The newest figures from the Plumbing & Heating Service provider Index (PHMI) report present complete worth gross sales for October 2023 by specialist plumbing and heating retailers have been up +3.3% in 2023 in comparison with the identical month in 2022. Nevertheless, it was value (+5.7%) and never quantity (-2.3%) driving progress. With yet another buying and selling day in October 2023, like-for-like gross sales have been down -1.4%.  

In comparison with September, October worth gross sales have been up +12.4%. Quantity gross sales recorded a +9.0% improve month-on-month, whereas costs edged up +3.1%. Like-for-like gross sales, considering the additional buying and selling day in October, have been up +7.3%. 

Whole worth gross sales during the last three months, August to October 2023, have been +1.5% greater than the identical interval a 12 months in the past. Quantity gross sales have been down -4.2% whereas costs rose +6.0%. With yet another buying and selling day in the newest three-month interval, like-for-like gross sales have been flat. 

Evaluating August to October with the earlier three-month interval, worth gross sales have been +6.9% greater than Could to July 2023. Volumes grew (+2.7%) as did value (+4.1%). Like-for-like worth gross sales have been up +3.7%.  

Plumbing & Heating retailers’ worth gross sales within the 12-month interval from November 2022 to October 2023 have been +6.7% greater than the earlier twelve-month interval. However volumes have been down -1.4% and costs elevated +8.2%. With yet another buying and selling day in the newest interval, like-for-like gross sales have been +6.2% greater. 

Mike Rigby, CEO of MRA Analysis, which produces the report mentioned: “Whereas there was a +9.0% seasonal raise in October’s quantity gross sales in comparison with September, volumes have been nonetheless down -2.3% 12 months on 12 months.  

“With UK development output in decline (development output decreased -0.3% within the three months to October 2023) and housebuilding within the doldrums, an autumn of heavy rainfall and powerful winds additional hampered housebuilding, so seasonal quantity progress for plumbing and heating trades got here predominantly from the restore, upkeep and enchancment market. ONS knowledge suggests the RMI market elevated +1.3% in October. 

“A rise in vitality costs because the vitality value cap goes up might dampen spirits in 2024, nevertheless it’s an election 12 months, and in opposition to a digital flat economic system, inflation is on its approach down. GfK’s Client Confidence Index is now 20 factors higher than this time final 12 months and all 5 key measures improved. Though December’s headline determine of -22 remains to be firmly unfavorable, optimism for our private funds for the subsequent 12 months reveals a powerful restoration from the depressed -29 final December. Christmas spending and main retailers’ gross sales, resembling Tesco’s, have been much better than forecasters anticipated. Regardless of the cost-of-living disaster limiting many households, these are encouraging indicators for the 12 months to return.” 

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