Shares in Vestas fell 7 per cent after the Danish wind turbine manufacturer said delays in delivering projects had hit both profits and revenues in the second quarter. The company is sticking with its guidance for the full year but warned that results could be affected by delays in turbine installation due to bad weather and problems with grid connections. Vestas shares, which are listed on the Danish stock exchange, were 7 per cent lower in early trading at DKr575, having closed on Wednesday at DKr622. Five years ago, Vestas recovered from a brush with financial collapse by cutting costs and jobs. Anders Runevad, who became chief executive in 2013, has since benefited from a surge of demand worldwide as the price of wind power has come down significantly.
FT 17th Aug 2017 read more »