Future of the UK marine sector looking bright.
Wednesday 20th November 2013
In the recent issue of Motor Boat & Yachting, one of the lead articles suggests that the UK leisure marine industry is not merely in recovery but is actually outperforming some key competitor markets in Europe.
The basis for this assumption is the expectation that the British Marine Federation (BMF) will announce a more positive turnover picture for 2012/2013 compared to the period before, which would mean two consecutive years of growth for the British leisure marine sector.
Italy used to comfortably be the European leader in terms of industry revenues, but the overall value of the Italian industry has tumbled well in excess of 50% in the last five years to £2.11 billion in 2012.
In terms of overall decline since 2007/8, the UK stands above both France and Italy with a £250m drop in revenue since the pre-recession high.
All this goes to show that the UK’s leisure marine industry is one of the most robust and supported by some of the world’s finest marine businesses. Indeed, Princess yachts are investing heavily in their manufacturing facilities as they seek to expand their existing South Yard facility. The South Yard site is used to build Princess’s M Class yachts, a range of 100 ft. plus vessels, including the flagship Princess 40M, which was the Winner of the 2013 World Superyacht awards.
This investment alone has already created 290 jobs and helped safeguard a further 400 showing that the British manufacturing sector is still alive and well with regard to the marine leisure industry.
Length: 131.76ft / 40.16m Year: 2017
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