Vestas announces sharp slump in Q2 profits

by Published Tue 18 Aug 2009 12:09, Last updated: 2009-08-18
Bleak financial figures hit Vestas

Wind turbine maker Vestas has reported a sharp drop in profits less than a week after it shut its two UK factories with the loss of 425 jobs.

The Danish renewables firm revealed that its pre-tax profits for the second quarter of 2009 slumped by more than a third year-on-year.

In a statement, Vestas said its profits had dropped from £77 million (€90 million) at the same time last year to £50 million (€59 million).

The group said its margins had been hit by redundancy packages to workers both in the UK and in Denmark, where it laid off 1,142 employees, as well as the cost of transferring production to the US and China.

However, it stuck to its full-year sales and profits forecast with revenues of €7.2 billion and an operating profit margin of between 11 and 13 percent.

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