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Superyacht UK announces record revenues for British industry

The British superyacht industry is in rude health, according to new figures released today (September 25) by Superyacht UK in association with British Marine.

The latest statistics reveal that the British superyacht industry’s revenue rose by 1.7% during 2016 to a record high of £615 million. This translates into an estimated £450 million gross value added to the UK economy and £186 million in taxes generates for the UK exchequer.

Howard Pridding, CEO at British Marine, said: “Confidence in the sector is high and we expect to see further growth into 2018, despite the ongoing political uncertainty. Our sector is primarily driven by a customer base that is less exposed to economic risk, be it in the UK or the EU, meaning the UK market remains strong.”

Standout success stories highlighted by the report include superyacht refit yards Burgess Marine and Pendennis (pictured above). The latter completed a 2016 upgrade on 85.6 metre Aquila, the largest yacht refitted in Britain to date, while the former’s recent projects include the 55.17 metre Lady A. Taken as a whole, the UK refit industry accounts for 58% of the country’s yacht manufacturing sector.

“UK designers and builders continue to be in global demand,” adds Pridding. “But we must also celebrate the supply chain and support services, which really set the UK apart from its competitors.”

This news comes amid encouraging signs from many British new-build yards, with Oyster and Spirit both working on their largest sailing yachts to date. Meanwhile, Sunseeker recently revealed that its forward order book is the biggest it’s ever been and Princess Yachts reported an 85% year-on-year increase in orders taken from the recent Cannes Yachting Festival.