Record Q1 for BMW as UK sales exceed group average
VEHICLE manufacturer BMW Group has revealed full details of its record first quarter.
The group’s Automotive arm, which includes an engine manufacturing facility in Coleshill, sold 557,605 vehicles (Q1 2015: 526,669 units) in the first three months of the year, an increase of 5.9% on the same periods last year.
At £16,505m (€20,853m), group revenues for the period from January to March declined 0.3% on last year (2015: €20,917m), influenced by unfavourable currency factors such as the strong pound.
Profit before financial result (EBIT) was down 2.5% to £1.945m (€2,457m) (2015: €2,521m) and group pre-tax profit increased by 4.4% to a new record of £1.875m (€2,368m) (2015: €2,269m). Group net profit rose by 8.2% to £1,300m (€1,641m) (2015: €1,516m), also a new first quarter record.
Harald Krüger , BMW chairman, said: “Our first-quarter performance is further proof of our ability to generate positive earnings with our core business, despite a volatile environment.
“The decisive factor for us is not short-term profit but sustainable, profitable growth. From this position of strength, we intend to play a pioneering role in transforming and shaping the world of individual mobility going forward.”
It added that at £14,895m (€18,814m) automotive revenues were down 0.4% on last year (2015: €18,893m) but in line with the upper end of expectations.
Pre-tax profit rose by 6.1% to £1,372m (€1,734m) from €1,634m in the same periods last year.
The BMW brand set a new sales volume record, with 478,743 units sold (2015: 451,576 units), an increase of 6%.
Leading the sales boost were the 7 Series and the all-wheel-drive X range. First-quarter deliveries of the BMW 7 Series were 20.3% ahead of the previous year. Sales of the BMW X1 in the three-month period jumped by 67.6% year-on-year to 51,002 units. The X3 recorded a 26.9% sales volume increase to 38,719 units, and the X6 was 15.2% up on the previous year (11,043 units).
MINI set a new record, with worldwide sales 5.4% higher at 78,311 units (2015: 74,312 units). Strong momentum came from the new MINI Clubman, of which more than 12,000 units were sold during the three-month period.
First-quarter sales of Rolls-Royce Motor Cars were affected by a number of factors, including political and economic uncertainties, most notably in the Middle East. Preparations for the market launch of the Dawn also had an impact.
In total, 551 units were handed over to customers during the period, a fall of almost 30% on the same period last year (2015: 781 units; -29.4%). The new Rolls-Royce Dawn made its debut at the end of March. Order intake is good and is expected to stimulate demand, said the group.
Group sales were up 9.5% in Europe (10.5% in the UK) and by 9.9% in Asia (10.5% in mainland China) but declined 8.7% in the Americas (10.8% in the USA).
