New research shows rising revenues and jobs growth with British superyacht success

New industry statistics released today by industry trade body Superyacht UK, show that the British superyacht industry is riding the wave of economic recovery.

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.”