Volkswagen Group-owned Bentley Motors has posted record financial results for 2022, with operating profits up nearly €1 billion compared to 2018. The latest annual figures show a profit of €708 million, representing an 82 per cent growth in profit from a four per cent growth in volume.
Turnover reached €3.38 billion, up 19 per cent over the same period. The announcement follows record sales in 2022, when Bentley delivered 15,174 cars – the first time it has retailed more than 15,000 cars in a year.
Bentley return on sales climbed to 20.9 per cent in 2022, up from 13.7 per cent in 2021 and the highest in Bentley’s 104-year history. Bentley said the increase was due to customers choosing higher specification derivatives, higher option uptake and the sale of Limited Editions and Coachbuilt collectibles.
Bentley’s strong 2022 performance mirrors that of other premium and luxury brands (eg Porsche and Audi).
Adrian Hallmark, Chairman and CEO of Bentley Motors, said: “Since the low point of 2018, the whole team at Crewe has been working intensively to restructure the business model, in parallel with launching successive segment leading new models and features. Last year marked a milestone in this journey.
“An almost €1 billion profit turnaround has been achieved since 2018 despite an unprecedented period of disruptions and crises including Brexit, Covid, Semiconductor supply, Ukraine and UK economic instability.
“We have built a sustainable financial basis for the long-term, a competitive cost structure and unique market positioning, resulting in an historically strong cash generative that is providing the funding for the most ambitious race to full BEV and carbon neutrality in the luxury sector. Our order bank and order intake rate so far in 2023 show strong potential to sustain our performance, although the business environment is becoming more volatile and risk factors are increasing.
“We will maintain focus on customer value rather than sales volume and adapt our plan according to the emerging market situation, however our well-balanced export success, disciplined cost management structure and ability to maximise personalisation in an industrialised way, driving profitability, are good foundations to continue this success.”
The Bentayga remained Bentley’s number one model, selling more in its sixth year of sales than ever before, accounting for 42 per cent of total sales.
The Continental GT and Convertible accounted for nearly a third of sales, with the performance-orientated GT Speed claiming almost 31 per cent of the model mix. The Flying Spur, the luxury four-door grand-tourer, achieved 28 per cent of Bentley’s total sales, helped by the introduction of a hybrid.
Under its ‘Beyond100’ strategy, Bentley is looking to electrify its entire product range and achieve carbon neutral status by 2030. That includes 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.