The growth is attributed to a number of factors, including the continuing expansion of the US powerboat market and increased orders from the larger companies in the European sailboat market.

Market share grew across all the Lewmar divisions with the hatch division showing a particularly strong performance.

More than a dozen key new products were launched in 2002 and these are already enjoying success with sales indicated to grow in 2003.

Sales to the specialist boat market were up, particularly due to the America's Cup, with Navtec supplying rigging to all competing syndicates and Lewmar providing winches and hardware to a number of them.

The company says changes made in 2002 to enhance efficiency and service included the reorganisation of the European sales team to handle three distinct market sectors:

volume boat builder, custom boatbuilder and distributor.

New production and stockholding systems have achieved ever higher standards of deliveries which is also enhancing new business.

In the year 2002 Clyde also acquired Titan, the world's biggest winch handle manufacturer.

Clyde Marine says the group can look forward to a very promising future by continuing to buck the trend caused by current global uncertainty.