Unveiling Bentley Motors' Stellar 2023 Financial Performance: Surge in Luxury Personalisation Drives Record Profits and Revenue Growth
Bentley Motors unveiled its 2023 financial performance, showcasing remarkable growth driven by heightened interest in luxury personalisation. Operating profits surged to €589 million as three-quarters of customers delved into the extensive options range, exploring 46 billion unique configurations offered by Bentley's Mulliner division, marking a substantial 43% increase from 2022.
The luxury brand recorded revenue of €2.938 billion, with customers increasingly drawn to higher-revenue models such as Azure, S, and Speed, constituting 70% of the mix compared to 30% in 2022. Bentley achieved its third-highest retail figure in history, delivering 13,560 cars in 2023. Return on sales slightly dipped to 20.1% due to upfront expenditures for future products and planned reduced volumes because of life cycle effects, down from 20.9% the previous year.
Bentley's latest financial results underscore its industry-leading Beyond100 strategy. This strategy aims to self-fund the transformation of its entire product range to electric and achieve carbon neutrality by 2030.
Adrian Hallmark, Chairman and CEO of Bentley Motors, remarked:
"Despite a volatile geopolitical and business environment, last year showcased another positive stride in our transformation journey. We prioritise customer value over volume, demonstrating resilience through well-balanced export success, disciplined cost management, and personalised offerings. As we navigate uncertain market conditions, we remain agile, poised to adapt to fluctuating demand while strengthening our value-based focus. We anticipate major product launches in the latter half of 2024."
The SUV trend persisted, with Bentayga retaining its position as Bentley's top-selling model, representing 44% of total sales volume and affirming its status as the world's leading luxury SUV. The Continental GT and GT Convertible maintained consistent appeal, comprising 31% of sales, while the Flying Spur, renowned as the finest luxury four-door grand tourer, captured 25% of total sales volume.
Despite challenges in key regions worldwide, the Americas remained the most significant selling global market. Notably, the UK emerged as the top-selling region for hybrid models by proportion, with 27% of relevant model line sales in 2023 opting for hybrid options.
