Vestas abandons 'Triple15' financial plan

DENMARK: Vestas has announced it is abandoning its plan to hit revenues of €15 billion with a 15% profit margin by 2015.

The target, known as Triple15, has been dropped by the turbine manufacturer due to "expected weak economic growth in the OECD area".

Vestas made the admission on Wednesday as it published its financial results for third quarter of 2011.

The firm’s turnover was €3,798m for the first nine months of 2011, in line with the first none months of 2010. However, pre-tax profits dropped by €136m to an €84 million loss.

The intake of firm and unconditional orders was 4,211 MW in the first nine months of 2011 and the backlog of firm and unconditional orders amounted to €8 billion at 30 September 2011.

Additionally, the company said it was planning to restructure its global operations in 2012 as it seeks to cut fixed costs by €150 million.