In just three quarters, the luxury marque has exceeded all prior full-year profits
Bentley will be celebrating the most profitable twelve months in its history of 102 years at the end 2021. Its total profits for the first quarter alone will surpass all previous full-year records.
The luxury marque has reported operating profits of EUR275m (PS232.2m) for the year to date. This is EUR105 million higher than the total of 2014, which was its most profitable year.
It has sold 10,934 vehicles worldwide in 2021. This is a 46% increase over the pandemic-blighted 2020 and a more significant 53% increase over 2019.
China is the most important market for the brand. However, sales in China have increased by double this year. It also saw huge increases in Americas (43%) and Asia Pacific (55%), as well as in the Middle East (55%).
Although the brand has not yet revealed which of its most popular models, it has released the Flying Spur, the updated Bentayga SUV, and several new derivatives to its Continental coupe over the past two years. This year saw the public debut of the limited-run Mulliner Bacalar, with all ten models selling for more than PS1.5 million.
The brand’s year-to-date revenue has reached EUR1.949bn (PS1.6bn). This is a 40% increase on its 2020 revenues, which were already 7% higher than 2019. This is partly due to the 14% return on sales. In 2020, it lost 4% per sale.
Adrian Hallmark, CEO, stated that the results were the result of “three years” of product investment and reinvention as well as productivity improvements and cost efficiencies. He said that the company had recently restructured operations and that trading conditions following multiple national lockdowns were “favourable”, which has helped boost profitability.
He said, “Recording an operating profit of over $1 million in nine months is more than any figure we have ever seen in a full year. This is in addition to a double-digit sales return. It is proof that we are on a path to a sustainable business model that is key to our Beyond100 strategic ambitions.
“Although this is a positive indicator of our financial strength it does not mean that we are financially strong. Our goal remains the same, which is to be the longest-lasting and most consistent luxury car business in the entire world.
“We can only achieve this by a unwavering commitment, to close the year well, to take this success into the next year, and to continue our journey to fully electrify all of our model ranges within ten years and lead sustainable luxury automobiles in the future.”