The world’s largest wind turbine manufacturer, Vestas, has announced a profit rise of 70%.

Wind turbine manufacturer Vestas has announced Q1 profits of €56 million (around £50.2m) – a rise of 70% – although it plans to cut 1,900 of its employees in Denmark and England.

Vestas recently increased its staff to cope with 2009’s anticipated revenue growth. This measure, along with its expansion in China and the USA, has resulted in excess capacity in Northern Europe.

In its financial interim statement, Vestas said: “As Vestas no longer believes that the North European markets in the years ahead will be able to absorb the capacity released, as a result of the US expansion, Vestas is unfortunately compelled to reduce production capacity in Northern Europe.

“Consequently, Vestas expects to lay off approx 1,900 employees in Northern Europe, primarily in Denmark and England. Following the expected lay-offs, Vestas will, together with its suppliers, still have factory capacity to manufacture, ship and install 10,000 MW in 2010.”

The state of the economy has affected the wind power industry as a whole, with a drop in the number of orders along with many customers unable to finance scheduled projects. Despite this, Vestas expects its revenues in 2009 to rise by 20% to €7.2bn.

The benefits of wind power as a modern form of energy include the fact that it is environmentally ‘clean’, fast, predictable and financially competitive. Headquartered in Denmark, Vestas has installed 35,000 wind turbines around the world, and now installs one every four hours, with the aim of building the world’s strongest energy brand.