Gamesa boosts H1 sales, profits

Spanish wind group Gamesa said it is on course to hit its 2.4GW 2014 target after ending the first half with sales and profits up sharply.

Gamesa booked a net profit of €42m ($56.5m) in the January-June period, almost double the €22m it made at the same stage last year, on revenues 13% higher at €1.26bn.

The wind group added 801MW of orders in the second quarter of the year, meaning it ended the first half with a 1.91GW order book – a 24% uplift on the June 2013 situation.

With another 393MW signed for in the first weeks of July the company said it is on track to reach the 2.4GW guidance.

The US accounted for 20% of revenues, with India and Latin America accounting for 30% and 36% respectively.

Europe and the rest of the world comprised 13% of revenues in the first half.

O&M revenues were 16.8% of the total and grew by 18% in the first half to €212m.

Gamesa said: "The positive order book performance, along with strong sales positioning, the steady improvement in product costs and greater regulatory visibility in key countries provide the assurance of profitable growth in the short, medium and long term."

The Spanish group told its investors the recent signing of its offshore wind joint venture with Areva of France provides it "with an opportunity for complementary growth".