UK leisure marine sector shrinks in 2011

Latest business performance research shows a drop in total revenue of 2.1 per cent compared to 2009/10.

The British Marine Federation (BMF) has published its latest research on business performance for the UK leisure marine sector. Findings for 2010/11 show international trade for the leisure, superyacht and small commercial marine industry was £1.073bn, a 6.6 per cent drop from the previous period. Total industry revenue was £2.901bn, down 2.1 per cent compared to 2009/10.

The Key Performance Indicators report for 2010/11 includes value added contribution, the principal measure of national economic benefit, was £906.1m, a three per cent decline from 2009/10.

In addition, the BMF has published its Marine Industry Trends survey, whose results are completely in line with the Gross Domestic Product (GDP) for the whole of the UK of -0.2 per cent growth for 2011.v Comprising May-November 2011, the MIT survey also shows a slight decrease in business performance trends from the last survey, most notably in the export market. The sector, however, experienced a period of consistency through 2010 and the first half of 2011.

When asked what major problems they are currently facing, BMF members’ responses were dominated by the general economy, particularly the recent eurozone crisis.

Commenting on the results, Rob Stevens, BMF chief executive, says: “While times are undoubtedly still hard, the marine industry is not cowed, and continues to innovate and develop world-leading products and services.

“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.”

Both the Key Performance Indicators and the Marine Industry Trends survey are available in full on the BMF website.