3 minute read - 20th March 2024
Bentley Motors achieves second best financial performance on record in 2023
In 2023, Bentley Motors achieved its second best financial performance on record, with its results heavily influenced by record levels of interest in luxury personalisation. Operating profits reached £503m* (€589m), as three-quarters of customers explored the 46 billion different configurations available from Bentley’s Mulliner bespoke division, representing a 43% rise over 2022.
The luxury marque posted a revenue of £2.51bn* (€2.938bn) with customers also increasingly attracted to higher revenue models such as Azure, S and Speed, the mix of which reached 70%, up from 30% in 2022. In total, Bentley delivered 13,560 cars in 2023, its third highest retail figure in history.
Return on sales reached 20.1% in 2023, a marginal drop from 20.9% the year before, impacted by upfront expenditures for future products, and planned reduced volumes due to life cycle effects.
*Bentley made the original announcement as €589m and €2.938bn in Euros – due to ongoing currency fluctuations, £503m and £2.51bn are estimates based on exchange rates on the day of publishing.
Bentley Motors achieved its second highest financial performance in 2023 – heavily influenced by record levels of interest in luxury personalisation / Picture: Bentley Motors
Bentley’s latest financial performance supports the company’s industry-leading Beyond100 strategy, as it drives towards a self-funding transformation of its entire product range to electric, and becoming carbon neutral by 2030.
Adrian Hallmark, chairman and CEO of Bentley Motors, said: “Last year marked a further positive performance in our transformation journey, despite an increasingly volatile geopolitical and business environment. We took another big step forward on our strategy to focus on customer value rather than volume, and our well-balanced export success, disciplined cost management and ability to maximise personalisation proved our resilience and strong foundations to build upon.
“With uncertain market conditions set to continue during the year ahead, we will adapt our business model to ensure we remain in a balanced position, ready to adjust to increases or decreases in demand. Our focus on value over volume will be further strengthened and we look forward to our major product launch events in the second half of 2024.”
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Bentley Motors delivered 13,560 cars in 2023 achieving an overall revenue figure of £2.51bn* (€2.938bn) / Picture: Bentley Motors
The trend for SUV buying continued as Bentayga remained Bentley’s number one model, accounting for 44% of total sales volume and reinforcing its position as the most successful luxury SUV in the world. Furthermore, consistent appeal continued for the Continental GT and GT Convertible, accounting for nearly a third of sales (31%), with the four-door Flying Spur reaching 25% of total sales volume.
In spite of challenging conditions in key regions around the world, the Americas maintained its position as the biggest selling global market. Interestingly, Bentley’s home market in the UK is now the number one selling region for hybrid models by proportion, with 27% of sales from relevant model lines in 2023 selected as a hybrid option.
