The aircraft engine manufacturer Rolls-Royce suffered a loss of nearly 3.2 billion pounds in 2020.

That is more than double the deficit the company recorded in the previous year. The corona pandemic has shaken many airlines, causing investments in new turbines to drop sharply.

Sales fell to £ 11.8 billion last year from £ 16.5 billion in the previous year. The crisis has already resulted in the loss of 7,000 jobs at the British concern, which expects to cut a total of 9,000 jobs by 2022 as part of a significant reorganization at its civil aviation division.

The fact that the damage was still somewhat limited, Rolls-Royce owed governments’ orders for defence equipment and electricity systems. Despite this, the group had to raise 7.3 billion pounds in new loans and shares to meet its payment obligations better. Also, the company wants to divest parts for 2 billion pounds.

As with airlines, Rolls-Royce has now pinned hopes for rapid human vaccinations against the coronavirus, which will help revive the international travel industry. Speaking to analysts, CEO Warren East said the vaccinations’ progress is “encouraging”, and the worst of the crisis is likely over.