LESLEY ROBINSON BRITISH MARINE CEO LOOKS AT THE GROWTH OF THE MARINE SECTOR IN THE UK WITH ITS STRONG REVENUES AND EXPORTS RISING YEAR ON YEAR
Superyacht UK is Great Britain’s superyacht industry advocate. Its mission is simple – to represent the interests of the UK’s thriving superyacht sector both at home and internationally.
As a sub-group of British Marine, the nation’s leading trade association, Superyacht UK’s membership covers the diversity of the sector from leading naval architects to award-winning manufacturers of yachts and equipment and the full span of supporting services. All its 260-plus members draw on Great Britain’s rich heritage as seafaring pioneers and spearhead truly world-class products and services.
As part of British Marine, the nation’s leading trade body, Superyacht UK champions British innovation, excellence and heritage. It symbolises a badge of excellence within the international community for its member yacht designers, builders, equipment providers and destinations for yachts over 24m LOA.
Over the years, Superyacht UK has developed its array of outstanding services available to support the growth of its member’s businesses. This includes a line-up of key annual industry events and activities such as the Superyacht UK Technical Seminar, Superyacht UK Young Designer Competition, Superyacht UK Pavilion at the Monaco Yacht Show and the British cluster in Amsterdam’s METSTRADE Superyacht Pavilion.
The association is today proud to boast a sector enjoying its sixth consecutive year of continued growth with revenues rising to £697 million. This represents a dramatic increase of close to 9% on the previous year. Financial results show that Britain’s superyacht businesses alone account for £520 million in Gross Value Added to the UK, while also generating more than £200 million in taxes for the UK’s exchequer in the same period.
This growth is heavily driven by the manufacturing and refit sector, which enjoyed a 15.2% rise in revenue last year. The UK’s elite tier of shipyards, including the likes of Pendennis, Sunseeker International and Princess Yachts, are prospering due to an increase in exports as a result of the weak pound and their established brand reputation seen on a global scale.
In addition, with the number of high net worth individuals (HNWI) growing globally to record levels in 2017, international trade continues to drive growth across the sector, with equity and real estate market growth supporting an expanding customer base for luxury yachts.
What’s more, full time employment in the UK superyacht sector has risen by 7.7% to 4,572 across the whole of the UK.
However, the prospect of Brexit and continued uncertainty over the UK’s future trading relationship with the EU remains the industry’s main challenge, which isn’t eased by the extreme competitiveness of the superyacht services providers market worldwide.
Despite this the continued global dominance of Britain’s superyacht industry reflects the prestige and outstanding quality of UK businesses and their products and services. As representatives of the industry, Superyacht UK and British Marine will continue to work hand-in-hand with its members and the Government to ensure the interests of the market are represented and the sector continues to thrive.