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Vestas revenue up 18% in Q1

DENMARK: Vestas has announced strong Q1 results with increases in revenue, ebit and what it described as a "highest order backlog ever" for orders and services worth €15 billion.

Vestas CEO Anders Runevad
Vestas CEO Anders Runevad

The company has posted revenues of €1.5 billion, an 18% increase on for Q1 2014, helped by strong performance in Europe and the Americas.

This helped the company bank €79 million an increase of €39 million. Looking ahead, Vestas' revenue is expected to be minimum €7.5 billion (compared to minimum €6.5 billion previously) including service revenue.

In terms of sales, Vestas said orders were at 1.75GW in the first quarter of 2015, worth €7.5 billion at 31 March.

The value of the combined backlog of wind turbine orders and service agreements is €15 billion – an increase of €1.2 billion compared to Q1 2014.

Speaking about the results, Vestas CEO Anders Runevad said: "The first quarter results reaffirm that Vestas is making good progress toward achieving its profitable growth objectives and that we are in a very strong position in an otherwise highly competitive industry."

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