Vestas' results defy expectations

Despite ongoing concerns over tightening credit conditions and project cancellations, Vestas, the world's largest wind turbine manufacturer, has released better than expected 2008 results, reporting an increase in operating profits of 51% to EUR668 million. Sales for the year also rose from EUR4.86 billion in 2007 to EUR6.03 billion last year.

The company also maintained its sales and profit forecasts for this year, predicting sales would rise about 20% to EUR7.2bn, resulting in a profit margin o