As British Airways chief Willie Walsh rose to discuss the airline’s eye-watering half-year losses with analysts, it was tempting to recall another BA presentation made in early in 2005 by his predecessor, Sir Rod Eddington, at the company’s Waterside headquarters near Heathrow.

It was the last BA investor day for Sir Rod, who was about to hand over to Mr Walsh, and the flag carrier was then the world’s most profitable airline.