Superyacht Industry in the U.K. Enjoys Best Year Since 2008

October 3, 2013

The UK luxury yacht industry has enjoyed its best year since 2008, in further evidence the economy is bouncing back.

As the Monaco Yacht Show, one of the most important dates in the superyacht calender, gets under way on Wednesday, new research has found that the sector is gaining momentum and companies expect further growth in 2014.

Superyacht UK, which represents more than 210 members from a range of disciplines from architects to manufacturers, revealed that revenues rose 3.9% in 2012/13 to £442m. This was a return to growth following a 2.2% contraction in 2011/12.

Profits rose for 40% of the companies surveyed, compared with only 32% in 2012, and 81% has seen a higher or similar workload, up 8%.

Albert Levy, chairman of Superyacht UK, said: “The resilience and broad base of the superyacht sector in the UK shows through in these very encouraging statistics, with turnover, and more importantly profit, rising. “Those who have committed resources during the downturn will reap the rewards.”

Mr Levy’s views are backed by Superyacht’s findings that 43% of companies have a bigger order book this year than in 2012. Seven out of 10 businesses also rate their future prospects as “good” or “excellent”, compared with only five out of 10 last year.

Last year, a total of 169 superyachts were sold worldwide for an estimated £3bn, with €13.76bn (£11.61bn) generated by the industry supply chain, according to the Superyacht Intelligence Agency. In addition, €10.24bn was created indirectly.

Tom Chant, international development manager at Superyacht UK, added: “Our members design, build and supply the finest superyachts in the world and their skills and expertise are in ever increasing demand.”

Source: Telegraph – By Andrew Trotman