(Crewe, July 25, 2024) – Bentley Motors has released its financial results for the first six months of 2024, reporting a robust operating profit of €261 million. While this figure represents a decrease compared to the exceptional €390 million from the same period in 2023, it underscores Bentley’s resilience amidst ongoing global economic headwinds. The luxury British marque demonstrated solid performance in a fluctuating market, maintaining a strong return on sales and outlining a clear path forward.
Bentley’s overall revenue for the first half of 2024 reached €1.388 billion, a decrease from the €1.681 billion reported in the corresponding period of the previous year. This reflects the broader economic pressures impacting the automotive sector. Despite the revenue adjustment, Bentley achieved a commendable return on sales of 18.8 percent, although this is lower than the 23.2 percent recorded in the first half of 2023. These figures highlight Bentley’s ability to sustain profitability even as market dynamics shift.
Jan-Henrik Lafrentz, Member of the Board for Finance and IT at Bentley Motors, commented on the results, stating: “Despite a challenging first half of 2024, these results provide a solid foundation for us to maintain our strategic focus. We remain committed to our significant investment plans, particularly the transformation of our product range towards full electrification in the coming years. Looking ahead, we anticipate continued market volatility in some key regions. However, the recent launch of the Continental GT Speed is generating considerable excitement, and we expect it to positively influence our order books as it reaches global markets later in 2024 and into early 2025.”
In terms of model performance during the first half of 2024, the Bentayga SUV, including the Extended Wheelbase (EWB) models, continued to be a significant driver, accounting for 41 percent of total sales. The Continental GT and GTC models collectively represented 34 percent of sales, while the Flying Spur luxury sedan contributed the remaining 25 percent. These figures showcase the balanced portfolio Bentley offers, appealing to a diverse range of luxury car buyers.
Global deliveries for the first half of 2024 totaled 5,476 vehicles, a 23 percent decrease compared to the same period in 2023. Regionally, the Americas remained Bentley’s strongest market, absorbing 30% of total sales, despite a 20% decrease in deliveries to 1,652 cars. China, including Hong Kong and Macau, followed as the second largest market, accounting for 24% of sales with 1,311 vehicles delivered, a 13% decrease. Europe held the third position, representing 19% of sales with 1,054 cars delivered, a 21% decrease. Other regions, including Asia Pacific (13%), the United Kingdom (8%), and the Middle East (6%), also experienced sales declines, reflecting widespread market challenges.
| Financial Result | 2024 HY | 2023 HY |
|---|---|---|
| Revenue | €1.388 billion (-17%) | €1.681 billion |
| Operating Result | €261 million (-33%) | €390 million |
| Return on Sales | 18.8 per cent | 23.2 per cent |
| Market | 2024 HY | 2023 HY | 2024 HY (% of total sales) |
|---|---|---|---|
| Americas | 1,652 (-20%) | 2,065 | 30% |
| Chinese mainland, Hong Kong and Macau | 1,311 (-13%) | 1,512 | 24% |
| Europe | 1,054 (-21%) | 1,340 | 19% |
| Asia Pacific | 679 (-29%) | 963 | 13% |
| United Kingdom | 428 (-38%) | 688 | 8% |
| Middle East | 352 (-33%) | 528 | 6% |
| Total | 5,476 (-23%) | 7,096 | 100% |
Bentley’s 2024 half-year results demonstrate the company’s ability to navigate a complex global economic landscape while maintaining profitability and a strong strategic direction. The focus remains firmly on the future, with significant investments in electrification and exciting new models like the Continental GT Speed poised to bolster performance in the coming periods.
