Bentley achieves record financial results in Q1

MANILA: Bentley Motors has announced record its first-quarter financial results for 2022, with positive numbers showing the British luxury brand's unrivaled success in the first three months of the year.

Operating profits increased by 162% to €170 million, matching the company's second highest full-year profit figure ever.

The announcement comes after the company's highest financial year yet in 2021, when yearly profit climbed to €389 million, more than doubling its previous record of €170 million in 2014. In the first three months of 2022, revenue and return on sales both set new highs, reaching €813 million and 21%, respectively. Despite a minor drop in sales as a result of global events, there was a continuous growth in customer interest in new models, resulting in a record order bank.

Bentley's forward-thinking Beyond100 strategy, which will see the brand reimagine its entire product range to achieve carbon neutrality by 2030, is bolstered by the new figures. This ambitious move has been backed by a €3-billion, 10-year investment program at Bentley's Pyms Lane facility, marking the 's largest transformation program ever.

In a statement, Bentley Motors Chief Executive Officer Adrian Hallmark 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 personalization program, and strong growth in sales of our new hybridized 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.”

Revenue per car grew from €184,000 to €212,000 in the first quarter of 2022, with strong demand for Mulliner and Speed variants, notably in Europe, where total sales surged by 38%. Continental GT sales grew by 10% globally, with particularly strong performance in the Asia-Pacific region and in the brand's home market of the United Kingdom.

“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,” Bentley Motors Board for Finance and IT Member Jan-Henrik Lafrentz stated. “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.”

Photos from Bentley Motors

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