BoS says these figures reflect strong boat sales during the latter half of 2002 and around 65% of the sales are new boats ordered at the Southampton and London Boat Shows, with the power sector, in turn, accounting for the majority of these sales.

However, with the Iraq war causing consumer nervousness Whitehead is keen to keep the figures in context.

"Our sales figures are based on mortgages and loans paid out to our customers on delivery of a boat and as such reflect retrospective business deals, " he said. "This quarter will include Southampton and London Boat Show business.

"Moreover, March 2003 was our best ever month since we began trading in the marine sector, with £21.4 million of business paid out."

The March figures were, in turn, boosted by three large one-off deals, he added.

Whitehead sounded a note of caution, saying the industry needs consumers to feel confident about buying a boat once more.

"With the Easter break providing people quality leisure time, we must do all we can to remind people that boating is affordable, healthy and the leisure activity of choice, " he said.