Bentley expecting ‘challenging’ end to the year as profits dip

Bentley’s boss is predicting ‘challenging conditions’ for the end of the year, as profits and overall deliveries dipped slightly for the firm in the first six months of the year.

The British luxury car firm had a bumper 2022, recording its best year ever in terms of profit and sales, but there are signs that the boom of luxury cars might be fading.

Despite that, Bentley posted profits of €390m (£334m) in the first six months of 2023, slightly down on the €398m (£341m) it made in the same period last year. Its return on sales remained largely consistent at 23.3 per cent.

Overall deliveries fell by four per cent compared to 2022, with 7,096 new cars being delivered between January and June. America remains Bentley’s largest market, with 29 per cent of its vehicles being sold there, followed by China (21 per cent) and Europe (19 per cent).

Bentley’s Bentayga SUV remains the best seller, accounting for 44 per cent of tidal sales, followed by the Flying Spur and Continental GT, which made up the remaining 24 per cent and 32 per cent respectively.

Adrian Hallmark, Chairman and CEO of Bentley Motors, said: “The positive results for the first six months are largely a reflection of a consistent order bank amassed over the previous months and years and although our current order run rate is good, it is slightly down on the highs we reached in some of our key markets last year.

“We expect challenging conditions in the second half of the year and so will monitor our supply and stock levels accordingly to ensure our quality of sales is maintained, and adjusted, if we so need as the year continues.”

Bentley is currently undergoing a major revamp as a firm, with the firm set to end production of its legendary W12 engine in April 2024, as it transitions to EVs. Its first electric car is due on sale in 2026.