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UK superyacht industry shows robust growth
Figures released today by British Marine Federation (BMF) and Superyacht UK show that the superyacht industry in Britain is thriving despite a difficult economic climate.
Businesses in the superyacht sector, which concerns boats over 24 metres in length, have reported increased turnover year-on-year, an increased workforce and a healthy level of optimism about the future.
The BMF carried out its second annual survey of Superyacht UK members to determine year-on-year trends. Superyacht UK is a flagship association within the BMF with over 150 members operating in the design, build, supply chain and service provision of yachts over 24 metres load line length.
Overall:
• The value of the UK superyacht industry is now in excess of £350 million, representing an increase of 14.8% on 2007.
• There are now around 3,500 people working in the sector.
• 96% of businesses surveyed reported a similar or increased number of employees when compared to 2007.
The workload of the superyacht industry continues to grow, especially in the export market. Almost three quarters of businesses reported an increase in exports when compared to 12 months ago.
Perhaps the most encouraging news for the sector is the level of optimism reported by those surveyed. 92% perceive it to be excellent or good, with only 1% rating prospects as ‘poor’ or ‘very poor’.
Tom Chant of the British Marine Federation and a spokesperson for Superyacht UK said:
“Despite the challenging economic climate felt in 2008, the UK superyacht industry is showing a great level of resilience and indeed success. It is particularly encouraging to see such an optimistic outlook for the year ahead.
British companies are involved in some of the most high profile and exciting international superyacht projects and I am confident their expertise and professionalism will continue to reap rewards.”
Dean Smith, Business Development Manager at superyacht builders DEVONPORT, added:
“We have seen a significant growth in turnover and predicted turnover throughout 2007/8 as customers continue to invest in superyachts.
I am confident that the next year will see significant growth not only for DEVONPORT but for the industry as a whole here in the UK.”
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Notes to editors:
1. The British Marine Federation has over 1,500 members representing an industry employing more than 36,700 people in the UK. Members are drawn from both the seagoing and inland sectors of the marine industry covering the leisure boat, hire fleet, commercial workboat and superyacht categories and supporting services. For more information about the work of the BMF and how to join, please visit the website at http://www.britishmarine.co.uk/
2. Superyacht UK is the support association behind 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
3. The Superyacht UK survey 2008 comprises 107 completed questionnaires from member companies The 2008 Superyacht UK survey is available upon request.
4. DEVONPORT is based in Plymouth and Appledore and is currently working on the largest superyacht new build in British history. Dean Smith is available for interview upon request. For further information on DEVONPORT please see http://www.devonportyachts.com/
3. For press enquiries regarding Superyacht UK please contact Rebecca Jackson at BMF on 01784 223627 or email rjackson@britishmarine.co.uk.