From Walsh, june 23rd.
We started this year with £1.4 billion in cash and told the market that we aimed to finish the year with £1 billion.
Now, I never said we didn't face a problem, but what I find astonishing is that just after the CEO states the situation is so desperate that he needs staff to work for no payment, he then releases an email with the above quote. Why the hell would anyone work for free when the company is sat on such reserves.
One way to preserve the cash balance is to protect the dwindling forward bookings which are available. Instead Walsh scares custom away, then, and I'm certain this is now the case, engineers industrial action. We are losing £3million a day. Thanks to Walsh that figure will rise. Walsh needs to convince unite that a compromise exists and restore customer confidence. So far his method has only worsened a bad situation.