Bentley marks sixth year of profitability, despite decline in revenues and profits

Luxury car maker, Bentley Motors, has suffered declines in its annual revenues and profits, despite record levels of personalisation by its customers.

The Crewe-based motor manufacturer reported revenues of £2.23bn for 2024, compared with £2.47bn the previous year. Operating profits were £314.05m, down from £495.91m in 2023.

However, Bentley say the figures represent its sixth consecutive year of profitability which will help to self-finance a record site investment, underlining a long term commitment to UK manufacturing as Bentley prepares to introduce its first BEV (electric vehicle) to the market in 2027.

Balancing the site investment expenditure, record levels of personalisation – with 70% of customers choosing a Mulliner bespoke option – resulted in the highest ever revenue per car, increasing 10% in the past two years.

It said its return on sales of 14.1% is one of the best across the automotive industry and reflects upfront expenditures for future products and planned reduced volumes due to lifecycle effects.

Bentley’s said its latest financial performance supports the company’s industry-leading Beyond100+ strategy, as it drives towards self funding its ambition of being exclusively electric by 2035 and introducing a new hybrid or electric model every year for the next decade.

The group said 2024 was a year of transition for Bentley’s brand-defining Continental GT model.

The third generation gave way for the fourth, meaning the end of W12 engine production in Crewe and the introduction of all new ultra-performance V8 hybrid powertrain.

This was also introduced in the Flying Spur four-door sedan towards the end of the year.

Both were launched initially in highly positioned Speed and Mulliner derivatives. Lower powered derivatives follow in 2025.

Bentley Motors chairman and CEO, Dr Frank-Steffen Walliser, said: “Last year marked a milestone year in our transformation as we prepare for our electric future.

“We are investing at levels never seen before at Bentley, as we not only revolutionise our product cycle plan, but also transform an 85-year-old site for a new age of electrification.

“These are the critical foundations that will build our long term sustainability and success.”

He added: “Despite global challenges in 2024 and the run out and replacement of three of our four model lines, financial resilience measures introduced towards the end of the last decade ensured a sixth year of consistent profitability.

“Looking forward to 2025, of course we continue to navigate difficult global market conditions and maintained volatile political and economic environments, however our strength of sales is strong.

“We have reached record levels of revenue per car, a well-balanced export strategy and a clear structure to maximise personalisation.

“This, added to a full year availability of our new plug-in hybrid Continental GT and Flying Spur models, gives us a great deal of optimism and will have a significant, positive impact on our order bank and sales as we continue through the year.”

Confirming Bentley’s long term commitment to Crewe, work today continues on the luxury marque’s carbon-neutral Pyms Lane factory and the brand’s preparations for BEV production.

Construction has today started to transform the oldest building on site, A1, to become the future BEV assembly line.

The new facilities aim to set a new benchmark in next generation, digital, flexible and high value manufacturing operations.

This follows the recent opening of the modern Excellence Centre for Quality & Launch and a new paint shop, offering an expanded paint colour choice of nearly 100 individual colours to customers, nearing completion later this year.

These investments consolidate Bentley’s long term commitment to its Beyond100+ strategy and UK manufacturing for generations to come, it said.