UK Superyacht sector sees year on year growth exceeds 15%

A survey carried out by Superyacht UK has revealed a bumper year of growth in the British superyacht sector, with a high level of confidence for further success in 2010.

Despite the tough economic environment, the survey indicated that Superyacht UK members bucked the trend of decline to post a substantial year on year growth rate of 15.3% in turnover, reaching a total of £410 million. The figures cover the last financial year up to June 1st 2009.

Superyacht UK is the trade body representing over 160 member companies operating in the design, build, supply chain and service provision of yachts over 24 metres load line length within the UK market. The UK industry has a growing reputation for excellence at the high end of the market both domestically and throughout the world. In particular, British designers and boat builders have seen revenues increase significantly.

The headline figures from the Superyacht UK survey found that:

- Revenue has increased year on year by 15.3% from £350 million to £410 million

- There are 3,600 people employed in the sector, an increase of 5% on 2008

- 85% of companies employed either the same number or more people compared with one year ago

- 95% of those companies questioned rated the prospects for the year ahead as either “good or excellent » (56%) or “OK » (39%)

- The majority of growth in revenue was down to new build orders, with 76% of responders involved in such projects over the last 12 months

The publication of the survey results coincides with the Monaco Yacht Show which features a strong British presence. Nineteen British companies active within the superyacht sector are present at the Superyacht UK Pavilion, with many more exhibiting throughout other parts of the show. In total, 74 UK firms will attend. The event, taking place from September 23-26, 2009 in Port Hercules, Monaco, is a global showcase event for superyachts and will feature 100 of the world’s leading vessels.

This year the show will witness a spectacular return of the Red Arrows display team who also performed in 2008, organised by Superyacht UK and sponsors. The award winning team will be performing a 30 minute routine in front of the outer breakwater at Monaco Harbour to emphasise the British presence. Superyacht UK has attended the Monaco event for the last nine years supporting British companies.

Tim Wilshire, Director of Burgess Yachts said:

“Although the sector has been operating in the wider context of an economic recession, UK superyacht companies have demonstrated their resilience and ability to innovate resulting in a very welcome year on year growth in revenues. At Burgess we share our colleagues’ wider optimism about the year ahead and look forward to taking this message to the European market during the Monaco Yacht Show. »

Tom Chant, International Commercial Manager for Superyacht UK added:

“It is great to see the continued stability and growth inherent in the UK superyacht sector. Despite the wider difficulties, the value of the industry has increased, demonstrating its contribution to UK plc and the development of manufacturing skills. Superyacht UK will be capitalising on this success with a strong presence at the Monaco show this year and in helping members take advantage of wider opportunities in the year ahead. »

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Tags: Burgess Yachts, MYS Monaco Yacht Show, Superyacht UK

Category: Industry