Vestas reports financial results for first quarter 2011

Danish wind turbine manufacturer Vestas has announced financial results for the first quarter of 2011, in which revenue totalled €1,060m (£909.2m) — an increase of 25 per cent relative to the first quarter of 2010.

The EBIT margin fell from 4.6 per cent to 6.5 per cent, however the first half year of 2011 is expected to break even against an EBIT loss of €219m during the first half year of 2010.

The free cash flow was improved compared to the first quarter of 2010, by €116m to €431m.

The backlog of firm and unconditional orders amounted to €7.2bn at 31 March 2011.