BMJ TRAILBLAZERS
OPERATING MARGIN 1. MP Moran
2. Huws Gray 3. Carver
4. Grant & Stone 5. C&W Berry 6. Lawsons
7. Sydenhams 8. HPS
9. James Hargreaves 10. Crossling
11. Beggs & Partner 12. Covers
15. Williams
16. JT Atkinson 17. Chandlers 18. AW Lumb 19. Frank Key
20. Walter Tipper
21. Robert Price & Sons 22. Alsford Timber
23. Nicholls & Clarke 24. MGM Timber 25. J T Dove
26. Beesley & Fildes 27. AW Champion 28. Travis Perkins 29. Ridgeons 30. Kent Blaxill
31. John A Stephens 32. Kellaway
33. Joseph Parr
12.7% 12.5% 10.7% 9.1%
9.1% 8.7% 8.3% 8.2% 7.4% 7.4% 6.9% 6.5%
13. Rawle Gammon & Baker 6.4% 14. MKM
6.4% 6.4% 6.3% 5.8% 5.5% 5.1% 5.0% 5.0% 4.9% 4.6% 4.5% 4.4% 4.4% 4.3% 4.3% 4.2% 4.1% 4.1% 4.0% 3.8%
34. Howarth Timber & B Supplies 3.8% 35. John Nicholls 36. Elliott Bros 37. Markovitz
38. Haldane Shiells
39. Rembrand Timber 40. LBS
41. EH Smith 42. Builder Depot
3.7% 3.6% 3.6% 3.6% 2.9% 2.9% 2.4% 2.4%
43. Parker Building Supplies 2.2% 44. Myers Building Supplies 45. Grafton Merchanting GB 46. James Burrell 47. Bradford & Sons 48. Jewson
49. Wolseley UK
2.0% 1.9% 1.8% 1.6% 1.4% -0.2%
To get the full impact of this table, you have to go back and compare it with previous speak for themselves: in 2017, the average operating margin across all the Trailblazers companies was 5.1%. Not earth-shattering, but satisfactory. In 2015, however, the average was 3.3%; two years before that, it was 2.9%; and two years before that in 2011 it was just 2.1%. That’s a trend worth sharing with your bank: that across the merchant sector, operating margins have risen steadily over recent years, and now stand about 140% higher than their level in 2011.
6
NET MARGIN 1. C&W Berry
2. MP Moran 3. Huws Gray 4. Carver
5. Beggs & Partners 6. Grant & Stone 7. Lawsons
8. Sydenhams 9. HPS
10. Crossling
11. James Hargreaves 12. Covers 13. MKM
14. Williams
15. Robert Price & Sons 16. JT Atkinson
15.2% 12.8% 12.4% 10.7% 9.2% 9.2%
8.6% 8.3% 8.3% 7.6% 7.3% 6.4% 6.4% 6.3% 5.8% 5.7%
17. Rawle Gammon & Baker 5.6% 18. AW Lumb 19. Chandlers
20. Walter Tipper 21. Alsford Timber 22. Frank Key
23. MGM Timber
24. Nicholls & Clarke 25. AW Champion 26. John A Stephens 27. Ridgeons 28. Kent Blaxill 29. J T Dove
30. Joseph Parr 31. Travis Perkins
5.6% 5.1% 4.9% 4.9% 4.8% 4.7% 4.6% 4.4% 4.2% 4.1% 4.0% 3.9% 3.8% 3.8%
32. Howarth Timber & B Supplies 3.8% 33. Beesley & Fildes 34. Kellaway 35. Markovitz
36. Haldane Shiells 37. Elliott Bros 38. John Nicholls
39. Rembrand Timber 40. LBS
3.6% 3.6% 3.5% 3.5% 3.5% 3.2% 2.9% 2.8%
41. Grafton Merchanting GB 2.7% 42. Builder Depot 43. EH Smith
44. Parker Building Supplies 45. Myers Building Supplies 46. James Burrell 47. Jewson
48. Bradford & Sons 49. Wolseley UK
2.4% 2.4% 1.6% 1.6% 1.5% 1.3% 1.2% -0.2%
There’s little more to add to the comments on table 7. Almost every merchant accounting period, with an average net margin of 5.2%. Six years ago in 2011, we were looking at an industry which was reeling from the impact of the 2008 crash: nine of the 41 companies listed were net loss makers, and the average net margin across builders merchant business has staged a very
SALES PER HEAD 1. AW Lumb
2. HPS
3. Wolseley UK 4. Grant & Stone 5. EH Smith
6. James Burrell 7. MKM
8. Builder Depot 9. Williams 10. Chandlers
11.MGM Timber 12. Elliott Bros
13.John Nicholls 14. Travis Perkins
15.Beggs & Partners 16. MP Moran
17.John A Stephens 18. James Hargreaves
19.Joseph Parr
£449.9k £317.7k £304.6k £291.1k £289.8k £269.1k £268.6k £267.2k £259.6k £254.9k £252.6k £245.3k £242.3k £240.8k £239.6k £234.9k £226.5k £225.2k £224.4k
20. Grafton Merchanting GB £219.9k
21.Huws Gray 22. Walter Tipper
£217.5k £214.4k
23.Parker Building Supplies £213.9k 24. J T Dove
25.Lawsons £207.3k 26. Kellaway
27.Jewson £203.9k 28. Markovitz
£188.4k £209.9k £207.2k £192.4k
29.Carver £191.3k 30. Rawle Gammon & Baker £189.7k
31.Alsford Timber
32. Howarth Timber & B Supplies £186.0k
33.Myers Building Supplies £185.9k 34. C&W Berry 35.JT Atkinson 36. Ridgeons
37.Rembrand Timber 38. Crossling
£183.8k £180.9k £180.2k £178.8k £178.4k
39.Covers £171.3k 40. Haldane Shiells
41.LBS £165.8k 42. Sydenhams
43.Robert Price & Sons 44. Bradford & Sons 45. Kent Blaxill
46. AW Champion 47. Frank Key
48. Nicholls & Clarke 49. Beesley & Fildes
£170.6k
£152.7k £147.4k £145.3k £143.1k £131.3k £127.6k £124.6k £115.8k
We have commented before on the levels of productivity recorded by AW Lumb’s staff, and one can only hope that the people who achieve this extraordinary feat are appropriately rewarded. Leaving that aside, Look at the big four, for instance: Wolseley’s staff sell nearly £305k per head, TP’s £241k, Grafton’s £220k and Jewson’s only £204k. We don’t know how Wolseley’s staff are 50% more productive than Jewson’s – but it would
A supplement to BMJ April 2017
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