London’s Heathrow airport is shrinking its operations in order to remain open throughout the Covid-19 coronavirus pandemic.
“Keeping Heathrow open will enable some passenger services to continue, as well as facilitating cargo operations which will safeguard vital supply lines for the UK,” the airport firm said in a statement.
“Whilst we remain committed to remaining open, Heathrow's financial performance will be significantly impacted by this unprecedented situation.”
In a statement, distributed across the stock market, the airport noted actions being taken to safeguard the financial resilience of its business – including cost cuts, cancellation of executive pay, a recruitment freeze, and all capital projects have been put under review.
It added that further action is being reviewed and that it has maintained prudent headroom, in its credit metrics.
The airport said it was well funded and was in a robust financial position, with £3.3bn of facilities available, giving it at least 12 months’ of liquidity.
Heathrow has debt securities listed in London.