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LEAGUE TABLES BMJ INDEX


The BMJ Index is a notional ranking, designed to give a broad view of each company’s competitiveness in the marketplace. It’s arrived at simply by multiplying what we consider to be three of the most important trading ratios in the merchant business: year-on-year sales growth, stockturn, and operating margin.


Huws Gray’s massive score is of course the result of its acquisition of Ridgeons, and the 77% rise in turnover that followed. This was the biggest deal of that year, and made Huws Gray a substantially more important player in the market. MKM’s second place is attributable to a 16% rise in sales, a very high stockturn of more than 11, and a sound operating margin of 6.8%. Grant & Stone saw its sales up by 20% – and that was before it completed the acquisition of CRS, RGB, Total Plumbing Supplies and BuildIt Gloster, so we expect a high place in next year’s table too. Bradford & Sons high ranking is down to the leap in turnover - because the 2019 figures were for 8 months rather than 12 months when the group reorganised its financial year-end. Similarly, National Timber Group’s top four position is down to its acquisition of Arnold Laver and the bringing together of all of its timber brands. MGM Timber’s fifth place is largely courtesy of its 11.9 times stockturn; CRS is sixth thanks to its high stockturn and respectable sales growth, hence it is likely to improve Grant & Stone’s ranking even further next year; JT Dove opened two new branches, and saw sales go up by 11%. And so it goes on: the companies in the upper half of the Index table are the ones achieving significant trading ratios.


The Index can, we admit, be unfair in some instances. Company X might have divested itself of a loss-making subsidiary and thus improved its competitiveness – but if the disposal meant a year-on- year drop in sales, it would automatically generate a negative Index score. All being well the balance would be restored the following year, when Company X ought to show a substantial rise in profits and stockturn, and return to a healthy positive Index score.


BMJ INDEX: MIXED BAG 1. Huws Gray


2. MKM 3. Bradford & Sons


4. National Timber Group 5. MGM Timber 6. CRS


7. Lawsons 8. JT Dove 9. Turnbull


10. JT Atkinson 11. Browns


12.Myers Building Supplies 13. Markovitz


14. James Burrell 15. Joseph Parr 16. Boys & Boden 17. Beesley & Fildes 18. Sydenhams 19. Kellaway


20.Walter Tipper 21. John Nicholls 22.Wolseley UK 23. Carver


24. Williams 25. Elliott Bros


26. Haldane Shiells 27. James Hargreaves 28. John A Stephens 29. Grant & Stone 30. Builder Depot


31. Nicholls & Clarke 32. Frank Key


33. AW Champion


34. Grafton Merchanting GB 35. Robert Price & Sons 36. LBS


37. Howarth Timber Supplies 38. Alsford Timber


39.Parker Building Supplies 40. Lords


41. Kent Blaxill 42.Covers


43.C&W Berry 44.RGB


45. Travis Perkins BMJ LEAGUE TABLES SPONSORED BY


46.Beggs & Partners 47.MP Moran 48. Crossling 49. EH Smith 50. AW Lumb


51. UK Plumbing Supplies 52. Jewson 53. Beatsons


12


TRAILBLAZERS


2,356 1,225 1098 1034 658 523 442 388 377 340 308 267 218 191 153 136 124 122 80 71 70 69 63 62 59 55 50 41 31 25 20 18 14 13 5


-8 -8


-12 -21 -40 -41 -54 -66 -68 -70 -75


-114 -115 -191 -624 n/a n/a n/a


A supplement to builders merchants journal April 2021


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