Willie Walsh, chief executive of British Airways, has decided to forgo a bonus payment of more than £550,000, following the airline’s chaotic opening of Terminal 5 at London Heathrow airport and in spite of the airline announcing record profits on Friday.

BA reached a 10 per cent operating margin for the first time last year. It is to pay a dividend – 5p a share – for the first time since 2000-01 and is paying a bonus to staff of £35m. However, it warned that profits could fall steeply this year if oil prices remained at their current levels.