Bentley reports operating profits of €216 million in first quarter 2023
Bentley Motors today reported record first quarter financial results, and it’s second best-ever quarter in history. The luxury British marque began 2023 with operating profits of €216 million, an increase of 27 per cent on the same period last year. Overall revenue rose to €882 million, up 9 per cent from €813 million.
The figures follow record yearly results in 2022, when operating profits of €708 million were up nearly €1 billion compared to 2018. This unparalleled performance also represented an increase of €319 million on 2021.
Return on sales in the first quarter climbed from 20.9 per cent in 2022, to 24.4 per cent. Much of this was due to continued strong interest in model customisation, higher specification derivatives and higher option uptake, including the sales of unique Mulliner Coachbuilt and Limited Edition models.
The first quarter figures also reflect strong performance in global sales, which increased by 10 per cent to 3,517 exceptional cars. The Americas reported a 39 per cent rise over the same period in 2022, with a total of 1,157 vehicles, while Asia Pacific (+11 per cent) and Middle East (+66 per cent) also reported positive results.
The latest global figures and demand for new models provide Bentley with self-funding for its ground-breaking Beyond100 strategy, to lead sustainable luxury mobility in the future. That includes a €3 billion investment in its Crewe factory, as well as launching five new BEV models in just five years, starting in 2026.
Adrian Hallmark, Chairman and CEO of Bentley Motors, commented:
“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.
“Bentley’s record performance in the Americas is also especially notable, with one in three of our luxury cars now sold in the region. The introduction of the Bentayga EWB, plus the success of the Flying Spur sedan, have been key to this growth.
“Looking ahead, although our well-balanced distribution model shows signs of encouragement that this success can be continued, we remain cautious about global challenges that remain in the markets.”
Q1 year-to-date financial figures
| Financial result | 2023 Q1 | 2022 Q1 |
| Revenue | €882 million (+9%) | €813 million |
| Operating Result | €216 million (+27%) | €170 million |
| Return on Sales | 24.4 per cent | 20.9 per cent |
Q1 year-to-date sales figures
| Market | 2023 Q1 | 2022 Q1 | 2023 Q1 (% of total sales) |
| Americas | 1,157 (+39%) | 832 | 33% |
| Chinese mainland, Hong Kong and Macau | 666 (-12%) | 761 | 19% |
| Europe | 645 (-9%) | 706 | 18% |
| Asia Pacific | 410 (+11%) | 369 | 12% |
| United Kingdom | 361 (-2%) | 368 | 10% |
| Middle East | 278 (+66%) | 167 | 8% |
| Total | 3,517 (+10%) | 3,203 | 100% |
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