Bentley maintains strong momentum after achieving record first quarter figures
Luxury car maker Bentley, which manufactures vehicles at its Crewe plant, announced record financial results for its first quarter period, today (April 5).
In the three months for 2022, operating profits soared by 162% to €170m which, it said, mirrored its second best full-year profit figure.
Revenue per car jumped from €184,000 in 2021 to €212,000, and the return on sales reached 21%. There was significant interest in Mulliner and Speed derivatives, particularly in Europe where total sales rose by 38%. Globally, Continental GT sales increased 10%, with strong performance in the Asia Pacific region and in the brand’s home market of the UK, in particular.
Bentley sales are up 38% in Europe in the year to date.
The record figures follow a €3bn investment commitment in the Crewe factory and future products and, the group said, reinforce Bentley’s Beyond100 strategy, with plans to sell more hybrids than ever in 2022.
Today’s announcement follows a record financial year in 2021, when annual profit soared to €389m – more than double the company’s previous best of €170m in 2014.
Revenue and return on sales figures also reached record levels in the first three months of 2022, reaching €813m and 21%, respectively. And despite sales performance slightly reducing because of global events, there was a steady increase of customer interest in new models resulting in an order bank at record levels.
Chairman and CEO of Bentley Motors, Adrian Hallmark, said: “Despite a challenging global environment, we started 2022 where we left off in 2021, with another solid set of financial figures.
“This has been driven by strong revenue growth, thanks to our fresh and exciting new model portfolio, a significant increase in demand for Bentley’s personalisation programme, and strong growth in sales of our new hybridised products.
“The combined effect of this revenue, together with a restructured business model, has enabled us to deliver industry competitive returns on sales and investment.
“These results demonstrate the intrinsic strength of our brand and confirm the ongoing success of our industry-leading Beyond100 strategy. They also suggest even more promise for the transformational years ahead.”
Jan-Henrik Lafrentz, member of the board for finance & IT, at Bentley Motors, said: “Although the continued global economic uncertainties have slightly impacted our sales performance in the first quarter, the growth in revenue, profit, and maintained lower cost base is a clear indication that we are building a resilient business.
“This is a stable platform to help withstand external challenges and forms a basis to achieve our Beyond100 ambitions and lead sustainable luxury mobility in the future.”
