Wind turbine manufacturing giant Vestas yesterday reduced its revenue and profit outlook for the second time in two months and announced it will be “significantly restructuring” its organisation.
The Danish firm blamed higher costs and delayed wind farms for forcing it to transfer €400M (£330M) of revenue expected in 2011 to 2012. During the fourth quarter of 2011, Vestas expects to report revenues of around £1.82bn.
Bad weather and lack of grid connections were among the reasons cited for fewer wind farms being commissioned in 2011.
In the stock market update the firm also said problems bringing its generator factory in Travemünde in Germany online had now been brought under control.
As a result the Danish firm has seen its share price drop 92% from a high in 2008 and will reveal details of its restructuring in February.
Vestas is planning to build a new wind turbine plant in Sherness in Kent to take advantage of the UK’s Round 3 offshore wind programme.