British Airways chief executive Willie Walsh has waived a £700,000 bonus because he believes it would be “inappropriate” to accept a personal reward after the chaotic launch of Terminal 5.
Walsh revealed his plans as the airline announced a 45% jump in annual profits for the 12 months to March 31. It reported pre-tax profits of £883m for the year but warned that it would be hit by rising oil prices and the tough economic climate over the next 12 months.
BA also says the costs related to the disastrous Terminal 5 opening will affect next year’s earnings. Last month, it announced that the debacle had so far cost it about £16m.
Walsh described the results as “outstanding” and BA says shareholders will see their first dividend in seven years.
He adds that there is scope for further efficiencies in many parts of the business and that he would like to see the traffic on BA’s website grow.