Bentley Motors today announced encouraging financial results for the first six months of 2023, however cautioned of more difficult trading conditions to follow. The luxury British marque posted operating profits of €390 million, slightly down on the same period last year, a two per cent drop from €398 million.
Revenue decreased slightly in 2023, posting €1.681 billion against a 2022 figure of €1.707 billion, with significant interest in Mulliner personalisation, derivatives and optional uptake continuing. Return on sales remained as 23.2 per cent for the first six months of 2023.
The Middle East region proved to be a particular success story for the brand, with sales up by 11 per cent over the first half of the year when compared to the same period in 2022.
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.”
From the half-year deliveries of 7,096 cars, the best-selling 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.
Despite warnings of challenging conditions ahead, Bentley’s commitment to the marque’s industry-leading 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.