Bonus Electrical bounces back to growth after Covid revenue cut
Bonus Electrical Group returned to growth, with sales up 11% to £21.1 million.
The Hull family business’s annual results have also seen a sharp rise in operating profit, rising from £277,846 to £1.55million as it enters its second half-century.
The group suffered a 28% drop in revenue during the first lockdown, with the financial year ending June 30, 2020, falling from £26.5m in 2019 to £19m.
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It was a year that saw the closure of the Willerby hypermarket, just before the pandemic, and the business launched a new website, serving it from the national distribution center and Kingswood head office.
The latest figures documenting the rise are for the period up to June 30, 2021.
Shaun Boanas, third generation at the helm, said in his strategy report accompanying the results: “During the last quarter of the previous year, the group was largely at a standstill due to Covid-19, so the turnover was drastically reduced, and then reversed in the current year.”
The workforce fell from 134 to 109.
Bonus, the name behind the city arena and once adorning Hull City shirts, launched in 1962.
From rented premises in Mytongate taken over by founder Eric Boanas, he had expanded to a site just off Hessle Road and then Blackfriargate, with his son Trevor taking over, choosing to focus on the location of Grange Park Lane for the past 15 years as a bricks and mortar merchant.
He retains a 79% stake in the business, as ultimate controlling party, and was awarded the Hull Live Business Awards Lifetime Contribution in November.
The Willerby site has been transformed into a retail park by another Hull company, Allenby Commercial.
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