Bentley Posts Record Half-Year Performance As Caution Remains

    Carprices Team / Posted On - December 27th 2022


     

    • Amidst continued global uncertainty, Bentley records highest ever profitability at the half-year stage

    • Profit levels for the first six months of 2021 (€178 million) outperform any full-year period in Bentley's history

    • Sales of 7,199 cars were distributed evenly between key markets

    • The full-year outlook remains cautiously optimistic due to increasing COVID-19 numbers and resulting impact on colleague self-isolation




    Bentley Motors has posted the company's 2021 half-year performance, with sales and profit levels unmatched in Bentley's 102-year history. This includes an operating profit of €178 million, greater than any profit figure posted for a full-year period by the company. Moreover, retail sales increased by 50 per cent from a pre-COVID 2019 figure of 4,785 to 7,199 in 2021.  These sales were well-balanced between the luxury marque's three model lines, Bentayga (2,767), Continental GT (2,318) and Flying Spur (2,063).
    The Bentayga maintained the number one model position as full market availability was reached for the first time. Hybrid and S models have also been announced. With the introduction of the Speed in the second half of the year, it is anticipated that Continental GT sales could reach record numbers three years after introduction. The market launch of Flying Spur in China, now Bentley's biggest sales region, contributed to the model line's share of 29 per cent of global sales further helped by the addition of the V8 engine.
    But these positive results are against a backdrop of continued uncertainty which could negatively impact the second half of the year. The increasing COVID-19 numbers in many parts of the world could threaten future production in the worst-case, or see further retail restrictions posing both a sales and financial risk to forecasts.
    Building on this, Adrian Hallmark, Bentley's Chairman and CEO, said:
    “These results are an important milestone on our mission Beyond100, namely to become the leading sustainable luxury mobility company by 2030. They are the outcome of favourable market conditions, combined with three years of hard work within Bentley, where we have reinvented our products, restructured our operations, managed three crises, and defined our 2030 strategy.
    “We have worked relentlessly to transform our entire organisation through productivity improvements and cost efficiencies, and the double-digit return on sales is validation that we are on the right path to enable a sustainable business model.
    “While we celebrate these results, we are not taking the full-year outlook for granted as we know there are still sizable risks to the year-end, notably the increasing number of colleagues having COVID enforced self-isolation periods.
    “That notwithstanding, our financial strength is a positive sign and as we continue on our biggest transformation and investment programme in history, Beyond100, fully electrifying our entire model range within a decade, we continue on track with our aim to become the world's benchmark luxury car business, financially resilient and recession-proof.”
    On the financial side, Bentley's revenue for the first six months of 2021 was €1.32 billion, up from a pre-COVID figure of €834.8 million in 2019. The operating result was €178 million and a subsequent return on sales of 13 per cent, a record high return.
    To put these figures in context, Bentley's previous record half-year performance was in 2014, with revenue of €887 million and an operating result of €95.2 million. That year closed as Bentley's most successful year with a profit of €170 million, already exceeded at the half-year point 2021.
    Looking at sales, Bentley's global footprint became more evenly balanced across its four market regions. China (2,155) was Bentley's biggest selling market for the first time in nearly a decade. The Americas (2,049) followed closely behind with Europe also performing strongly, delivering 1,142 cars. Both markets are eagerly anticipating the arrival of GT Speed and Bentayga S in the coming months. Asia Pacific retailed 778 cars, with Bentley's home market, the UK contributing 554, marginally ahead of the Middle East, Africa and India on 521. Bentley's network also increased, now covered by 240 retailers in 67 countries.
    This year will also mark Bentley's biggest year of new model introductions, with nine product debuts, two of which introduce hybrid power in the form of the Bentayga Hybrid and Flying Spur Hybrid, supporting Bentley's Beyond100 path to full electrification.
    Financial results





























    Financial resultsHY 2021HY 2020HY 2019
    Revenue€1.32 billion€860 million€834.8 million
    Operating Result€178 million€-99 million€56.9 million
    Return on Sales13 per cent-12 per cent6.8 per cent

     
    Retail results 





















































    MarketHY 2021HY 2020HY 2019
    Americas2,049 (+45%)1,415 (+52%)929
    China, Hong Kong and Macau2,155 (+73%)1,243 (+53%)814
    Europe1,142 (+14%)1,000 (-27%)1,362
    Asia Pacific778 (+41%)550 (-9%)604
    United Kingdom554 (+42%)391 (-42%)674
    Middle East, Africa and India521 (+63%)319 (-21%)402
    Total7,199 (+46%)4,918 (+3%)4,785

     




    Latest News

    MG Motor Drop The Covers Off The All New MG3 Hatch...
    RM Sotheby's Inaugural Auction To Take Place In Du...
    Here's What You Can Do During A Car Break Down In ...
    The New BMW 5 Series Touring Can Be A Better Famil...
    Are Chinese Luxury Cars Better Than German Luxury ...
    Internal Combustion Engine Car VS Hybrid Car! Whic...

    FROM LAST TWO WEEK

    MG Motor Drop The Covers Off The All New MG3 Hatchback In UAE!
    February 26th 2024

    Here's What You Can Do During A Car Break Down In The Middle Of Nowhere In The UAE!
    February 16th 2024

    RM Sotheby's Inaugural Auction To Take Place In Dubai | Will Include Rare Watches To Million Dollar Supercars!
    February 24th 2024

    The New BMW 5 Series Touring Can Be A Better Family Companion Than SUVs If It Will Arrive In UAE!
    February 16th 2024

    Popular News

    Article Image
    Best New Cars To Buy In UAE Under AED 100,000!
    Article Image
    All-New 2024 Toyota Land Cruiser Prado Returns To Rule The Off-Roads!
    Article Image
    Top 10 New Hybrid Cars To Buy In UAE Under AED 230,000
    Article Image
    Top 10 Chinese Cars To Buy In UAE In 2023!
    Article Image
    10 Best New SUVs To Buy In UAE Under AED 80,000
    Article Image
    Top 10 Most Fuel Efficient Cars in UAE | Fuel-Efficient Car in Dubai
    Article Image
    10 Important Things To Know About the 2024 Toyota Land Cruiser Prado Before Its UAE Launch
    Article Image
    2024 Toyota Land Cruiser 70 Series Revealed!