The Bonkers website, a platform that allows consumers to compare the prices of various services such as electricity and gas plans, mortgages, personal loans, insurance, broadband, and banking, experienced a notable growth in profits and turnover. According to newly-filed accounts, the company’s pre-tax profit increased by 63% to €2.2m in the previous year, while turnover rose by 35% to €6.6m. Furthermore, the company paid a dividend of €1m to shareholders, including its founding directors David Kerr and Simon Moynihan, in addition to the €800,000 paid in 2021.
However, the accounts also noted a significant disruption in the company’s energy product vertical, particularly in the latter part of 2022. This disruption was primarily caused by the exit of four energy suppliers from the market, namely Panda Power, Bright Energy, Ibedrola, and GlowPower. These suppliers faced economic shocks due to the extreme increase in wholesale gas prices, rendering their operating models unviable. As a result, the remaining suppliers withdrew from the customer acquisition market, where Bonkers predominantly operates. However, the company remains optimistic about the energy product vertical in 2023, expecting a resumption of normal market functioning for energy customer acquisitions in the third quarter of the year.
In addition to the challenges faced in the energy sector, rising interest rates also affected Bonkers’ mortgages product vertical. The European Central Bank raised interest rates multiple times between July 2022 and May 2023, which caused stress in the market, particularly for customers seeking to refinance their existing mortgages with new lenders. This led to a reduction in the desirability of refinancing, resulting in many customers canceling their mortgage refinancing plans.
Despite these challenges, Bonkers swiftly responded to market changes and the prevailing economic conditions. The company took appropriate actions to reduce operating costs and minimize the impact on profitability. By closely managing the cost base, Bonkers continued to increase turnover consistently, as it has done since its inception. The company employed approximately 38 people, including its three directors, in 2022. Bonkers remains committed to pursuing other services and expanding its offerings to customers.
Denial of responsibility! Vigour Times is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
