesburg
19 April 2018

CONDENSED GROUP STATEMENT OF FINANCIAL POSITION
as at 28 February 2018

                                               Unaudited    Unaudited       Audited
                                              six months   six months     12 months
                                             28 February  28 February     31 August
                                                    2018         2017          2017
                                                   R'000        R'000         R'000

ASSETS
Equipment                                          2 620        3 327         3 168
Intangible assets and goodwill                   240 607      220 785       233 868
Other investments                                 12 208       12 208        12 208
Other financial assets                             1 013          906         1 004
Deferred tax assets                               53 629       41 119        45 845
Total non-current assets                         310 077      278 345       296 093
Trade and other receivables                       13 897        8 567         5 587
Tax receivable                                     2 831        4 227         2 763
Other investments                                  3 439        5 785         5 862
Other financial assets                             1 919        1 946         1 886
Cash and cash equivalents                        205 249      115 641       140 792
Total current assets                             227 335      136 166       156 890
Total assets                                     537 412      414 511       452 983
EQUITY AND LIABILITIES
Share capital and premium                        464 022      477 187       483 321
Accumulated loss                               (222 931)    (263 892)     (273 506)
Non-controlling interest                          29 532            -             -
Other reserves                                    30 935       25 970        28 497
Total Equity                                     301 558      239 265       238 312
Financial guarantee                               20 500       26 887        26 887
Total non-current liabilities                     20 500       26 887        26 887
Bank overdraft                                    14 499       12 798        13 614
Financial guarantee                               16 499            -             -
Trade and other payables                          40 419       21 258        13 618
Client position liability                        138 937      114 303       140 552
Borrowings                                         5 000                     20 000
Total current liabilities                        215 354      148 359       187 784
Total equity and liabilities                     537 412      414 511       452 983
Net asset value per ordinary share (cents)         33.58        31.06         29.88

CONDENSED GROUP STATEMENT OF CASH FLOWS
for the six months ended 28 February 2018

                                                Unaudited   Unaudited       Audited
                                               six months  six months     12 months
                                              28 February 28 February     31 August
                                                     2018        2017          2017
                                                    R'000       R'000         R'000

Cash flow utilised in operating activities          (195)    (42 324)      (29 336)
Cash flow generated/(utilised) in investing
activities                                         68 656     (7 018)      (15 798)
Cash flow (utilised in)/generated by
financing activities                              (4 889)      20 518        40 645
Net increase/(decrease) in cash and cash
equivalents                                        63 572    (28 824)       (4 489)
Cash and cash equivalents at the
beginning of the period                           127 178     131 667       131 667
Cash and cash equivalents at the end of
the period                                        190 750     102 843       127 178

CONDENSED GROUP STATEMENT OF CHANGES IN EQUITY
for the six months ended 28 February 2018

                                                 Unaudited   Unaudited      Audited
                                                six months  six months    12 months
                                               28 February 28 February    31 August
                                                      2018        2017         2017
                                                     R'000       R'000        R'000
Balance at beginning of the period                 238 312     263 383      263 383
Shares Issued                                            -      20 518       26 580
Loss for the period                               (16 828)    (48 248)     (57 862)
Share-based payments                                 2 999       3 025        5 704
Foreign currency translation reserve                 (562)         587          507
Own shares purchased                              (19 299)           -            -
Reserve generated from sale of minority     
share of subsidiary                                 67 404           -            -
Attributable to owners of the company              272 026     239 265      238 312
Loss for the period                                (3 012)           -            -
Reserve generated from sale of minority     
share of subsidiary                                 32 544           -            -
Non-controlling interest                            29 532           -            -
Total Equity                                       301 558     239 265      238 312

CONDENSED GROUP STATEMENT OF PROFIT OR LOSS
for the six months ended 28 February 2018

                                                                            Audited
                                                Unaudited   Unaudited        twelve
                                               six months  six months        months
                                       Change 28 February 28 February     31 August
                                 2017 to 2018        2018        2017          2017
                                            %       R'000       R'000         R'000

