Vestas transformation complete

The fortunes of wind turbine manufacturer Vestas have been totally transformed form a scenario four years ago when the company was on the brink of collapse.

Chief executive Anders Runevad (right) expressed himself as ‘extremely satisfied’ after presiding over record-breaking results, which saw its shares reach their highest levels in eight years.

The Danish group also reported second-quarter results well above analysts’ expectations as the industry at large benefited from a surge of demand worldwide as the price of wind power continues to come down. 

FT reports that revenues in the second quarter jumped by 46 per cent year on year to €2.56bn while operating profit before special items more than doubled to €399m, well above the average analyst forecast of €190m. That meant Vestas’ operating profit margin hit a record 15.6 per cent, up from 8.3 per cent a year earlier. 

Runevad, in a statement accompanying the results announcement said,“I’m really satisfied. We did a very good restructuring and turnround programme, becoming more flexible, more lean, more scaleable . . . We have also been helped by the market coming back at the right time.”

He added that the rapidly falling cost of wind power would help to wean the industry off the hefty government subsidies that have supported it up until now. 

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Making DDoS Mitigation Part of Your Incident Response Plan: Critical Steps and Best Practices

Like a new virulent strain of flu, the impact of a distributed denial of service (DDoS) attack is...

The Multi-Tax Challenge of Managing Excise Tax and Sales Tax

To be able to accurately calculate multiple tax types, companies must be prepared to continually ...

Operational Analytics in the Power Industry

Cloud computing, smart grids, and other technologies are changing transmission and distribution. ...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...