Senvion reported revenue of €1.89bn in 2017, a 14.5% fall from the €2.21bn posted the previous year, mainly down to a 24% drop in the onshore business.
Revenue from the onshore wind market dropped to just under €1.23bn in 2017 compared with almost €1.63bn in 2016.
However, offshore revenue grew to nearly €346m last year from €300m in the previous 12 months.
The German manufacturer also saw a decline in earnings before income tax, dropping almost 40% to €85.9m last year from €141.9m in 2016.
Senvion described the market in 2017 as “challenging”, with project delays causing some expected revenue to be shifted to 2018.
Firm orders stood at just under €1.78bn last year, up 36% on 2016, the company said.
Senvion said that despite a slowdown in markets, such as UK, where revenue fell to €161.7m from €397.1m, it is growing in new areas, including Australia, the Nordics and the south cone of South America.
The new regions contributed €715m to the order intake, it said.
Senvion expects stable revenue in 2018 of between €1.8bn and €1.9bn.
Senvion chief executive Jurgen Geissinger said: “2017 has been a challenging, yet successful year for Senvion.
“Senvion continues to gain market share in its key geographies, embed modularity in our products even further and transform the supply chain, which will help us on our path to profitable growth in 2019.”
Image: Senvion
Senvion takes onshore knock
By EBS