Superyacht UK, an association within the British Marine Federation, has released figures outlining the value of the British superyacht industry, ahead of the forthcoming Monaco Yacht Show.
According to the representative body, the UK market exhibited its fifth year of consecutive growth, breaking all previous revenue records, generating £615 million. International exports have grown at their fastest rate in seven years, and business sentiment is positive, with 60 per cent of companies expressing optimism for the future. The industry also employs 4,244 full-time staff, a 3.3 per cent YoY increase.
Interestingly, refit comprises a significant 58 per cent of UK superyacht manufacturing output. According to data published in The Superyacht Annual Report 2017: Refit, UK yards completed 18 major projects in 2016, with an approximate value of £34.75 million, at an average of £1,930,000 per project.
Howard Pridding, Chief Executive Officer at British Marine, said: “Confidence in the sector is high and we expect to see further growth into 2018, despite the ongoing political uncertainty. Our sector is primarily driven by a customer base that is less exposed to economic risk, be it in the UK or the EU, meaning the UK market remains strong.”
On rising production costs versus UK currency depreciation, he added: “The EU is the primary supplier of marine raw materials and components for UK boat manufacturers. While costs of manufacturing have risen +5.98% between Q1 2016 and Q1 2017 due to the weakened pound, Sterling’s depreciation is a net benefit for exporting manufacturers – foreign customers’ purchasing power is stronger than ever.”