Bentley has reported its first quarter results for 2023, with global sales up 10 per cent and profits up by 27 per cent to a new first-quarter record.
The British marque shipped 3517 vehicles around the world during the first three months of this year. That’s up 10 per cent on the 3203 units it delivered in the same period in 2022. Its most popular market was the Americas, accounting for 1157 of those units, followed by China (666) and Europe (645).
As a result, operating profits jumped 27 per cent to €216 million, up from 170 million in 2022, with revenue also up by 9 per cent to €882 million. This is the best-ever first-quarter result for Bentley, and its second-best quarter it has ever experienced.
Its return on sales also jumped, from 20.9 per cent during Q1 in 2022, to 24.4 per cent this first quarter. Bentley says this was mainly driven by customers going through extra options and personalisations, including through its legendary Mulliner division. Adrian Hallmark, chairman and CEO of Bentley Motors, said:
“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.
“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.”
The most popular model so far has been the Bentayga, making up 42 per cent of overall sales/deliveries, followed by the Continental accounting for 34 per cent, and then the Flying Spur attributing 24 per cent of the brand’s total sales for Q1.
In Australia, Bentley sold 57 vehicles during the first three months of this year, according to March VFACTS figures. That was up 11.8 per cent on the same period last year.
Specific models are not dissected in VFACTS, but it shows “coupe/convertible” models (mainly the Continental, no doubt) were the most popular, with 33 units, followed by the Bentayga SUV with 22 units. Just 2 examples of the ‘sedan’ were delivered (likely Flying Spur).