What's the news?
Bentley has announced its financial results for the year ending 31st December 2013 with a growth in profits and turnover. It was also revealed that Crewe will become a centre of excellence for the Volkswagen Group's W12 engines, which will create around 100 jobs.
Last year, turnover grew by 15.5% to £1.40 billion, the highest figure seen to date by the company. Not only has the size of the business grown but profit margins improved from 7- to 10%. Overall the profit reported increased by 66.9% compared with 2012 to £139.7 million.
The financial results are a consequence of selling more cars; 10,120 in 2013 compared with 8,510 in 2012. That works out at an average profit per car of just over £13,800. Most Bentleys were sold overseas with the USA taking 31% of all deliveries, followed by China, which buys 22% of the company's output. The UK market represents 14% of all vehicles sold.
Exports from Crewe will increase this year as the factory starts manufacturing W12 engines for the whole Volkswagen Group. It is the first time Bentley has built engines for export and will see production levels of around 9,000 units a year.
Anything else?
Dr Wolfgang Schreiber, Chairman and Chief Executive of Bentley Motors, said: "Customers all over the world continue to be very enthusiastic about Bentley. The luxury car market is not static. We will continue to make sure that Bentley will meet the changing needs of our discerning customers. Just two weeks ago we introduced the new Continental GT Speed and the new V8 Flying Spur. In 2016 we will offer the first SUV in the luxury sector and one year later we will bring plug-in-hybrid technology into the luxury market. We are on the back of a record year and given the start we have made to 2014, we are confident that Bentley will have another good year, with strong growth."
John Lambert - 20 Mar 2014