Walsh waives £700k bonus over T5

British Airways has reported a record pre-tax profits of £883m but is bracing itself for a difficult 12 months. Soaring oil prices and the problems at Terminal 5 are likely to affect its earnings, particularly in the first quarter. Chief executive Willie Walsh, who described the annual profits as an "outstanding financial result", will forego his £700,000 bonus after the T5 fiasco, saying it would be "innappropriate". BA staff will share a £35m bonus.