With the release of interim results for the six months ended February 2023, Purple Group is reflecting the broader economic and social issues that are plaguing South Africa. With huge pressure on consumer budgets, there simply isn’t enough left over for investment. Purple Group and its EasyEquities business are cyclical and we are now at a painful point in the cycle. To unpack what that looks like and what the future of Purple Group holds, CEO Charles Savage joined me on Ghost Stories. We discussed topics including: Trends in retail flows of users on the platform, including commentary on the different distribution partners (Capitec, Discovery, Telkom, Satrix and Bidvest). Bear case arguments like the potential deterioration of unit economics as the user base grows, or the decision to invest in the Philippines at a time when South African conditions are tough and demand focus. The mix of activity-based and annuity revenue in the EasyEquities business, with insight into the RISE business and the impact of its consolidation on the numbers. The pending launch of a fixed income product to help investors earn a yield on cash that is in their brokerage accounts, with some commentary around other product launches into the large user base. The performance of EasyProperties and EasyCrypto in this environment. The R150 million capital raise referenced in the results and how Charles is thinking about the sources and uses of this cash. I hope that you enjoy this show and that it helps you in your assessment of the Purple Group share price. Please do your own research and remember that an appearance on Ghost Stories doesn’t mean that I endorse the company that the executive in question is representing. Note: although EasyEquities is an important partner to Ghost Mail, my commentary on the Purple Group share price and business model has always been and will always be independent.