DONG says profits up in 2016

DONG Energy has increased its 2016 profit guidance to DKK24-25 billion (£2.75-2.86bn), up from DKK20-23 billion (£2.29-2.63bn). The group’s wind power business is expected to reach the high end of […]

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By Jonny Bairstow

DONG Energy has increased its 2016 profit guidance to DKK24-25 billion (£2.75-2.86bn), up from DKK20-23 billion (£2.29-2.63bn).

The group’s wind power business is expected to reach the high end of the DKK10-12 billion (£1.14-1.37bn) range and gross investments are likely to end up at the lower end of the DKK18-21 billion (£2.06-2.40bn) range.

According to the company, the increased profit predictions were led by “significant strategic and operational progress in all business units” in combination with the divestment of half of the Race Bank Offshore Wind Farm.

Cost reductions in oil & gas have also played a part in increasing profits.

Henrik Poulsen, DONG Energy’s CEO, says: “We have had a really good year in DONG Energy. We have continued the green transformation and seen significant growth in our operating profit.”