Refits accounted for more revenue in the 2014/2015 period

65m Adix received her fourth refit at Pendennis in 20014

Superyacht UK has released the results of its annual survey for 2014/15. The report shows that revenue has grown by 10.2% year-on-year to £542m, and 48% of those surveyed reported an increase in profits. The sector now contributes £304m in gross value added (GVA) to the national economy.

“Despite the challenging environment, these figures show that the UK’s marine industry is heading in the right direction,” says Richard Selby, head of international development at British Marine. “British brands are globally respected and we need to make sure that remains the case.”

The study also shows that a rise in demand hasled to an increase in workload, full time jobs and more valuable order books. The industry now employs 4,000 full-time workers, up 6.9% year-on-year. The report also reveals that 62% of those surveyed reported a higher workload and 60% have experienced a higher order book value.

While 2014’s report showed that new builds accounted for the majority of revenue, this year it was refits that accounted for more: 48% of superyacht business occurred in new builds, and 52% in refit over the last 12 months.

The survey also gives the most positive outlook for the industry in eight years, with 74% of the industry feeling positive about the next 12 months. This compares with 69% in last year’s survey.

“It’s been another great 12 months for the superyacht sector as domestic and international demand for UK products continues to grow,” says Mike Carr, chairman of Superyacht UK and joint MD of Pendennis Shipyard. “We are delighted to see the sector employing hundreds more people and that our members are making a noticeable contribution to the UK economy.”

Superyacht UK, a division of British Marine, represents the interests of the UK superyacht industry both at home and abroad. The association has 250-plus members working in the design, build, supply chain or service provision sector for yachts over 24m in length.