Figures released by the Builders Merchants Federation (BMF) in its latest Plumbing and Heating Merchants Index (PHMI) confirms that price growth remains a factor in driving the rise in annual sales value, as year-on-year volumes are down. There are, however, signs that price growth is slowing.
Overall Q2 2023 saw a +3.9% increase in sales values compared to the same period last year, with no difference in trading days. However, growth stemmed entirely from higher prices (+7.2%) as volume was -3.0% lower than Q2 2022.
Total value sales in Q2 2023 were -12.0% lower than in the previous quarter. This was a combination in reduction in volume sales, down by -8.9%, and prices falling by -3.4%. It should be noted that there were four less trading days in the most recent quarter, therefore like-for-like value sales, which take trading day differences into account, were only -6.1% lower in Q2.
Volumes have held steady over the last 12 months, Plumbing & Heating Merchants value sales in the period from July 2022 to June 2023 increased by +8.4% compared with the previous 12 months. The result is a combination of prices increasing by +9.1% and volume falling by just -0.7%. Taking account of one less trading day in the most recent 12 month period, like-for-like value sales were +8.8% higher.
