As the UK economy is navigating calmer waters, the British superyacht sector is racing ahead, with 69% of members responding to the Superyacht UK survey rating prospects for the next 12 months as good or excellent. The forecast represents the most positive outlook for UK-based superyacht manufacturing as well as supply for seven years.
The value of the UK superyacht industry has grown to £492 million in 2013/14, a 7.1% increase from 2012/13. Research results were launched on September 24, as global visitors travel to watch British companies showcase their best at this year’s Monaco Yacht Show.
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.
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.
The British Marine Federation and its association, Superyacht UK, together promote the industry as more and more buyers and companies are looking to the UK as their preferred location for boat builders and suppliers. UK has long since led the way with regards to professional services in the superyacht industry, with its highly competitive and mature legal, insurance and financial services expertise in the sector. Over the years, we are seeing other areas such as design, engineering and training in the UK gain global recognition.
Mike Carr, Chairman of Superyacht UK and Joint MD of Pendennis Shipyard, said: “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.”
Tom Chant, International Development Manager, Superyacht UK, said: “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.”
• Most positive outlook for UK based superyacht manufacturing and supply for 7 years
• New figures show value of the UK superyacht industry grown by 7.1%
• Profits have risen for 43% of respondents
• 48% now rate their revenue as higher than the previous year
• Over 50% reported a higher value order book
• 30% of companies increased their workforce