Business Performance of the UK Marine Industry reflects conditions facing wider economy
31 January 2012
Latest research from the British Marine Federation shows there has been a slight reduction in trends for the leisure, superyacht and small commercial marine industry in the face of a weak economy but it continues to hold firm.
Reports recently published are the BMF’s Key Performance Indicators report 2010/11 and Marine Industry Trends report November 2011.
Headlines from the Key Performance Indicators 2010/11 report include:
• Total revenue of the UK leisure, superyacht & small commercial marine industry was £2.901 billion (-2.1% from 2009/10)
• Value added contribution, the principal measure of national economic benefit, was £906.1 million, 31.2% of revenue (-3.0% from 2009/10)
• International trade was £1.073 billion, 37% of the total revenue (-6.6% from 2009/10)
• Full time equivalent (FTE) UK employees c. 31,300 across the industry (-2.7% from 2009/10)
• UK businesses c. 4,200
The latest Marine Industry Trends survey (May-November 2011) shows there has been a slight decrease in business performance trends from the last survey, most notably in the export market, following a period of consistency through 2010 and the first half of 2011. This is completely in line with the Gross Domestic Product (GDP) for the whole of the UK. When asked spontaneously what major problems they are currently facing, BMF members’ responses were dominated by the general economy, particularly the recent Eurozone issues.
• Level of marine business activity over the last six months: reported to have increased for 31% of members while 31% report it has decreased (net balance of 0%).
• Future business prospects: 29% state they expect the next 6 months to be good/excellent, 49% believe it will be ok and 22% poor
”While times are undoubtedly still hard, the marine industry is not cowed, and continues to innovate and develop world-leading products and services,” said Rob Stevens, Chief Executive of the BMF.
“By taking tough decisions now, as in the last few years, many businesses have ensured that they are in a position to weather the financial storm and emerge leaner and stronger as prospects improve. Additionally our industry understands that the world has changed and companies are evolving and developing their offering to meet current and future market needs with a view to growing the global market share.”
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