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.