British Marine halves pandemic losses in 2022
British Marine, the trade association for the leisure marine, superyacht, and commercial marine sectors, has filed its accounts for the financial year ending 30 June 2022.
Operational losses have been reduced by almost half, from £1.9m to £1m since 2022, as the industry continues to gradually bounce back from the effects of the pandemic.
British Marine has attributed the slight recovery to a number of key activities returning to near normal, including the partial return of the Southampton International Boat Show, increased demand for industry-specific training courses and the opportunity to exhibit with British Marine at international shows and trade events.
Lesley Robinson, British Marine CEO, comments: “Brexit, the pandemic, the war in Ukraine and now the rising cost of living are all challenges that we share with our members and have impacted our association. Without compromising on service delivery, we have been working hard behind the scenes to streamline our operations and explore every opportunity available to us. I’m therefore pleased to see the beginnings of a strong recovery.”
Earlier this year, British Marine released a KPI report highlighting the extent of the post-pandemic bounceback across the sector.
Robinson adds: “We have an exciting year ahead of us, which is underpinned by the commitment of a highly motivated, caring and passionate British Marine team. As our industry’s trade association, we take great pleasure in supporting both you and your team in growing your business. Please do not hesitate to contact us if you’d like to find out what opportunities are available to you.”
British Marine has also now secured a new 10-year license with Southampton City Council to continue operating the Southampton International Boat Show, which is now in its 54th year.
As part of a cost-saving initiative, which included relocating the British Marine’s headquarters to smaller premises, British Marine says it has now also secured a long-rental agreement of its property asset Marine House. This will contribute to achieving British Marine’s aim, which is to return to a budgeted small surplus, on behalf of its members.
The KPI report finds the UK marine industry bounced back from a year plagued by pandemic disruptions with like-for-like revenue growth of 25 per cent in 2021/22. Total industry revenue was estimated at £4.23 billion – or 6.5 per cent above its pre-pandemic level (2019/20 financial year).
The industry’s direct GVA contribution to UK GDP is estimated to have grown 27 per cent to £1.57 billion in 2021/22.
Today (18 April 2023) at the London Luxury Afloat show at St Katharine Docks, British Marine also officially released the new UK Marine Industry Technology and Innovation Road Map.
The launch marks the final step in the mapping project, which started pre-covid, aimed at providing industry and other stakeholders with a single validated source of information on the key opportunities, challenges and innovation priorities within the <24m UK recreational and commercial craft sectors.
“To ensure the longevity and success of the sector it is important that the industry has a plan and strategy for the future with the ability to identify challenges and the support needed to address these challenges”, says Robinson.
“We have worked closely with the industry over the past few years, to develop the Road Map which we hope will stimulate companies to look at the future holds and how best to shape their long-term strategy.”
Working with craft manufacturers, designers and the equipment and materials supply chains, the project focused on four main elements of activity in the sector — Customer Expectations, Design of vessels and components, Manufacturing of vessels and components, and End of Life vessels.
The full report and further details around each of the Road Map’s four elements are available on the British Marine website.
