Britain’s Super Yacht Industry Doing Well

Turnover up 15% and growth up 5%

At the at the Monaco Yacht Show which starts on Wednesday of this week, Superyacht UK, will report a 15.3 per cent increase in industry turnover to £410m in the year to June and a 5 per cent increase in people employed to 3,600, They attribute this success in part to the weakness of the pound against the euro, boosting sales of equipment supplies, which is one of the UK’s strongest segments. In a report published by the Financial Times Brian Groom, the papers Business and Employment Editor said, “The UK performance is in stark contrast to that of continental Europe, where manufacturers that dominate the luxury yacht market have seen orders collapse since the failure of Lehman Brothers, the US bank, a year ago.”

The report continues, “Thousands of jobs have been lost as orders from investment bankers and Russian entrepreneurs dried up. In Italy, the market leader with €6bn (£5.4bn, $8.8bn) turnover a year, the nautical industry federation said orders came to a “violent stop” at the end of last year.”

Superyacht UK represents more than 160 companies involved the Super Yacht Business report that Fifty-six per cent of companies rated next year’s prospects “good or excellent” and 39 per cent “OK”. Most revenue growth was down to new-build orders, with 76 per cent involved in such projects over the past year.

Do not miss tomorrow’s edition of the FT. It contains a special report on the Monaco Show and the state of Super Yacht Business and will feature articles written by us.