28/07/23
COMPANY
Luxury British marque posts six-monthly operating profits of €390 million
Second highest performance on record following unparalleled 2022
Revenue reaches €1.681 billion, with continued success of Mulliner personalisation
Global sales hit 7,096 due to sustained order bank despite difficult economic conditions
(Crewe, 28 July 2023) Bentley Motors today announced encouraging financial results for the first six months of 2023, however cautioned of more difficult trading conditions to follow. The luxury British marque posted operating profits of €390 million, slightly down on the same period last year, a two per cent drop from €398 million.
Revenue decreased slightly in 2023, posting €1.681 billion against a 2022 figure of €1.707 billion, with significant interest in Mulliner personalisation, derivatives and optional uptake continuing. Return on sales remained as 23.2 per cent for the first six months of 2023.
Commenting on the results, 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 per cent of total sales, with the latest Flying Spur sedan accounting for 24 per cent, and the Continental GT and GTC Grand Tourers recording 32 per cent.
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 as part of a €3 billion, ten-year investment programme in future models and at the Pyms Lane factory in Crewe, England, where all Bentley models are built.
Half-year financial figures
| Financial result | 2023 HY | 2022 HY |
| Revenue | €1.681 billion (-2%) | €1.707 billion |
| Operating Result | €390 million (-2%) | €398 million |
| Return on Sales | 23.2 per cent | 23.3 per cent |
Half-year sales figures
| Market | 2023 HY | 2022 HY | 2023 HY (% of total sales) |
| Americas | 2,065 (0%) | 2,068 | 29% |
| Chinese mainland, Hong Kong and Macau | 1,512 (-7%) | 1,621 | 21% |
| Europe | 1,340 (-12%) | 1,524 | 19% |
| Asia Pacific | 963 (+5%) | 916 | 14% |
| United Kingdom | 688 (-13%) | 795 | 10% |
| Middle East | 528 (+11%) | 474 | 7% |
| Total | 7,096 (-4%) | 7,398 | 100% |
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Bentley Motors is the most sought-after luxury car brand in the world. The company’s headquarters in Crewe is home to all of its operations including design, R&D, engineering and production of the company’s five model lines, Continental GT, Continental GT Convertible, Flying Spur, Bentayga and Bentayga EWB. The combination of fine craftsmanship, using skills that have been handed down through generations, alongside engineering expertise and cutting-edge technology is unique to UK luxury car brands such as Bentley. It is also an example of high-value British manufacturing at its best. Bentley employs around 4,000 people at Crewe.
