Bentley Reports Strong Q1 Results After Record-Breaking 2022

Bentley Motors, the renowned luxury British automaker, has reported exceptional first-quarter financial results, following a record-breaking performance in 2022.

The company’s operating profits for Q1 2023 reached €216 million, representing a 27% increase compared to the same period last year. Overall revenue rose to €882 million, an increase of 9% from €813 million.

Bentley Reports Strong Q1 Results After Record-Breaking 2022

Record Results in 2022

Bentley’s success in Q1 2023 follows its record yearly performance in 2022, which saw operating profits of €708 million, almost €1 billion more than in 2018. The company’s exceptional performance in 2022 also represented a €319 million increase from 2021.

Return on Sales

Bentley’s return on sales in Q1 2023 increased from 20.9% in 2022 to 24.4%. The company attributes much of this success to the continued strong interest in model customisation, higher specification derivatives, and greater option uptake, including the sales of unique Mulliner Coachbuilt and Limited Edition models.

Global Sales

Bentley’s Q1 figures also reflect strong global sales performance, which increased by 10% to 3,517 exceptional cars. The Americas reported a 39% rise over the same period in 2022, with a total of 1,157 vehicles sold, while Asia Pacific (+11%) and the Middle East (+66%) also reported positive results.

Investing in Sustainable Luxury Mobility

Bentley’s latest global figures and the demand for new models are providing the company with self-funding for its ground-breaking Beyond100 strategy. This strategy aims to lead sustainable luxury mobility in the future, and it includes a €3 billion investment in its Crewe factory, as well as launching five new Battery Electric Vehicle (BEV) models in just five years, starting in 2026.

Bentley Reports Strong Q1 Results After Record-Breaking 2022

Adrian Hallmark’s Comments

Adrian Hallmark, Chairman and CEO of Bentley Motors, expressed his satisfaction with the company’s financial performance in Q1 2023, saying:

“Despite a challenging global environment, we started 2023 where we left off in 2022, with another solid set of financial figures, driving growth in revenue, operating profit and return on sales.”

Hallmark also noted that Bentley’s record performance in the Americas was especially notable, with one in three of its luxury cars now being sold in the region. He attributed this success to the introduction of the Bentayga EWB and the Flying Spur sedan.

Q1 Year-to-Date Financial Figures             

Financial result2023 Q12022 Q1
Revenue€882 million (+9%)€813 million
Operating Result€216 million (+27%)€170 million
Return on Sales24.4 per cent20.9 per cent

Q1 Year-to-Date Sales Figures

Market2023 Q12022 Q12023 Q1 (% of total sales)
Americas1,157 (+39%)83233%
Chinese mainland, Hong Kong and Macau666 (-12%)76119%
Europe645 (-9%)70618%
Asia Pacific410 (+11%)36912%
United Kingdom361 (-2%)36810%
Middle East278 (+66%)1678%
Total3,517 (+10%)3,203

Looking Ahead

Despite its success, Bentley remains cautious about the global challenges that remain in the markets. Nevertheless, the company’s well-balanced distribution model shows signs of encouragement that this success can be continued.