Top management at Vestas insisted it will place “value over volume” and maintain financial discipline as consolidated figures show the wind turbine giant posting its lowest net profit in eight years.

The company confirmed preliminary results from last month that showed revenue rising 5.2% to €15.6bn ($17.8bn) in 2021 from a year earlier, but earnings before interest and taxes (Ebit) before special items fell 38.5% to €461m last year.

Vestas now also said that its net profit plunged by 77.2%