The latest national survey of Superyacht UK members has shown that the value of the industry increased slightly during 2009/10, despite the challenging effects of the recession. The superyacht industry is now worth just over £420 million a year according to the latest statistics, an increase of 3% on the previous year’s revenue.
The survey results are announced to coincide with the Monaco Yacht Show, the largest superyacht event showcasing world luxury yachting, which runs from Wednesday 22 to Saturday 25 September 2010.
British Marine Federation Logo
Superyacht UK, a dedicated superyacht association of British Marine Federation (BMF), represents over 170 members, 70% of the total UK industry operating in the design, build, supply chain and service provision of yachts over 24 metres in length.
Activity and workload in the sector remains healthy, with 43% of members reporting a higher workload now compared to the previous 12 months, whilst only 18% stated they are experiencing a lower workload.
The key statistics from the latest trends survey show that:
The value of the UK superyacht industry in 2009/10 is now just over £420 million, compared to £410 million in 2008/9; an increase of 3% from last year.
This is a lower revenue increase year-on-year than reported in recent years, reflecting the downturn in the economic climate (in 2008/9 revenue was +15.3% from the previous year).
43% have a higher superyacht workload over the last 12 months compared to the same period a year ago, this is a 25% increase compared to just 5% last year. 18% had a lower workload.
However, the impact of the recession is evident in the rating of the monetary measures. Increases are smaller, although still positive, for value of the order book (+14%) and revenue (+12%) and profit levels (+7%).
Only 8% perceive the next 12 months negatively with the majority rating the future prospects as good or excellent (58%) and 34% stating it looks OK which are similar expectations to those reported a year ago.
There are around 3,550 employees working in the sector and employment has stayed stable for the majority; compared to last year it has increased for 25% of respondents, stayed the same for 63% and decreased for 12%.
Rob Stevens, Chief Executive of the British Marine Federation, said: “We’re pleased to report that despite the challenging economic conditions, our superyacht industry remains well positioned for the future. To ensure this, the BMF, working with Superyacht UK, continues to try to improve market share for the UK superyacht industry and its members. The presence at Monaco Yacht Show and a new publication, Destination UK, both promote British Excellence in this sector and demonstrate all we have to offer, to a captive audience of captains, buyers and owners.”
Tim Wiltshire, Chairman of Superyacht UK added: “Whilst the service sector of the superyacht industry is holding its own on the global stage despite the tough economic conditions, it is also vital to the manufacturing sector of the industry, where the UK excels, that new vessel construction picks up internationally. UK companies involved in this sector are world leaders and also significant employers within their communities. As an industry we are however cautiously optimistic that the future is positive and UK companies are well placed to face ongoing uncertain market conditions.”
