Aberystwyth University will continue to invest in key projects such as the reopening of Pantycelyn Halls and has no plans for job cuts, despite the “significant challenges” caused by the global coronavirus pandemic.

The university estimates it has lost around £4m, or 3.3 per cent of its annual turnover.

But bosses have expressed “its clear aim” to preserve jobs and currently has no plans for redundancies.

A programme of cost-saving measures has been introduced, but the university said it also intends to maintain investment in key projects.

These include the completion of the redevelopment of Pantycelyn halls to welcome students in September this year; completion of the Aberystwyth Innovation and Enterprise Campus; open Wales’ only veterinary medicine from 2021; infrastructure projects such as VetHub and Sêr Cymru laboratories.

They also include progressing plans for a nursing school at the university from 2022; and redeveloping the Old College by 2023.

There will also be investment in order to deliver the best possible student experience on campus, while maintaining safety of students, staff and the wider community, the university said.

Vice-chancellor, Professor Elizabeth Treasure, emphasised that budgetary planning beyond September would depend on student numbers in the forthcoming academic year.

She said: “Universities across the sector are outlining the very serious financial situations in which they now find themselves due to the global crisis.

“Aberystwyth University is in a less precarious position than many other universities although the circumstances, and losses of income, do present some significant challenges.

“Aberystwyth University is different to a number of others for three reasons. Firstly, we have made very significant efforts to ensure that our costs do not exceed our income. Secondly, our levels of borrowing are relatively low; and thirdly, we have not budgeted for large numbers of international students who are far less likely to arrive in September.

“Over the coming months we will need to respond swiftly to events, but based on current forecasts, we have set out budgetary plans which plot a path through this storm. With the exception of planned end to fixed-term contracts, there are no plans for redundancies at the moment.

"My aim is to preserve jobs and provide resource where it is needed to ensure that the university works well. This is a serious situation, but I am entirely confident that we can overcome these challenges and build a stronger University for the benefit of our students, colleagues and the wider community, of which we are such an integral part.”