Vestas celebrates order splurge

Vestas generated revenue of almost €1.5bn in the first quarter of this year, down 4% on the same period a year earlier, as the company grew its order book to its highest level recorded. The Danish turbine manufacturer said today that EBIT increased by €6m to €85m with confirmed orders of 2.4GW in the first quarter. The order book is worth €8.6bn with a further €9.4bn in service deals in place. The combined value of the company’s business stands at €18bn – up some €3bn on the valuation at the same time last year. Vestas also said it maintains its 2016 guidance of a minimum of €9bn in revenue. Chief executive Anders Runevad said: “Vestas delivered record-high first quarter order intake as well as our largest ever combined wind turbine and service order backlog. EBIT margin also improved, while free cash flow, although at negative levels, was in line with expectations as we build up inventory preparing for a busy remainder of 2016.”