Luxury Car Maker Rolls-Royce Posts Strong Results Despite Economic Challenges

July 23, 2024 11:30 AM PDT | By EODHD

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Luxury Car Maker Rolls-Royce Posts Strong Results Despite Economic Challenges — Image source: Kalkine Media

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Rolls-Royce Motor Cars saw its revenue accelerate to almost £1bn in 2023 as demand for personalised luxury vehicles continued across the world, it has been revealed. The business has reported a revenue of £984.2m for its latest financial year, up from the £887.8m it achieved in 2022. Rolls-Royce Motor Cars, which is owned by BMW, also posted a pre-tax profit of £128.8m, up from £121.1m, according to newly filed accounts with Companies House. The firm achieved its highest year of sales in the marque’s 119-year history in 2023 with 6,032 cars delivered across almost 50 countries, up from 6,021. The Hampshire-based business said that, globally, the highest demand is for its Cullinan model, followed by Ghost.

Rolls-Royce stopped the production of its Wraith and Dawn models in 2023. During the year, an interim dividend of £91.2 was paid to BMW UK. In May 2024, another interim dividend of £95.5m was also paid. The average number of people employed by Rolls-Royce Motor Cars during 2023 increased from 1,506 to 1,751. Rolls-Royce Motor Cars remains ‘cautiously optimistic’ A statement signed off by the board said: “The company ended the year in a strong financial position.

“Our outlook remains cautiously optimistic, albeit tempered by economic uncertainties and geopolitical tensions. “Over the last two decades here at the home of Rolls-Royce, we have built a business with the governance, resilience and flexibility to meet these challenges. “We follow our long-standing commitment to be globally balanced and never to rely on a single market for business success. “This is supported by our flexible production processes, strong product portfolio, agility in responding to new markets and above all, the talents and commitment of our extraordinary workforce.” In 2022, long-term chief executive Torsten Müller-Ötvös saw his pay packet increase by 72 percent to £1.77m. In 2023, his pay dipped to £1.6m as he departed the business in November and was succeeded by BMW UK’s chief executive officer Chris Brownridge.

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