Increase in exports bolsters marine industry
UK boatbuilders are reporting a rise in profits due to increased demand from overseas customers.
Trade organisation British Marine has announced that year-on-year revenue increased by 21.3% in 2018 to a turnover of £777 million, with 65% of new boats going overseas.
This comes as British Marine reports that business confidence in the UK’S marine industry is declining due to economic uncertainty.
Just 10% of British Marine members responded to its Marine Industry Trends November 2018-June 2019 survey. Findings suggest that domestically focused UK businesses continue to experience flat markets. New and used boat sales domestically have ‘struggled’, with reduced stock partly due to increased overseas sales. Prices in the charter market have ‘dropped significantly’ to attract customers, although firms are reporting revenue increases.
The managing director of flotilla and beach club specialist, Seafarer, Chris Lorenzo said that while consumer confidence had been shaken, the market had remained strong, with growth in Greece and Turkey, and his ‘turnover and numbers are not down’.
Sean Langdon of Discovery Yachts said their order book was ‘OK’, although it could be stronger.
UK brokerage Ancasta disputed the findings and raised questions about data collection. Its brokerage revenue at the end of August 2019 rose by 14%, and it is ‘the most profitable year ever’ for its refit and repair arm.
British Marine said it stood by the survey findings and it was assisting members to find new domestic customers and export markets.