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UK Super Yacht Industry Defying Crisis

by Jason Gorringe, Tax-News.com, London

30 September 2009

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 GBP410m. The figures cover the last financial year up to June 1, 2009 when British designers and boat builders saw revenues increase significantly.

The headline figures from the Superyacht UK survey found that:

  • Revenue increased year on year by 15.3% from GBP350m to GBP410m;
  • 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.

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.”

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.

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