With the improvement in the UK economy, British superyacht sector is gaining momentum. Recent research by the BMF says that 69% of members responding to the Superyacht UK survey rating prospects for the next 12 months as good or excellent. The forecast is the most positive outlook for UK based superyacht manufacturing and supply for seven years. The value of the UK superyacht industry has grown to £492 million in 2013/14, a 7.1% increase from 2012/13.
Whilst last year’s headlines reported an increase in refit, this year it is new builds that are driving the improved results with 57% of superyacht revenues from new orders. Overall, 59% of respondents experienced a higher workload over the last 12 months compared to the same period a year ago.
Greater levels of demand are also translating into more jobs. Statistics show that just under 3,700 full time employees have been working in the British Superyacht sector during 2013/14 which has grown 4.1% from previous year. 30% of companies have increased their workforce, creating a net positive balance in employment across the sector of +24% this year compared to 17% in 2012/13.
Mike Carr, Chairman of Superyacht UK and Joint MD of Pendennis Shipyard, said: ‘We are delighted to see the British superyacht sector going from strength to strength, as demand for UK builders and suppliers and talent continues to grow. Its success is testament to our long standing heritage in the superyacht sector combined with the breadth of areas which that the UK has continued to excel, from engineering; to legal services; to design.”