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Vestas recorded an increase in revenues for 2018, but its net profit was down year-on-year, reflecting how highly competitive wind power market has become, the Danish manufacturer stated.<\/p>\n
The turbine manufacturer\u2019s revenue inched up from \u20ac9.9 billion in 2017 to \u20ac10.1 billion last year, with the Americas and Europe, Middle East and Africa (EMEA) accounting for the majority of this income.<\/p>\n
However, Vestas\u2019 \u20ac683 million net profit in 2018 was down 25% on the previous year due to lower average project margins and new product-related ramp-up costs in a competitive market, it stated.<\/p>\n
It recorded its\u00a0highest ever turbine order intake<\/a>\u00a0\u2013 14,214MW \u2013 demonstrating a strong demand for wind power globally, it stated.<\/p>\n The manufacturer received orders from 43 different counties last year, with the Americas accounting for 44% of total order intake, EMEA 39% and Asia-Pacific 17%.<\/p>\n The value of Vestas\u2019 service order backlog also increased by 18% to \u20ac14.3 billion last year.<\/p>\n It added that an increasing fleet of installed wind turbines positively impacted revenue in its service business.<\/p>\n In 2019, Vestas expects revenue to be between \u20ac10.75 billion and \u20ac12.25 billion, with service revenue growing by approximately 10% year-on-year.<\/p>\n It also expects to invest approximately \u20ac700 million this calendar year, but did not state where or on what this would be spent.<\/p>\n Vestas\u2019 offshore wind joint venture with Japanese conglomerate Mitsubishi Heavy Industries, MHI Vestas, turned a net profit (\u20ac26 million) for the first time in 2018.<\/p>\nMHI Vestas<\/h4>\n