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APRIL 2023
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BRITISH LEISURE MARINE BOOM BEING ERODED BY HIGH INFLATION British Marine has released its latest economic audit of the UK leisure marine industry and it was good news up until the cost of living crisis hit. The organisation’s Key Performance Indicators (KPI) report for the 2021/22 financial year, reveals that the marine industry enjoyed a successful post pandemic bounce back. “Overall, the report is reassuring however we must remain mindful that these figures related to 2021/2022 and the impact of the current ‘cost of living’ crisis and the overall financial challenges affecting many UK businesses may well have a future impact on the sector,” said Lesley Robinson, CEO, British Marine. Boom and bust? One of the key findings of the report was that that the UK marine industry benefitted from revenue growth of 25% in 2021/22. Total industry revenue was estimated at £4.23 billion – or 6.5% above its pre-pandemic level (2019/20 financial year). UK marine exports made a strong recovery in 2021/22 growing 13% to £1.22 billion, powered by the sale of UKmade boats. Sailboat exports grew 40% to £116 million, rigid inflatables increased 48% to £30 million and overseas powerboat sales grew by 7% to £574 million. With domestic demand powering industry growth, imports also saw a robust increase in 2021/22, growing 8% year-onyear. Sales in ther mian were driven up by rigid inflatables, up 66% to £39 million and outboard engines, up 40% to £22 million. However economic events have changed rapidly since the end of the 2021/22 financial year, with high inflation and deteriorating consumer spending power eroding the boom.
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Profitability edges closer Targets set Industry flies blind pages 1-9
8 The British leisure marine industry enjoyed a boom post-pandemic
UK consumer confidence sank to its lowest index score on record in October 2022 with both consumers and businesses hit by a cost of living crisis that has pushed the UK to the brink of recession. British Marine said that whilst the marine industry has been resilient, generally outperforming the wider UK economy, it has not been immune to the financial challenges now affecting UK businesses. The organisation’s latest sentiment survey (December 2022) indicates that the share of marine businesses seeing quarterly year-on-year sales growth, dropped from 52% in Q1 2022 to 29% in Q4 2022. But despite the decline in sales growth over the last six months, marine business confidence has remained steady, with 49% of British Marine members reporting in December that they were still optimistic about their prospects going into 2023.
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Round the world sailor rescued Ian Herbert Jones, skipper in the Golden Globe Race (GGR), has been rescued from the southern Atlantic. The Shropshire based sailor had suffered a back and head injury when his Tradewind 35 yacht Puffin was rolled and dismasted. Race authorities were alerted by Ian using a YB3 satellite tracking and texting device and with Ian unable to cut the mast free due to storm conditions, and also suffering water ingress into the yacht’s hull a rescue mission was put into place. Three fishing vessels were diverted to Ian’s position along
with a British fisheries patrol boat which was later stood down. This was Puffin’s second circumnavigation – the first was in the GGR 2018. After Ian’s rescue by one of the fishing vessels, the yacht was scuttled as she was a hazard to safety. Ian had been in heavy weather with winds gusting up to 75 knots and an 8m sea. He had been unable to deploy his drogue or warps as the wind intensified. The race started last September with 16 entrants and is approximately 30,000 miles around the globe.
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