Danish firm DONG Energy has seen a drop in operating profits of almost £500m.

The company - which owns the Walney Wind Farm, in Barrow - made the announcement in its first quarter results, which were published this morning.

It has said though this was expected because of a particularly strong first quarter in 2016 and that the Walney Extension will help it have a strong 2017.

Profits fell to 3.3bn Krone (£376m) from 7.1bn Krone (£808m) in 2016.

This fall was in line with the company's expectations because in the first quarter of 2016 it had a particularly strong period due to its German operations.

A statement to investors said: "In 2017, partnership income in wind power is expected to materialise later in the year in connection with the expected divestment of 50 per cent of Walney Extension and the construction of, among others, the Race Bank wind farm (in Norfolk)."

The company held its AGM in Copenhagen today.

Henrik Poulsen, the chief executive, said: "The development of our portfolio of offshore wind projects for construction after 2020 is progressing steadily, both in terms of business development in new markets, including the USA and Taiwan, and in terms of participation in auctions in Europe."