Marine industry a growth sector
In the 2005/6 financial year, the total turnover of the UK Leisure Marine Industry was £2.8 billion, with manufacturing forming the foundation of the industry’s success. In terms of Value Added contribution – the principal measure of national economic benefit – this equates to just over £1 billion (37.6% of turnover).
With the industry having grown consistently at a rate of 7.8% per annum since 1992, there are over 4,300 businesses involved in the leisure marine market, employing in excess of 35,000 full-time staff, the British Marine Federation reveal.
The comprehensive industry-wide research concludes that:
The manufacture and distribution of leisure and small commercial craft accounts for £1.01 billion (36.5 %) of the industry’s total turnover. The next largest contributors are the providers of consumer services (£944 million or 34%) and the manufacture and distribution of equipment (£540 million or 19.5%).
Of the £2.8 billion industry turnover, £918 million (33.1%) is raised through the export of products and services. Of this figure £445 million (49%) is made through exporting manufactured boats.
Small businesses account for half of the 35,000 people employed in the industry (50%), and also contribute the greatest amount towards total revenue, creating £1.18 billion (42% of industry revenue).
The South East alone contributed just over £1 billion (36.8%) of the industry’s total turnover – of which £383.1 million is Value Added contribution – followed by the South West (23.1%) and the East of England (12.3%).