UK leisure marine industry on upward swing
By IBI Magazine
The British Marine Federation (BMF) published its annual report on the state of the UK leisure marine industry today at the Collins Stewart London Boat Show, which opened on Friday. According to the report, UK companies generated sales of around £2.8 billion during the 2005/6 financial year, with manufacturing forming the foundation of the industry's success. In terms of Value Added contribution, this equates to just over £1 billion, or 37.6 per cent of turnover.
"The leisure marine industry in Britain continues to go from strength-to-strength and remains a successful manufacturing sector and a vital element of the British tourism industry," says Rob Stevens, chief executive of the BMF. "The marketplace remains confident and it is great to see that the industry is employing over 35,000 people."
The UK leisure marine industry, which is made up of more than 4,300 businesses, is said to have grown by a rate of approximately 7.8 per cent per annum since 1997.
"At a time when the UK economy is strong and the FTSE 100 has recently reached its highest level for over six years, Collins Stewart's private wealth management business is seeing increasing wealth creation in the UK," adds Joel Plasco, chief executive of Collins Stewart. "This thriving economy is fuelling the growing UK Leisure Marine Industry by driving both industry demand and investment, underpinning the UK's excellent reputation for high quality marine products and service."
The BMF's findings conclude that:
- The manufacture and distribution of leisure and small commercial craft accounts for £1.01 billion (36.5 per cent) of the industry's total turnover. The next largest contributors are the providers of consumer services (£944 million or 34 per cent) and the manufacture and distribution of equipment (£540 million or 19.5 per cent).
- Of the £2.8 billion industry turnover, £918 million (33.1 per cent) is raised through the export of products and services. Of this figure £445 million (49 per cent) is made through exporting manufactured boats.
- Small businesses account for half of the 35,000 people employed in the industry (50 per cent), and also contribute the greatest amount towards total revenue, creating £1.18 billion (42 per cent of industry revenue).
- The South East alone contributed just over £1 billion (36.8 per cent) of the industry's total turnover — of which £383.1 million is Value Added contribution — followed by the South West (23.1 per cent) and the East of England (12.3 per cent).
(8 January 2007)
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