Volkswagen Group owned Bentley Motors has posted first half operating profit of €390 million, slightly down on the same period last year but running at a high level, along with sales revenue.
Revenue decreased slightly in H1 2023, posting €1.681 billion against a 2022 figure of €1.707 billion, Bentley said the results were underpinned by significant interest in Mulliner personalisation, derivatives and optional uptakes.
Return on sales was 23.2 per cent for the first six months of 2023 (23.3 per cent in same period last year).
However, the company also warned of challenging conditions ahead for the second half.
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.”
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From the half-year deliveries of 7,096 cars (-4% year-on-year), the 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.
Bentley said its commitment to the marque’s ‘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.