Superyacht UK has released the results of its annual survey for the period 2013/14. The report shows the value of the British superyacht industry has grown to £492 million in this period, a 7.1% increase from 2012/13. The survey also reveals that 69% of members surveyed rated the prospects for the next 12 months are good or excellent. The forecast is the most positive outlook for UK based superyacht manufacturing and supply for seven years.
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.
Mike Carr, joint MD of Pendennis Shipyard and chairman of Superyacht UK, comments: ‘We are delighted to see the UK 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.”
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 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.
Tom Chant, international development manager at Superyacht UK, says: “This year, British companies represented at Monaco Yacht Show will continue to gain visitor attraction. When people think of the Monaco Yacht Show they think of the ultimate wealth and luxury, but what the British superyacht industry also brings is a legacy of innovation and excellence across the industry.”
Superyacht UK, a dedicated association of the British Marine Federation (BMF), has carried out its eighth annual survey for 2013/14 of its membership to determine year-on-year trends. The association represents 226 members and 70% of the total UK industry operating in the design, build, supply chain and service provision of yachts over 24 metres in length.
The British Marine Federation is the trade association for the leisure, superyacht and small commercial marine industry, with more than 1550 members.