Welcome to our Parliamentary Newsletter

Corporate update: 13 May 2021

 

We are holding our Annual General Meeting today. In his address to shareholders, Chief Executive Warren East said:

 

" We faced unprecedented challenges in 2020 with events that were beyond our control. We acted quickly and decisively by putting in place the measures necessary to protect our people and our business. I would like to thank our colleagues for the dedication and hard work this year and all our stakeholders for their engagement and support.

 

Looking ahead, we are confident that the significant restructuring actions we have taken in 2020 will deliver permanent cost reductions, positioning us well for the rebound in international air travel.

 

We are committed to our net zero targets and seizing the opportunity of supporting the transition in our end markets to low carbon and net zero carbon solutions. In the last few months, we have taken significant steps, including successfully testing 100% sustainable aviation fuels in current generation aircraft engines in Derby, while our Spirit of Innovation all-electric aircraft will take to the air within weeks."

 

Operational and financial performance year to date has been in line with expectations across all our business units.

 

 

Paul Stein, our Chief Technology Officer, has given evidence to the Lords Science and Technology Committee on the role of batteries and fuels cells in helping the UK reach low carbon transport targets.

 

In addressing the committee Paul emphasised the importance of R&D and next-generation technologies in tackling the Government’s net zero ambitions in transport. With a focus on the aviation sector, Paul outlined some challenges and opportunities in the future electrification of aviation, underscoring the importance of Sustainable Aviation Fuels for long-haul travel in the medium-term.