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THE GARDEN MARKET SUPPLEMENT 2018 BARTON GRANGE: KINGS OF GROSS MARGIN


AYLETT NURSERIES: STOCKTURN STAR The Numbers


Sales £m Gross profi t £m


6.9 3.1


7.0 7.0 3.2 3.3


7.2 3.3


2.8 0.3


Operating profi t £k 443 451 466 491 422 -14.1 Pre-tax profi t £k Staff


Salaries £m


The Ratios Stockturn


Gross margin %


Operating margin % Net margin %


429 438 456 491 417 -15.1 119 116 121 126 127 1.7


1.8 5.6


6.6 6.4


8.6 1.8 1.8 5.3


6.6 6.5


8.7 5.0


7.0 7.0


9.1 1.9 4.6


46.7 45.6 45.8 46.7 45.5 6.9 6.6


Staff costs/turnover % 26.7 25.6 25.1 26.0 26.8 Return on capital % 10.3 DIY Week index


39.6 222.3 97.7 -26.2 77.7 DIY-GRL18-STV_Layout 1 20/09/2018 12:39 Page 1


Aylett Nurseries, one of the smallest garden centre operators covered by this survey, was among the pioneers of garden centre retailing in the UK. It was founded as a nursery by the late Roger Aylett in 1955, and he was quick to spot the opportunity to move into retailing as well as growing. Ayletts trades very consistently from its one centre in Hertfordshire: turnover has grown modestly but steadily over the past few years, and its profi t performance is remarkably consistent. Measured on stockturn, it’s one of the industry’s top 10 performers, and its margins are highly competitive too. Staff costs are bang on the industry average, and the consistent return on capital should keep the shareholders happy.


-7.9 -2.4


12/13 13/14 14/15 15/16 16/17 %change 6.5 3.0


The Numbers Sales £m


Gross profi t £m


12/13 13/14 14/15 15/16 16/17 %change 21.6 21.9 22.5 21.9 21.2 12.7 12.9 13.2 12.9 12.3


-3.4 -5.2


0.8 6.0


12/13 13/14 14/15 15/16 16/17 %change 4.8


5.9 -16.4 5.8 -17.4 3.1


7.6 -16.5


Operating profi t £k 1,596 1,547 1,888 2,012 1,508 -25.0 Pre-tax profi t £k Staff


Salaries £m


The Ratios Stockturn


Gross margin %


1,530 1,431 1,794 1,886 1,377 -27.0 457 468 444 422 403 7.4


7.3 4.5 7.1 5.6 7.1


8.4 8.0


6.9 5.1


9.2 8.6


7.0


Operating margin % 7.4 Net margin %


58.9 59.0 58.6 59.0 57.9 7.1 6.5


Staff costs/turnover % 34.1 33.2 31.3 31.6 32.8 Return on capital % 10.5 12.1 14.0 14.2 DIY Week index


-68.7 46.1 133.7 -125.9 -112.9


As far as we know there are only two garden centre businesses in the UK which consistently record turnover of £20m-plus from a single site, and Barton Grange is one of them (the other is Bents). To put that into context, the average turnover per centre at the market leader, Wyevale, is something under £3m, so Barton Grange’s sales are roughly equivalent to seven Wyevale centres. That said, Barton Grange seems to have reached something of a sales plateau over the past few years – and its staff costs to turnover ratio is among the highest in this survey. But with the best gross margin in the business, a top 10 position on operating margin, stockturn exactly on the industry average and (usually) double-digit return on capital, there’s a great deal here to admire.


4.6 -10.0 -1.8


7.1 -22.4 6.5 -24.4 4.0


9.7 -31.7


Benchmark


-4.5 0.4


12/13 13/14 14/15 15/16 16/17 %change 4.3


www.diyweek.net


DIY WEEK GARDEN MARKET SUPPLEMENT 15


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