According to the BMF's latest reports, the sector is healthier than a year ago with high future expectations

The economic impact of the UK

marine industry and spend associated with boating participation was an estimated £6.2billion in 2012/13, according to a new report released by the

British Marine Federation (BMF).

Latest industry trends results also announced by the BMF show

encouraging signs of an upward trend for this key contributor to the UK

economy.

The two reports were

announced in a week when the UK leisure, superyacht and small commercial marine

industry came together at the BMF’s annual conference in Liverpool.

In addition to highlighting the

£6.2billion contribution, the BMF’s Economic Benefits of the

UK Boating Industry


also revealed expenditures are estimated to support approximately 141,000 full

time jobs and more than £5.3billion of Gross Value Added in the UK

economy, taking into account all direct and indirect effects.

The estimates in this report include

associated manufacturing, repair, servicing, distribution, retail, finance

activities and other consumer and business activities as well as wider tourism

activities and spend.

According to the BMF’s Industry

Trends Report (November 2013 – May 2014)
the sector is healthier than a year ago and future

expectations for the marine industry are also more promising.

Almost half of the

353 BMF members

who responded to the survey said they had

experienced an increase in overall marine business activity over the last six

months and profit levels showing ‘the most positive trend since pre

recession’.

Hit hard by the downturn, the

leisure market is now improving steadily and new build activity is seeing

uplift over the last six months ago compared to last year.

In the superyacht and small commercial

sectors, both of which are still performing ahead of the leisure sector

overall, the most significant improvement is being seen in the aftermarket/

refit markets.

‘Great news’

Howard Pridding, chief executive of

the British Marine Federation, said: ‘This economic benefits report now

completes the picture and we can appreciate the full economic impact of the

marine industry; £6.2billion is a significant total.

‘It’s also great news that latest indicators from our members

really do show that the industry is moving forward.

‘We’ve seen the sector experience

two consecutive years of positive growth and BMF membership numbers recently

reach 1,601, the highest since pre recession.

‘Many marine companies reported good sales at our two last

boat shows – PSP Southampton in September and London in January – and it is

very positive that interest is high for the forthcoming PSP Southampton Boat

Show, with 97% of space already sold.

‘This progress and

positivity for the industry was also evident at our annual conference in

Liverpool this week. With a theme

focusing on growth, many members came together to share best practice and

discussed ways to develop both businesses and the industry.’

Annual conference

The BMF Annual Conference

took place in Liverpool as part of the International Festival for Business

2014.

Former John Lewis Partnership customer service specialist Andrew McMillan

addressed the group as its keynote speaker this year.

Picture: The London Boat Show 2014. Credit: onEdition