Turbine manufacturer Vestas Wind Systems logged record order levels in 2019 as well as a rise in profit and revenue.
Vestas posted an order intake — a measure of turbines placed on its order books — of more than 17 gigawatts (GW) last year, with revenue hitting 12.1 billion euros ($13.34 billion), up from 10.1 billion euros in 2018.
The Danish firm, which released its annual report Wednesday, said the fourth quarter of 2019 saw operating profit before special items reach 404 million euros, a 36% increase compared to the fourth quarter of 2018.
Looking ahead, the Aarhus-headquartered business said it expected revenue for 2020 to “range between” 14 and 15 billion euros.
“Wind energy manifested its position as a leading global energy source in 2019, driving Vestas’ order intake to a record 17.9 GW, 20 percent growth in revenue and expected high activity levels in the coming years,” Henrik Andersen, Vestas’ group president and CEO, said in a statement.
Shares of Vestas moved almost 5% higher following the earnings call on Wednesday. Over a 12-month period, the stock has risen almost 35%.
Speaking to CNBC’s Squawk Box Europe on Wednesday morning, Andersen said the company had three strategic priorities.
“Our power solutions onshore, it’s our service business — where we are right now looking after almost 100 gigawatt of turbines — and then last but not least we are also in… offshore.”
“Those three legs we are investing (in) and we are of course seeing as an enormous and a very positive growth trajectory if we look (to) the years ahead,” he added.
Vestas is expecting service revenue to grow by around 7% this year, according to its annual report.
Andersen went on to explain that in the onshore sector, the firm was changing its manufacturing to become modular, “so we are also in a better position to scale when we look… three, five and eight years ahead.”