Brand new industry reports, prepared by British Marine, show that Britain’s boat builders are buoyant and riding the crest of a wave. They show that as UK boat builders move to larger, more profitable bespoke projects, production levels are up and revenue is growing.
The report looks exclusively at the boat manufacturing sector within the UK’s £3.01bn leisure marine industry and fi nds that, across the whole of the UK, boat manufacturing sector, revenue increased by +1.6%, generating £859million in turnover in 2016 and unit production climbed by +1.5% to 9,907 units.
British Marine (the trading name of British Marine Federation Limited) represents the interests of the UK superyacht sector, through its association, Superyacht UK, and has also released key fi ndings for the superyacht sector.
This means that, in total, 64 yachts measuring 24m+ were built in 2016. The majority were motor yachts, of which 55 were built and the remaining nine being sail yachts. The superyacht build sector generated approximately £179million in revenue. Individually, the manufacturing of 24m+ motor yachts accumulates some £150million and 24m+ sailing yachts generates around £29million. Exports of British built superyachts produces over 61% of this revenue, £110million in total. Overseas sales of motor yachts (24m+) account for 85% of total sales (£95million) and 60% of sailing yachts (24m+) sales (£15million).
Recent trends in larger custom yacht builds have prompted a move among UK boatbuilders towards larger, more longer lead times. This is particularly prevalent in the sail yacht market, with companies such as Oyster Yachts and Spirit Yachts who are looking to the relatively untapped area to grow sales. The report details a range of economic indicators for the UK’s recreational boat manufacturing sector. This includes unit production, revenue growth, manufacturing input costs, international trade and sentiment data on the growth of boatbuilding revenue and profi ts. Despite continued uncertainty that followed the EU referendum and General Election, the UK’s superyacht sector is claiming a fi fth consecutive year of growth and the highest ever revenue. It contributed £450m in Gross Value Added to UK GDP, while generating an estimated £186m in taxes for the UK exchequer.