Bentley Breaks Full-Year Earnings Record In Just Six Months

Industry News / 4 Comments

The rich clearly have no problem with paying for constantly rising costs.

Bentley has been forced to delay its new electric vehicle and is still some way off from unveiling a hybrid version of its outstanding Continental GT, but if its most recent earnings report is anything to go by, Bentley customers don't really care that the Crewe-based automaker is taking its electrification transition slow. In fact, 2021 was an outstanding year for the company and 2022 is shaping up to be even more successful.

Bentley has just announced its financial results for the first six months of the year, and despite challenging supply issues and other concerns, has posted stunning operating profits. For context, 2021 was a record year, and over the course of all 12 months, Bentley's figures added up to €389 million (around $397 million). But in just half that time in 2022, Bentley has posted figures of €398 million (approximately $406.5 million).

Bentley
Bentley
Bentley

Bentley notes that turnover has increased from around $1.35 billion in the first half of 2021 to $1.74 billion in the first half of 2022. Revenue increased from almost $190,000 per car to over $217,000, "largely due to increased levels of personalization," something that American buyers are especially fond of.

Bentley now sells more cars over €200,000 (around $204,000) or €250,000 ($255,100) than any other luxury brand. In addition, the company's return on sales has reached a record 23.3% in the first six months of 2022, up from 13.4% the previous year. Unsurprisingly, the Bentayga made up 40% of sales while the new Flying Spur accounted for 27%, and the Continental GT recorded the remaining 33% of sales. America remains the company's strongest market, sales in Europe and the UK grew substantially, and China saw a decline due to pandemic-related lockdowns. Globally, year-to-date sales increased by 3% to 7,398 cars, up from 7,199 during the same period in 2021.

Bentley
Bentley
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Member of the Board for Finance & IT at Bentley Motors, Jan-Henrik Lafrentz, had the following to say: "Bentley has continued to focus its efforts on building sustainable, long-term profitability. These results reflect a strong base pricing position, increased revenue through optionality, and favorable foreign exchange rates. In parallel, we continue to maintain our lower cost base, which is leading to a restructured business model that is delivering strong returns on our investment and sales."

With the rising costs of supplies, the auto industry has seen a lot of hefty markups. As if increased costs are not enough, demand is outweighing supply, which means dealers can impose significant markups. For those in Bentley's target market, this is not such a serious concern, but for everyday consumers who notice when they have to absorb added costs, new cars are becoming increasingly difficult to justify. The industry needs a change, and soon.

Bentley
Bentley

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