New industry statistics released by industry trade body Superyacht UK, show that the British superyacht sector 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.
The 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.
The 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 British superyacht sector combined with the breadth of areas in which the UK has continued to excel.”