2009 Survey of Marine Business in South West

Bishop Fleming releases survey results

By IBI Magazine

According to a recent survey conducted by UK accountancy firm Bishop Fleming, around 59 per cent of Britain's South West marine businesses believe that their sector will not emerge from the recession until next year, or the year after.

Most respondents, at 57 per cent, have had their sales affected by the recession — almost a quarter (23 per cent) have seen sales reduced by one-tenth, while 16 per cent report sales down by a quarter.

"Almost three-quarters of our respondents said that the marine sector is not getting the recognition of its role in the South West's economy, compared to tourism, agriculture, telecom-technology, and renewable energy," says Charlie Thomson, the partner heading Bishop Fleming's marine sector team.

"More than half (57 per cent) observed that the South West Regional Development Agency had identified the marine sector for priority focus, but have seen little practical funding aid. A further 30 per cent suggested that all the reasons for the Government to support the motor industry, like the scrapping scheme, should also apply to the marine industry in the South West."

Meanwhile, 31 per cent of South West marine businesses have already had to lay off staff, and a further 30 per cent are now considering job cuts.

Nevertheless, the survey reveals an underlying confidence in the future. Some 24 per cent of respondents said that, although the region is losing some good businesses in the recession, others are investing in new ideas and new markets, ready for the upturn.


(15 September 2009)