Britain’s superyacht industry has posted its highest sales figures since the financial crisis, and industry experts say momentum has not been torpedoed by Brexit jitters.
Industry revenues rose 1.6% to £3.01 billion in the year to April 2016 which is the first time that sales figures breached £3 billion since the economic crash of 2008-2009, British Marine said and are confident that boat builders which export overseas will continue to see a boost in demand.
That was driven by an 8.8% rise in engines and equipment manufacturing revenues to £335 million, and a 6.8% jump in hire, passenger and charter boats to £351 million.
Luxury superyacht builders attending the London Boat Show have, unofficially, been thrilled at the level of sales achieved so far during the two week event.
Howard Pridding, chief executive of British Marine, said: ‘The industry remains robust – revenue is growing and we are taking on more staff.’
Besides the effect of Brexit, the global superyacht charter market, valued at US$ 8.5 Bn in 2015, is set to increase at over 7% CAGR through 2026, surpassing US$ 18 Bn in revenues. Yacht chartering is gaining popularity as a leisurely activity, especially among corporate consumers and prospective owners can see a return in their investment as well as having their own personal luxury floating home.
View superyachts for charter with Jack Tar Superyacht Charter
British Marine and its members have recently met the Department for International Trade to discuss what support government can give the industry. The message from exporters was that while Europe is and will remain significant, businesses are exporting to many other markets and need government backing to take advantage of opportunities to trade with the likes of China and North America.
Mark Garnier MP and Jesse Norman MP, ministers at the Department for International Trade and Business, Energy and Industrial Strategy respectively, will be in attendance at the London Boat Show meeting marine businesses to discuss further trade opportunities and an Industrial Strategy for marine.