Denmark’s Vestas has announced hugely positive results after posting record sales, profits and orders. 

Net profit for 2015 rose by three-quarters to €685m from the previous year while sales increased by a fifth to €8.4bn — both historic highs. 
Anders Runevad
It’s a complete turnaround for the world’s biggest wind turbine maker, having almost faced financial collapse in 2012 as government subsidies were scaled back.

Chief executive Anders Runevad said the Danish group was in a classic, cyclical capital goods industry but hoped it could avoid as large a boom and then bust as five years ago. “We are doing a lot of effort to get away from the political uncertainties — we are in 34 markets and we hope they don’t all go down at the same time. Another aspect is to relentlessly lower the cost of energy so we become less reliant on policy decisions.”

“The COP21 [talks] have a limited impact on the near-term outlook for us. But, of course, it has a very positive long-term impact and also builds confidence into the industry.” 

Vestas laid out what both its chief executive and analysts called “ambitious” targets for this year: sales of at least €9bn and an underlying operating profit margin of more than 11 per cent, up from 10.2 per cent in 2015.