Profits at luxury car maker Bentley surged to record levels during its latest financial year, which the automotive firm has described as a 'milestone'.
The Crewe-based company has posted profits of £623.7m for 2022, 82% higher than the £342.5m it achieved in 2021.
Bentley's turnover also increased by £475m to £2.98bn over the same period.
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The VW-owned brand also delivered its most cars yet last year, with 15,174 vehicles being sold worldwide – a 3.5% increase on 2021’s total of 14,659 and the first time it’s achieved more than 15,000 sales in a year.
The firm said its significant profit increase was a result of its 20.9% return-on-sales figure – its highest ever – as customers had chosen 'higher specification derivatives' and opted for the brand’s limited-edition and coach-built Mulliner models.
Adrian Hallmark, chairman and CEO of Bentley Motors, said: "Since the low point of 2018, the whole team at Crewe has been working intensively to restructure the business model, in parallel with launching successive segment-leading new models and features. Last year marked a milestone in this journey.
"An almost €1bn (£880m) profit turnaround has been achieved since 2018, despite an unprecedented period of disruptions and crises including Brexit, Covid, semiconductor supply, Ukraine and UK economic instability."
He added: "We will maintain focus on customer value rather than sales volume and adapt our plan according to the emerging market situation.
"However, our well-balanced export success, disciplined cost-management structure and ability to maximise personalisation in an industrialised way, driving profitability, are good foundations to continue this success."
The Bentayga SUV remained the manufacturer’s most popular model, accounting for 42% of sales, with the Flying Spur saloon taking up 28% and the Continental GT and Convertible models making up the final 30%.
Bentley is now undertaking the tricky task of evolving from producing internal combustion engines to EVs. Earlier this year, the firm announced that it would stop producing its famous W12 engine in 2024. But while Bentley already offers a choice of plug-in hybrid models, its first EV isn’t expected until 2026.
Bentley’s figures form part of the huge £6.7bn profit that the Volkswagen Group’s premium brands recorded in 2022, which also included Audi, Lamborghini and Ducati.
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