boatingbusiness.com
JULY 2022
Person Behind the Face 6 | Business Matters 10 | Profile 25 | People 26
PANDEMIC BLIGHTS BM PROFITS
News
Composite recycling collaboration Suspension seat wins Boating interest soars
pages 1-9
Engines & Propulsion
Repeated cancellations of the Southampton International Boat Show have led to a significant loss for British Marine in 2021. As a result of Covid-19 restrictions, the 2020 edition of the show was replaced with a smaller scale event which was also cancelled at the last minute with a loss to British Marine of around £50,000. Turnover in the current year has decreased by £5,603,923 with EBITDA a loss of £1,331,692 compared to 2020’s loss of £14,852. Overall net assets for the group decreased by 39% from £2,919,570 last financial year to £1,780,057 this financial year. The total trading loss for the year to 30 June 21 was £1.85M reduced by investment income of c£370k - a loss BM puts down to Covid. ”We have internally calculated the cost of covid to be £1.85M concluding that in the absence of the impact of the pandemic we would have delivered a break-even trading performance,” said BM CEO Lesley Robinson. ”This trading loss is primarily a result of the lack of our full UK national boat show in Southampton in 2020.” The loss for the year was funded through withdrawals from the Investment fund of £1.1m and by increasing the organisation’s current overdraft facility to £2.75m up from £2m pre pandemic. A further £400,000 was withdrawn from the fund in preparation for the on-going impact forecast in to the 2021/22 financial year. The company remains positive however, despite the gloomy results. “The success and effectiveness of British
8 Southampton International Boat Show will return in September 2022
Marine is measured by more than financial performance,” said the board of directors. “We have done well to maintain our membership levels at around 1,500 in an ongoing pandemic environment throughout the year. “As a result of our Covid-19 support, guiding members though Brexit and providing them with their core package of benefits and additional support, British Marine’s Net Promotor Score increased from -19 in 2020 to -1 in 2021.” The company also pointed to its successes in representing the industry and championing its needs at a government level as well as developing events to showcase the industry. ”The past two years have been extremely challenging, both financially and operationally, but we are now looking forward to the new financial year and the opportunities that it offers for our industry,” added Lesley. Renumeration increase Key risks to British Marine include its current financial viability and cash flow against a backdrop of rising inflation. Despite a significant loss, chief executive Lesley Robinson saw a rise in renumeration of nearly £10,000, which she attributes to a temporary increase to compensate for the departure of BM’s commercial director. The Southampton International Boat Show is set to return on 16 - 25 September 2022.
Hybrid partnership Outboard optimisation New waterjets
pages 11-16
Mast, Sails, Spars & Rigging
500% rise UK introduction 2,604sqm spinnaker pages 17-24