Pandemic pushes profit at comparison site Bonkers to 1.1m

 

Price comparison site Bonkers saw its profitability boosted last year as the Covid pandemic resulted in a shift in consumer behaviour and door-to-door selling that competes with the website was suspended.

Bonkers.ie provides price comparisons on a range of products from electricity and gas, to mortgage, insurance and broadband. It often facilitates switching and sign-up via its website, for which it typically receives a fee from providers.

Turnover at the group jumped by a third to €4m last year, while its pre-tax profit surged to €1.1m from €259,000 in 2019, according to newly-filed accounts for Bonkers Money Holdings.

The performance has enabled the group to pay bumper dividends totalling €1m to its shareholders, including founding directors, CEO David Kerr, and Simon Moynihan. They established the business in 2010.

“The global Covid crisis contributed positively to the turnover in 2020 as lockdowns resulted in shifting consumer behaviour, sentiment towards our core product verticals, and the removal of a competitive channel (door to door sales),” note the directors in the accounts.

They added that the positive benefit that began with the onset of the pandemic lasted right through 2020.

“The group continues to invest heavily in product development, engineering, user experience and infrastructure as well as communications (across all channels) to drive growth in customer traffic, brand awareness and transaction values,” the directors add.

A €200,000 interim dividend was paid during 2020 to shareholders and that an additional €800,000 dividend was recommended.

Source – The Irish Independent