UK marine industry grows despite the global woes

12:23 PM Tue 13 Jan 2009 GMT

'Dockside crowds in the sun at Collins Stewart London Boat Show - crucial to promoting the UK marine industry.' onEdition &copy Click Here to view large photo

The UK leisure and small commercial marine industry grew by 5% in 2007/08, breaking through the ?3bn revenue barrier for the first time, says the British Marine Federation (BMF).

The figure shows the leisure marine industry continued to outperform the wider UK economy, but the BMF is quick to note the leisure marine industry is not immune to the increasing global economic turbulence and recent research with BMF members shows that, along with the rest of the economy, the industry is facing difficult times.

The headline findings of the annual statistics include:
* The total turnover of the UK leisure and small commercial marine industry is ?3.1bn - an increase of 5% from 2006/7
* International trade revenue is almost ?1.1bn - an uplift of 6% from 2006/7.
* There are 35,200 employees across the industry in the UK, a small decrease of 1.4% from 2006/7.
* There are around 4,300 businesses operating in the UK leisure and small commercial marine market.

But recent research shows the industry is increasingly concerned about the impact of the recession.

The BMF's Autumn Trends report shows: the rating of the value of the order book for the home market has decreased significantly compared to recent surveys - 15% rate their order book value as 'more' than six months ago and 63% rate it 'fewer.

The value of the order book for the export market is faring slightly better than the UK market although it is decreasing when compared to recent surveys: 20% rate this order book as 'more' than six months ago and 46% rate it 'fewer'.
Turnover and meeting profit forecasts have decreased by around 10% from the last survey - turnover compared to this time a year ago is 'higher' for 30% and 'lower' for 41%.

Profit forecasts over the last six months have been exceeded for 9%, attained for 39% and fallen below for 52%.
Business prospects for the next six months are perceived to be less optimistic than recent surveys: future prospects are perceived to be 'excellent' for 2% of respondents, 'good' for 14% and 'OK' for 46%, 'poor' for 30% and 'very poor' for 8% .

'The annual statistics are very encouraging and show that the continued commitment to quality and innovation in the UK leisure marine industry, which is recognised around the world, is continuing to pay off,' said Rob Stevens, BMF chief executive. 'In particular, to break the ?3bn revenue barrier is a marvellous achievement.'

But we cannot overlook the unprecedented global economic downturn and the difficulties it will cause the leisure marine industry in the UK, he added. With uncertainty set to continue, it is clear that further difficult decisions will have to be made and the BMF is redoubling its efforts to support members at this challenging time.

Mr Stevens said the BMF is confident in the underlying strength of the UK's leisure marine sector. 'This strength will, we believe, enable the sector to tackle current challenges and emerge from the current downturn on a sure footing,'he said.

by BMF UK

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