2 minute read - 31st July 2023
Bentley Motors announces strong half-year performance
Bentley Motors has reported strong financial results for the first six months of 2023, however, it cautioned of more difficult trading conditions to follow. The luxury British marque posted operating profits of £335m* (€390m), slightly down on the same period last year, a 2% drop from £341m* (€398m).
Revenue decreased slightly in 2023, posting £1.45bn* (€1.681bn) against a 2022 figure of £1.46bn* (€1.707bn), with significant interest in Mulliner personalisation, derivatives and optional uptake continuing. Return on sales remained as 23.2% for the first six months of 2023.
*Bentley made the original announcement as €390m, €398m, €1.681bn and €1.707bn in Euros – due to ongoing currency fluctuations, £335m, £341m, £1.45bn and £1.46bn are estimates based on exchange rates on the day of publishing.
Adrian Hallmark, chairman and CEO of Bentley Motors, said: “The positive results for the first six months are largely a reflection of a consistent order bank amassed over the previous months and years and although our current order run rate is good, it is slightly down on the highs we reached in some of our key markets last year. We expect challenging conditions in the second half of the year and so will monitor our supply and stock levels accordingly to ensure our quality of sales is maintained, and adjusted, if we so need as the year continues.”
From the half-year deliveries of 7,096 cars, the best-selling Bentayga luxury SUV claimed 44% of total sales, with the latest Flying Spur sedan accounting for 24%, and the Continental GT and GTC Grand Tourers recording 32%. Global sales were down four per cent on the same period in 2022, with the Americas remaining the company’s strongest market, followed by China and Europe.
Despite warnings of challenging conditions ahead, Bentley’s commitment to the marque’s industry-leading Beyond100 strategy continues. This includes a transformation from a W12 and V8-centred product portfolio to fully electric within a decade, and in parallel a fully carbon neutral organisation. This forms part of a €3bn, ten-year investment programme in future models and at the Pyms Lane factory in Crewe, where all Bentley models are built.