Vestas cuts its guidance after turbine costs

ENGINEER Vestas yesterday cut guidance for full-year 2011 revenue to about €6bn (£4.9bn) from an estimate of €6.4bn given at the end of October,

It said some revenue had been delayed into 2012 and costs of manufacturing its V112 turbine had been higher than expected.

The cut represented the company’s second profits warning in three months and ahead of a reorganisation plan due to be revealed next week. “It is not what we expected,” chairman Bent Carlsen said.