Luxury Brand Triples Profit in 2021
2022 could possibly have been a difficult year for some automobile companies, but not Bentley. The renowned British marque simply had its highest ever monetary success, attaining an operating yield of €708 million. At current exchange rates, that comes to $751 million, symbolizing an 82% increase on 2021. It ought to be noted that Bentley pulled in €389 million last year.
When you investigate further, the results are even more astonishing. In 2018, Bentley was heavily in debt with an operating deficit of €288 million. 2019 showed a move in the right direction by attaining a €65 million profit. The numbers decreased in 2020 – like most places due to the COVID pandemic – yet there was an immense reversal with Bentley’s €389 million achievement in 2021.
What led to this transformation? According to a public statement related to its 2022 financials, Bentley’s CEO Adrian Hallmark stated increased proficiency within the organization was responsible.
“Since the nadir of 2018, the entire Crewe team has been diligently working to transform the company’s business model, while simultaneously introducing a series of market-leading new products and features,” he said. “2020 was a major milestone in this process. Despite the sheer number of disruptions and crises that ensued, including Brexit, Covid-19, semiconductor supply issues, Ukraine, and economic instability in the UK, a profit turnaround of nearly €1 billion was accomplished since 2018.”
Beyond that, consumer buying tendencies are also attributed to the financial rise. Put shortly, shoppers are spending more on options and unique builds. Here, Bentley states that exclusive editions and coach-constructed collectibles boosted profitability by 20.9 percent.
Undoubtedly, having achieved record sales for the year at 15 174 units makes a difference. The top-selling vehicle was yet again the Bentayga SUV with an imposing 42 per cent of all Bentley’s sales in 2022. Following suit, the Continental GT and its convertible form took almost one-third of the transactions made, while the hybrid variant of the Flying Spur tallied 28 per cent.
“Our focus will remain on providing value to our customers, rather than sales volume,” Hallmark declared. “We will adjust our plan according to the changing market conditions. Nevertheless, our export success, disciplined cost management system, and capacity to offer customised services in an automated manner, resulting in increased profitability, provide a strong foundation for continuing our successes.”
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Source: Bentley
