Saturday, May 21, 2022

Bentley follows record sales year with best-ever first quarter

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 slightly reducing because of global events, there was a steady increase of 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 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)

Americas

832 (-9%)

915

26%

Chinese mainland, Hong Kong and Macau

761 (-29%)

1,068

24%

Europe

706 (+38%)

512

22%

Asia Pacific

369 (+19%)

310

11%

United Kingdom

368 (+30%)

284

11%

Middle East

167 (-38%)

269

5%

Total

3,203 (-5%)

3,358

100%

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