Builders Merchants Journal – BMJ Publishing to Builders Merchants and the UK merchanting industry for more than 95 years
The January Plumbing & Heating Merchant Index (PHMI) report, produced by MRA Research, has been published.
The report shows total like-for-like value sales (adjusted to remove the impact of trading days) through specialist plumbing and heating merchants were up +3.0% for January 2026 compared to the same month the year before.
Like-for-like volume sales were down -2.8%, and with one less trading day in January 2026, unadjusted total value sales were down -1.7%. Unadjusted volume sales declined -7.2% and prices increased +6.0%.
Plumbing & Heating merchants’ like-for-like value sales in the 12-month period February 2025 to January 2026 were +2.9% higher compared to the previous 12-months (February 2024 to January 2025). Like-for-like volume sales were -1.1% lower, with prices up +4.0%. With two less trading days in the most recent 12-month period, unadjusted value sales were up +2.1% while unadjusted volume sales were down -1.9%, and prices up +4.0%.
Mike Rigby, managing director of MRA Research, says: “The last six years have been a roller coaster of overlapping economic shocks that have left painful scars: a protracted, mismanaged Brexit; a precipitous drop in GDP (-19.8% between April to June 2020) during Covid, and post-Covid supply chain disruption and inflation; Russia’s invasion of Ukraine causing global energy and food prices to spike; Liz Truss’ September 2022 bond market crisis; Rachel Reeve and Starmer’s puncturing of voters’ hopes and confidence; and Trump’s crazy Tariff War and insults to allies. Whew!
“And, just when we were looking forward to a quieter, more stable 2026, the US Government threatened to grab Greenland, did grab the president of Venezuela, and then with Israel killed the leaders of Iran and set off a Middle Eastern war that has reignited inflation and is triggering supply shocks worldwide. Goodbye stability!
“And yet… despite the wall-to-wall disasters and chaos of the last six years, our animal spirits, natural optimism, hopes and expectations won’t lie down. Ask consumers how they rate the Government and prospects for the economy and they give a big thumbs down but ask how they rate their own financial prospects and you get a cheerier more positive answer. Ask businesses the same, and you get a similar response.
“Plumbing & Heating merchants will be apprehensive about the impact of the war on business and consumer spending, inflation and margins, but the renewed focus on energy efficiency – thanks to doubling fuel costs – can also be a driver for growth. With the Future Homes Standard coming into play, and the push for low carbon homes, there is a real opportunity for merchants to support the delivery of more resource efficient homes which reduce homeowner bills as cost-of-living rises to the top of consumer concerns.”
The Plumbing & Heating Merchant Index (PHMI) is the first to analyse point of sales data collated from specialist plumbing & heating merchants with combined annual sales of £3bn, to chart their performance month-to-month.
