Heathrow is taking steps to “reorganise and shrink” its operation during the coronavirus crisis to ensure it can remain open.
Measures include reducing operating costs, cancelling executive pay, freezing recruitment and reviewing all capital projects.
The airport revealed its cost-saving measures in a trading update issued on Friday morning (20 March).
It did not state how the spread of Covid-19 would affect its plans to expand the airport via a third runway.
“The spread of Covid-19 represents a seismic challenge for the global aviation industry – including Heathrow,” said the airport.
“Heathrow will take steps to reorganise and shrink our operation to remain open throughout this crisis.
“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.”
It further warned that despite its commitment to remaining open, the airport’s financial performance would be “significantly impacted” by the crisis.
“The management team is reviewing further actions that can be taken if required and as the situation continues to develop,” said Heathrow, adding it – like many businesses in the aviation sector – was awaiting the announcement of government support for airports and airlines.
Heathrow said it was “well funded and in a robust financial position”, with cash and facilities amounting to £3.3 billion available to maintain at least a “12-month liquidity horizon”.