HPS I COMPANY NAME
STOCKTURN 1. AW Lumb
2. MKM
3. MGM Timber 4. C&W Berry 5. Kellaway 6. EH Smith
7. John A Stephens
8. Parker Building Supplies 9. James Burrell 10. Joseph Parr 11. Builder Depot
12. Myers Building Supplier 13. Rawle Gammon & Baker 14. Grant & Stone 15. Chandlers 16. Lawsons 17. LBS
18. Frank Key 19. John Nicholls
20. Grafton Merchanting GB 21. MP Moran 22. Elliott Bros 23. Crossling 24. HPS
25. J T Dove 26. Jewson
27. Beggs & Partners 28. Markovitz
29. Walter Tipper 30. Haldane Shiells 31. Wolseley UK
34. Bradford & Sons 35 JT Atkinson 36. Travis Perkins 37. Ridgeons
38. Beesley & Fildes
39. Robert Price & Sons 40. Rembrand Timber 41. Alsford Timber 42. Williams
43. AW Champion 44. Carver
45. Sydenhams
46. James Hargreaves 47. Kent Blaxill 48. Huws Gray
49. Nicholls & Clarke
17.6 14.5 13.7 3.1
11.1 10.8 10.5 10.3 10.3 10.2 9.9 9.5 8.1 8.0 7.9 7.7 7.5 7.4 7.4 7.2 7.2 7.0 7.0 6.9 6.8 6.7 6.7 6.4 6.2 6.2 6.0
32. Howarth Timber & B Supplies 6.0 33 Covers
5.8 5.8 5.5 5.5 5.4 5.3 4.8 4.5 4.4 4.4 4.2 4.1 3.8 3.8 3.8 3.7 3.6
What’s interesting here is the long-term trend. Back in 2010, the average stockturn achieved by all the Trailblazers merchants was 7.4 times. That’s the same as in 2011, when merchants began the process of re- each year’s survey is based on accounts the 2011 survey is largely reporting what happened in 2009). In 2013, the average fell again, to 7.1 times, then it began to climb, recording 7.3 times in 2015 and 7.4 times this year. So it seems that while the Trailblazers have been adept at stimulating sales growth, they are no better at stock management.
A supplement to BMJ April 2017
STOCKTURN GROWTH 1. John A Stephens
2. AW Lumb 3. Williams
20.9% 14.8% 14.7%
4. Myers Building Supplies 14.3% 5. Rembrand Timber 6. EH Smith 7. C&W Berry
8. Alsford Timber
9. James Hargreaves 10. Markovitz 11. Kellaway
12. Walter Tipper 13. Crossling 14. Sydenhams 15. John Nicholls
16. Grafton Merchanting GB 17. MKM
18. Wolseley UK 19. Huws Gray
20. Robert Price & Sons 21. Travis Perkins
14.1% 11.1% 10.1% 8.4% 8.3% 8.2% 8.1% 7.6% 7.5% 7.3% 5.9% 5.0% 4.8% 4.4% 4.2% 3.5% 3.5%
22. Rawle Gammon & Baker 3.1% 23. Grant & Stone 24. Elliott Bros 25. MP Moran
26. Howarth Timber & B Supplies 1.0% 27. Haldane Shiells 28. Covers
29. Lawsons 30. LBS
31. Nicholls & Clarke 32. AW Champion 33. Builder Depot 34. Ridgeons
35. Kent Blaxill 36. J T Dove
37. Beggs & Partners 38. MGM Timber 39. HPS
40. Jewson
41. Beesley & Fildes 42. Carver
43. Chandlers 44. JT Atkinson 45. Joseph Parr
46. Bradford & Sons 47. James Burrell
2.7% 2.5% 2.3%
0.0% 0.0%
-0.2% -0.9% -0.9% -1.2% -1.5% -2.0% -2.3% -2.7% -2.9% -3.9% -4.1% -4.6% -5.1% -6.4% -7.2% -8.0% -9.4%
-11.7% -11.9%
48. Parker Building Supplies -12.0% 49. Frank Key
-13.6%
Changes in stockturn are always interesting. To have achieved double-digit growth, as the top companies have, suggests a high level of could suggest a lot of slow-moving stock has been written down or written off. Negative growth isn’t always a negative sign: opening a new branch a week before the end of the higher but the branch will have contributed little to the year’s sales, so stockturn will fall. To get the full story, stockturn needs to be considered in the context of sales growth and BMJ Index does in table 12.
GROSS MARGIN 1. AW Champion
2. Sydenhams 3. MP Moran
4. Nicholls & Clarke 5. Lawsons
6. Alsford Timber 7. Covers
8. Huws Gray 9. Frank Key 10. Kent Blaxill 11. Ridgeons
12. Bradford & Sons
13. Rawle Gammon & Baker 14. LBS
15. Builder Depot 16. HPS
17. C&W Berry 18. John Nicholls
19. John A Stephens 20. JT Atkinson
21. Grant & Stone 22. Travis Perkins
23. Parker Building Supplies
44.8% 40.6% 40.0% 39.1% 38.3% 36.3% 35.5% 34.9% 34.7% 4.3%
32.6% 32.3% 32.2% 31.9% 31.5% 30.9% 30.7% 30.5% 30.5% 30.5% 30.4% 29.8% 29.8%
24. Howarth Timber & B Supplies 29.2% 25. Robert Price & Sons 26. James Hargreaves 27. Chandlers
28. Haldane Shiells 29. J T Dove 30. MKM
31. Beggs & Partners 32. Joseph Parr
35. Walter Tipper 36. Carver
28.9% 28.7% 28.4% 28.3% 27.4% 27.4% 27.0% 26.7%
33. Grafton Merchanting GB 26.2% 34. Crossling
26.2% 25.4% 25.2%
37. Myers Building Supplies 24.9% 38. EH Smith 39. Markovitz
40. MGM Timber 41. Williams
42. Wolseley UK 43. Kellaway
44. Beesley & Fildes 45. Rembrand Timber 46. James Burrell 47. Elliott Bros 48. Jewson 49. AW Lumb
24.9% 24.8% 24.7% 24.2% 23.7% 22.3% 21.5% 20.3% 19.2% 16.5% 11.6% 11.6%
A huge range here, from Champion’s 44.8% down to AW Lumb’s 11.6%. We assume that companies towards the bottom of the table are accounting for more then simply goods bought for resale on the ‘cost of sales’ line, which has the effect of depressing the apparent margin.
However, it’s interesting to calculate that the average gross margin achieved across all the companies listed in Trail Blazers this year in context, seven years ago in 2010, the average was 26.2%.
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