Revenue                                   (8)      34 264      37 441        74 518
Trading expenses                         (27)     (2 414)     (3 308)       (6 513)
Operating expenses                        (1)    (48 828)    (49 183)      (91 557)
Net loss                                   13    (16 978)    (15 050)      (23 552)
Other income                                        3 444         903         1 972
Loss before interest,
depreciation and
amortisation                              (4)    (13 534)    (14 147)      (21 580)
Interest income                                     1 339           -             -
Interest expense                                  (3 779)     (1 805)       (3 456)
Depreciation and
amortisation                                      (3 342)     (2 296)       (4 837)
Loss before fair value,
impairment adjustments
and tax                                    6     (19 316)    (18 248)      (29 873)
Fair value impairment and
guarantee adjustments                             (8 113)    (42 942)      (44 109)
Share of net profit of joint
venture accounted for using
the equity method                                   (195)           -             -
Loss before tax                         (55)     (27 624)    (61 190)      (73 982)
Current and deferred tax                            7 784      12 942        16 120
Loss for the period                     (59)     (19 840)    (48 248)      (57 862)
Loss attributable to:
Owners of the company                   (65)     (16 828)    (48 248)      (57 862)
Non-controlling interest                          (3 012)           -             -
                                                 (19 840)    (48 248)      (57 862)
Weighted number of shares
in issue at end of period
('000)                                            890 953     873 390       901 334
Loss per share
Basic loss per share (cents)            (66)       (1.89)      (5.52)        (6.42)
Diluted loss per share (cents)          (65)       (1.84)      (5.27)        (6.13)
Headline loss per share
Loss for the period                     (65)     (16 828)    (48 248)      (57 862)
Headline loss for the period            (65)     (16 828)    (48 248)      (57 862)
Headline loss per share
(cents)                                 (66)       (1.89)      (5.52)        (6.42)
Diluted headline loss per
share (cents)                           (65)       (1.84)      (5.27)        (6.13)

GROUP STATEMENT OF COMPREHENSIVE INCOME
for the six months ended 28 February 2018
  
                                                Unaudited   Unaudited        Audited
                                               six months  six months      12 months
                                              28 February 28 February      31 August
                                                     2018        2017           2017
                                                    R'000       R'000          R'000
  
Loss for the period                              (19 840)    (48 248)       (57 862)
Other comprehensive income  
Items that may be reclassified  
subsequently to profit/loss  
Foreign currency translation reserve                (562)         587            507
Total other comprehensive income/(loss)             (562)         587            507
Total comprehensive loss                         (20 402)    (47 661)       (57 355)
Total comprehensive loss attributable to:    
Owners of the company                            (17 390)    (47 661)       (57 355)
Non controlling interest                          (3 012)           -              -
                                                 (20 402)    (47 661)       (57 355)  

Registered office                                     Group secretary and transfer secretaries                 Directors
Block B, The Offices of Hyde Park, Strouthos Place,   Trifecta Statutory and Governance Services, a division   Mark Barnes        Chairman
Hyde Park, 2196                                       of Trifecta Capital Services Proprietary Limited                            Non-executive
                                                      31 Beacon Road, Florida North, 1709                      Charles Savage     Chief Executive Officer
Independent auditors                                                                                           Gary van Dyk       Chief Financial and
BDO South Africa Incorporated                         Sponsor                                                                     Operations Officer
Chartered Accountants (SA)                            Deloitte & Touche Sponsor Services Proprietary           Dennis Alter       Independent
Registered Auditors                                   Limited                                                                     Non-executive Director
22 Wellington Road, Parktown, 2193, Private Bag       Building 8, Deloitte Place, The Woodlands,               Craig Carter       Independent
X60500, Houghton, 2041                                20 Woodlands Drive, Woodmead, 2196                                          Non-executive Director
                                                      Private Bag X6, Gallo Manor, 2052                        Ronnie Lubner      Non-executive Director



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