The wind turbine manufacturer whose decision to cease UK production sparked an 18-day factory occupation by protesting workers has said half-year revenues were up 29 per cent.
Vestas Wind Systems reported revenues of £1.98 billion for the first six months of the year, although profits were flat in the period.
The Danish firm shed 425 employees at its sites on the Isle of Wight and in Southampton earlier this month citing insufficient UK demand as planning hurdles hampered wind projects.
It said margins were squeezed in the second quarter because of severance payments relating to redundancies in Northern Europe following lower activity and an increase in staff in its growing US and China markets.
Even after its capacity reductions in the UK and Denmark – where 1,142 employees were laid off – it still has excess capacity in Northern Europe.
“In spite of growing global demand for renewable energy, the lack of growth in demand in certain markets in Northern Europe made these measures an unfortunate necessity,” the firm said.
While Europe still accounts for 72 per cent of the company’s order backlog – with the Americas and Asia at 17 per cent and 11 per cent respectively – Vestas said it expects a more even distribution across the markets in the future.
Earlier this month Vestas announced the closure of the UK blade production factories after obtaining a court order to remove six workers who had barricaded themselves into its Isle of Wight plant.