The research, for the year 2014 / 15, is launched as global visitors travel to watch British companies showcase their best at this year’s Monaco Yacht Show.
Key findings include
- Industry revenue has grown by +10.2% year-on-year, to £542 million
- 48% of those surveyed reported an increase in profits
- The sector now contributes £304 million in GVA to UK GDP
An increase in demand has also led to an increase in work load, full time jobs and more valuable order books:
- The industry now employs 4, 000 full time employees (+6.9% year on year)
- 62% of those surveyed reported a higher workload
- 60% have experience a high value of the order book
Whilst 2014’s report showed that new builds accounted for the majority of revenue, this year it is refits that are accounting for more: 48% of superyacht business occurred in new builds, and 52% in refit over the last 12 months.
Today’s survey shows the most positive outlook for the industry for 8 years, with 74% of the industry feeling positive about the next 12 months. This compares with 69% in last year’s survey.
Mike Carr, Chairman of Superyacht UK and Joint MD of Pendennis Shipyard, said: “It’s been another great twelve months for the superyacht sector as domestic and international demand for UK products continues to grow. We are delighted to see the sector employing hundreds more people and that our members are making a noticeable contribution to the UK economy. The success is testament to our long standing heritage in the superyacht sector combined with the breadth of areas in which the UK has continued to excel.”
Richard Selby, Head of International Development at British Marine, added: “Despite the challenging environment, these figures show that the UK’s marine industry is heading in the right direction. British brands are globally respected and we need to make sure that remains the case. We’ve just held another impressive Southampton Boat Show, where members reported good sales figures, and this week we will be promoting the best of British Marine to the world at Monaco Yacht Show.”
The full report is available here: http://britishmarine.co.uk/
About the report
Superyacht UK has carried out its ninth annual survey for 2014/15 of its membership to determine year-on-year trends. Superyacht UK represents 70% of the total UK industry operating in the design, build, supply chain and service provision of yachts over 24 metres in length.
About Superyacht UK
Part of British Marine, Superyacht UK is the association supporting superyacht businesses in the UK, comprising naval architects, designers, service, finance and legal companies, equipment manufacturers and superyacht yards. For more information, visit: www.superyachtuk.com.
About British Marine
British Marine (the trading name of British Marine Federation Limited) is a membership organisation leading the UK leisure, superyacht and small commercial marine industry. It has over 1, 600 members drawn from both seagoing and inland sectors and represents an industry employing more than 31, 500 people in the UK. For more information about the work of British Marine and how to join, please visit the website: www.britishmarine.co.uk.