Pimlico Plumbers is reporting a growth in consumer confidence after it recorded a 25% year-on-year increase in sales for April 2013.
The Central London-based company, which employs a team of more than 170 experienced plumbers, electricians, carpenters, builders and locksmiths, achieved sales of £1.5 million in April – an increase in sales of £304,700 compared to the same period the year before.
Currently for the year to date, the company is up 7.7% on the previous year and is on course to achieve a turnover figure in excess of £19 million.
Founder and managing director Charlie Mullins has attributed a proportion of the growth to an increase in consumer confidence, linked to the increasing strength of the housing market and a number of economic growth predictions from organisations such as the Bank of England and the Confederation of British Industry (CBI).
This is reflected in an increase in planned maintenance, such as boiler replacement and small building works, which has seen the average invoice value at Pimlico Plumbers rise by around 10% on average over the last six months.
Mullins said: “We saw the early signs of consumer confidence at the end of last year, but this last month is demonstrating that people are making pre-recession decisions about investing in their properties. It appears the property market is picking up, which is always a trigger for the maintenance sector. Homeowners often look to improve their home ready for sale or are upgrading a new property when they move in.
“I also expect this trend to continue and improve when the Help to Buy scheme introduced by the Chancellor in his Budget kicks in next year.
“Avoiding the mythical ‘triple dip’ recession and the indications that there is growth on the near horizon appears to have given people reassurance that they can start spending again.
“However, recent years have made people cautious and they are far more selective when it comes to where they spend their money, which has benefited Pimlico Plumbers. Consumers want assurances that they are handing over their hard-earned cash to a long-established business with a good reputation.”