Intercooled turbofan cycles allow higher overall pressure ratios to be reached, which gives rise to improved thermal efficiency. In addition, intercooling allows for the size, weight and exhaust jet velocity of the core to be reduced. For an optimum jet velocity ratio and fixed thrust, the fan pressure ratio and specific thrust are also reduced, which benefits propulsive efficiency. A new intercooled core concept is proposed in this paper, which promises to alleviate limitations identified in previous intercooled turbofan designs. This concept facilitates the installation of the intercooler and reduces core losses at high overall pressure ratios. This engine concept takes advantage of intercooling and the arrangement of the high pressure spool to reach and exceed overall pressure ratios of 80. In addition, given the reduction in core size, bypass ratios beyond 14 have been considered. In order to identify efficiency gains and performance characteristics which are due to the novel arrangement alone, the geared intercooled reversed flow core engine has been compared with a geared intercooled engine with a more conventional core. Finally an optimisation exercise has been carried out to identify the best configuration for both the geared intercooled reversed flow core concept and the conventional core concept. In this paper, it is demonstrated that the geared intercooled reversed flow core concept allows for a 2.3% reduction in block fuel burn. The reductions are due to the improved core efficiency, higher overall pressure ratio as well as efficiency gains from the use of a mixed exhaust. The sensitivity analysis shows that the improvements are highly dependent on pressure losses in the core and bypass stream and that careful design of the mixer chutes and intercooler headers to achieve low losses is essential if the concept gains are to be realised.