Danish wind turbine manufacturer Vestas has had a solid start to the year with growth across a large part of the line. Revenue grew by 14.4 percent to just under four billion euros in the first quarter. This corresponds to around 29.6 billion kroner. This is shown in the accounts published on Wednesday morning.
The progress has been made in the Power Solutions business unit, where wind turbines are manufactured and installed. It is the sales of offshore wind turbines that have increased in isolation. The company's business is two-fold. The second unit - Service - carries out their operation and maintenance.
The good trends have trickled down through the organization, where operating profit has been strengthened, and profit after tax has ended at 70 million euros. In comparison, the profit was five million euros in the same period last year.
- We have achieved the highest profit for a first quarter since 2018, says the company's CEO, Henrik Andersen, in a comment on the accounts.
From the beginning of the year, it was announced that the company expects revenue of between 20 and 22 billion euros for the whole year. There is a long way to go, but the wind turbine industry is characterized by seasonal fluctuations.
In the first quarter, there is typically lower activity, and then the pace increases as the year progresses.
The company's history stretches back to 1898, when it started with a family-owned blacksmith shop in the West Jutland town of Lem. The business grew over the years, and in 1945 the Vestas name was born. But it was initially known as Vestjysk Staalteknik A/S.
The original focus was on producing products for the dairy industry. It was not until the 1970s - and with the oil crisis as a backdrop - that the focus shifted to wind energy. Today, the company services more than 56,000 wind turbines in 71 different countries.
/ritzau/
Text, graphics, images, sound, and other content on this website are protected under copyright law. DK Medier reserves all rights to the content, including the right to exploit the content for the purpose of text and data mining, cf. Section 11b of the Copyright Act and Article 4 of the DSM Directive.
Customers with IP agreements/major customer agreements may only share Danish Offshore Industry articles internally for the purpose of handling specific cases. Sharing in connection with specific cases refers to journaling, archiving, or similar uses.
Customers with a personal subscription/login may not share Danish Offshore Industry articles with individuals who do not themselves have a personal subscription to Danish Offshore Industry.
Any deviation from the above requires written consent from DK Medier.
