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 aftermarket.
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 positive.
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).