Offshore wind has propelled Danish energy company Dong to a record breaking operating profit in 2015 of £1.8billion (€2.35bn) as the company, which posted its results today (Thursday), signalled its intention to shift its focus from oil and gas to renewable.

The Danish company said the result “can mainly be attributed to higher production from offshore wind, higher levels of activity in connection with the construction of offshore wind farms for co-investors, the completed renegotiation of an oil-indexed gas purchase contract and lower costs in oil and gas”.

Operating profit in the wind business was up by 2% to Dkr6.2bn*, although once divestment gains in 2014 are accounted the underlying profit growth was “significantly higher”. Revenues in wind were up 70%.

Dong posted a net loss of Dkr12bn, compared with a loss of Dkr5.3bn in 2014. This included impairment losses of Dkr15.8bn in connection with the company’s oil and gas business.

Dong chief executive Henrik Poulsen commented the figures:

“Towards 2020 we expect offshore wind and bioenergy to account for more than 80% of investments. The investment strategy will further reinforce Dong Energy’s position as a global leader in renewables and expand our strongholds in offshore wind, bioenergy, and green distribution and customer solutions.”

Gross investments for 2016 are expected to be up to Dkr23bn for the company, compared to Dkr18.7bn last year.

*1.00 DKK = 0.133980 EUR (rate on Thursday, 4 of February, 2016)