LONDON May 1 British aircraft parts supplier
Meggitt said sales grew modestly in the first three
months of 2013 and that it expects growth to accelerate in the
second half of the year, especially in the civil aerospace
The FTSE-100 firm, which supplies flight displays and wheels
to planemakers Airbus and Boeing, on Wednesday
predicted it would deliver mid-single digit revenue growth for
2013, underpinned by the ramp-up of several civil aerospace
programmes and a recovery in aftermarket sales, which include
parts and maintenance.
Global airlines will buy $3.5 trillion of aircraft over the
next 20 years to meet demand for travel to and from emerging
markets and renew ageing fleets with more fuel-efficient planes,
according to the world's two biggest planemakers, helping
suppliers such as Meggitt.
RBC analyst Rob Stallard said the fact that Meggitt had not
cut its forecasts due to suppressed U.S. defence spending was
Shares in the company, which have risen 25 percent so far
this year, closed at 468.6 pence on Tuesday, valuing the group
at around 3.75 billion pounds ($5.84 billion).