As the Monaco Yacht Show opens and the flags of UK fly proudly over a many of the stands, new research shows industry value and jobs growth with British superyacht success
- 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
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 is the most positive outlook for UK based superyacht manufacturing and 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 are launched today 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.