Meggitt growth lifts off

British aircraft parts supplier Meggitt expects to benefit from airlines renewing fleets with more fuel-efficient planes this year, after that trend helped it deliver strong growth in 2011 profit. The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, said yesterday 2011 pre-tax profit rose 26 per cent to £323m on sales 25 per cent higher at £1.45bn. Meggitt’s civil aerospace unit, which accounts for 45 per cent of group revenue, grew sales by 16 per cent during the year and the company expects this trend to continue in 2012. Commercial aircraft demand is rising as soaring oil prices force airlines to renew fleets with more fuel-efficient planes.