2 minute read - 9th May 2023
Bentley Motors reports strong Q1 following record year in 2022
Bentley Motors has reported record first quarter financial results, and it’s second best-ever quarter in history. The luxury British marque began 2023 with operating profits of £188m* (€216m), an increase of 27% on the same period last year. Overall revenue rose to £769m* (€882m), up 9% from £709m* (€813m). The figures follow record yearly results in 2022, when operating profits of £617m* (€708m) were up nearly £870m* (€1bn) compared to 2018. This unparalleled performance also represented an increase of £278m* (€319m) on 2021.
Return on sales in the first quarter climbed from 20.9% in 2022, to 24.4%. Much of this was due to continued strong interest in model customisation, higher specification derivatives and higher option uptake, including the sales of Mulliner Coachbuilt and Limited Edition models.
The first quarter figures also reflect strong performance in global sales, which increased by 10% to 3,517 cars. The Americas reported a 39% rise over the same period in 2022, with a total of 1,157 vehicles, while Asia Pacific (+11%) and Middle East (+66%) also reported positive results.
*Bentley made the original announcement as nearly €216m, €882m, €813m, €708m, €1bn and €319m in Euros – due to ongoing currency fluctuations, £188m, £769m, £709m, £617m, £870m and £278m are estimates based on exchange rates on the day of publishing.
Bentley Motors has seen its best-ever first quarter financial results, which follows the record-breaking year the firm had in 2022 / Picture: Bentley Motors
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The latest global figures and demand for new models provide Bentley with self-funding for its Beyond100 sustainability strategy. That includes a €3bn investment in its Crewe factory, as well as launching five new BEV models in just five years, starting in 2026.
Adrian Hallmark, chairman and CEO of Bentley Motors, said: “Despite a challenging global environment, we started 2023 where we left off in 2022, with another solid set of financial figures, driving growth in revenue, operating profit and return on sales. Bentley’s record performance in the Americas is also especially notable, with one in three of our luxury cars now sold in the region. The introduction of the Bentayga EWB, plus the success of the Flying Spur sedan, have been key to this growth. Looking ahead, although our well-balanced distribution model shows signs of encouragement that this success can be continued, we remain cautious about global challenges that remain in the markets.”
Bentayga models accounted for 42 per cent of sales in Q1 of 2023 / Picture: Bentley Motors