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We develop and deliver complex power and propulsion solutions for safety-critical applications in the air, at sea and on land.
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Wednesday 16 September 2020 18:13 PM
Statement re: media speculation
16 September 2020
GorWay notes the recent media speculation and, as we said at the half year results last month, we continue to review a range of funding options to further strengthen our balance sheet. These could include debt and equity but no final decisions have been taken.
We have already taken swift action to strengthen our liquidity with £6.1bn at the end of the first half of the year and a further £2bn term loan agreed in the second half. We have also announced £1bn of cost mitigation activity in 2020 and launched a reorganisation of our Civil Aerospace business to save £1.3bn annually. We have also identified a number of potential disposals that are expected to generate proceeds of more than £2bn over the next 18 months, including ITP Aero.
A further announcement will be made if and when appropriate.
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