3 minute read - 1st August 2022
Bentley Motors posts record results for first half of 2022
Bentley Motors has announced encouraging financial results for the first six months of 2022, despite continued global economic uncertainty. While the outlook for the second half of the year remains challenging, the luxury British marque posted operating profits of £334m, up 124% on the same period last year. The half-yearly figures compare favourably to £327m for the whole of 2021, the company’s previous record year.
Turnover increased from £1.1bn during the first half of 2021 to £1.44bn, while revenue per car climbed from £156,433, to £179,141, largely due to increased levels of personalisation. No luxury brand now sells more cars over £165,000 or £210,000 than Bentley. Return on sales also reached a record 23.3% during the first six months of 2022, up from 13.4% the previous year.
The best-selling Bentayga SUV claimed 40% of total sales, with the latest Flying Spur sedan accounting for 27%, and the Continental GT Grand Tourer recording 33%.
Bentley sales were up 33% in Europe and 44% in the UK year-to-date, helped by the introduction of the Continental GT Speed. The Americas remained the company’s strongest market, while China was impacted by extended Covid-19 lockdowns. Globally, year-to-date sales increased 3% to 7,398 cars, up from 7,199 during the same period in 2021.
The latest figures support Bentley’s forward-looking Beyond100 strategy, as the British brand reinvents its entire product range to embrace an electrified future, achieving carbon neutrality by 2030. This includes a £2.5bn 10-year investment programme in future products and at the Pyms Lane factory in Crewe, where all Bentley models are built.
Adrian Hallmark, chairman and CEO of Bentley Motors, said: “Despite the continued global economic instability, it is promising to see Bentley is showing financial consistency as we reinvent the company in line with our Beyond100 strategy and form a basis to withstand further external shocks. In particular, a significant increase in demand and capitalisation of our Mulliner personalisation programme has driven record return on sales, and continued global interest in the freshest model line in the luxury sector has resulted in record high revenues.
“I would like to thank our hard-working colleagues for their continued efforts, as Bentley continues its ground-breaking transformation towards an electrified future, financial independence and to be the leader in sustainable luxury mobility.”
Jan-Henrik Lafrentz, member of the board for finance & IT at Bentley Motors, added: “Bentley has continued to focus its efforts on building sustainable, long-term profitability. These results reflect a strong base pricing position, increased revenue through optionality and favourable foreign exchange rates. In parallel, we continue to maintain our lower cost base which is leading to a restructured business model that is delivering strong returns on our investment and sales.”