Vestas ups free cash flow forecast

Danish wind group Vestas today boosted its forecast for 2013 free cash flow to about €1bn ($1.36bn), from a previous figure of €500m-€700m.

The turbine manufacturer said the increase, based on preliminary reporting, is “primarily driven by a better-than-expected development of the net working capital”.

Vestas has previously stressed the need to improve its free cash flow position as part of its corporate and financial turnaround strategy.

The Danish company will release its full-year results for 2013 plus its outlook for 2014 on 4 February.

Vestas shares ended the day up 5.5% in Copenhagen at DKr186.10. The shares have rebounded strongly from a 52-week low of DKr33.