Bentley Motors recently announced record financial results for the first quarter of 2022. The encouraging figures reveal an unparalleled performance by the luxury British marque across the first three months of a year, with operating profits up 162 per cent to €170 million, mirroring the company’s second highest full-year profit figure ever.
The announcement follows a record financial year in 2021, when annual profit soared to €389 million – more than double the company’s previous best of €170 million in 2014. Revenue and return on sales figures also reached record levels in the first three months of 2022, reaching €813 million and 21 per cent respectively. And despite sales performance being slightly reduced because of global events, there was a steady increase in customer interest in new models resulting in an order bank at record levels.
The latest figures also support Bentley’s forward-looking Beyond100 strategy, which will see the brand reinvent its entire product range to achieve carbon neutrality by 2030. This ambitious initiative has been supported by a ten-year investment programme at the company’s Pyms Lane factory – the €3 billion sum represents the biggest transformation programme in Bentley’s history.
During the first quarter of 2022, revenue per car increased from €184,000 to €212,000, with significant interest in Mulliner and Speed derivatives, particularly in Europe where total sales rose by 38 per cent. Globally, Continental GT sales increased ten per cent, with a strong performance in the Asia Pacific region and in the brand’s home market of the United Kingdom in particular.
Adrian Hallmark, Chairman and CEO of Bentley Motors, 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, added:
“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.”
Q1 Financial Figures
|Financial Result||2022 Q1||2021 Q1|
|Revenue||€813 million (+41%)||€578 million|
|Operating Result||€170 million (+162%)||€65 million|
|Return on Sales||21 per cent||11.2 per cent|
Q1 Sales Figures
|Market||2022 Q1||2021 Q1||2022 Q1 (% of total sales)|
|The Chinese mainland, Hong Kong and Macau||761 (-29%)||1,068||24%|
|Asia Pacific||369 (+19%)||310||12%|
|United Kingdom||368 (+30%)||278||11%|
|Middle East||167 (-38%)||269||5%|