Renewable firm defying downturn

Posted on 10 Nov 2008 by The Manufacturer

Danish wind-turbine maker Vestas, which has a production facility on the Isle of Wight, has forecast a 25 per cent rise in sales next year as the world turns toward renewable energy.

Profits from quarter three were €160m compared with €102m in the three months before. The downturn-defying Danes said they predict sales to rise to €7.2 billion next year from €5.7 billion in 2008.

The company said it will still exercise an air of caution in these times of economic turbulence and, after adding 5,000 staff to its payroll this year and with 20,000 now on its books, will slow recruitment for the time-being.

“We are going to be holding back a little bit until we see how the (global) financial problems affect the wider picture,” said chief executive Ditlev Engel.

He remained optimistic about the company’s prospects however, despite fears that lower expendable cash for potential customers and lower oil prices will ease demand for renewable products. Je said Barack Obama’s promises for a drive on green energy will provide an ample market for the company in North America.

The company also has major research and development facilities in India, Singapore, Denmark and the USA.

Vestas is the biggest wind turbine manufacturer in the world. The firm has 35,500 turbines installed which equates to a 23 per cent market share.