UK superyacht revenue sales have reached their highest point since the 2008 financial crisis, according to a new report from British Marine.
The report, released on 9th January at London Boat Show, revealed that 2015/16 revenues grew by 1.6% to over £3bn, marking the first time revenues have passed this figure since 2008. As a result, the industry contributed over £1.1bn to the UK economy, an increase of 3.7%.
Sectors said to be particularly successful include engines and equipment manufacturing, which generated £35 million, and marinas and moorings, which generated £222 million. These figures are supported by British Marine’s bi-annual Industry trends survey, which reported positive figures for the industry, despite the depreciation of the pound post-Brexit vote.
Commenting on the current state of the industry, Howard Pridding, CEO at British Marine commented, “The industry remains robust – revenue is growing and we are taking on more employees. Despite the post-referendum volatility impacting on business and consumer confidence, the industry remains bullish and keen to take advantage of the short and medium term opportunities that lie ahead.
“Our members’ greatest long term concern is uncertainty and we will continue to work closely with Government to ensure the sector is given as much backing as possible from Government, especially as the Brexit negotiations begin.
“Access to the single market is of course important, but member companies are keen to minimise tariff and non-tariff barriers. Members are also keen to maintain access to skilled workers from across the EU and the government needs to do all it can to make sure that any future immigration policy within the EU supports marine businesses that are ambitious to grow and export.”
For more information, visit British Marine.