Ditlev Engel, chief executive of the Danish wind turbine manufacturer, Vestas Wind Systems’ has warned that the company may have to cut jobs if the weak economic climate persists. On the same day as his prediction, the company reported a 51 percent increase in annual earnings.
Mr Engel was speaking to analysts in New York last week. "If the world does not improve" he said "we will have to look to cut jobs at Vestas". However, to put this in context, it increased its workforce during 2008 to 20829 from 15329, to cope with increased production at its US ,European and Asia Pacific plants. The revelation follows completion of Vestas’ most successful year during which it announced plans for an expanded North American headquarters in Portland, reported year-end earnings before interest and taxes of $862 million (up 51 percent from 200) and an $8.13 billion revenue figure for 2008, a 24 percent jump from 2007. This figure is forecast to rise to $9.3 billion in 2009.
The revenue total reflects a similar increase in capacity sales - last year it shipped wind power systems with an aggregate capacity of 6160 MW, a 24 percent increase. Next year's order book has increased by 406 MW to 6109 MW, encouraging the company to stick to its goal of producing, shippinp and installing 10000 MW in 2010.
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