UK aerospace sector has reasons to be cheerful
With the trans-European plane maker Airbus revealing at its annual press conference that it took in a record number of orders for new commercial aircraft last year, a leading aerospace analyst believes that the UK industry has plenty of reasons to be cheerful.
"Recent order pronouncements from significant airframe manufacturers clearly illustrate that global conditions are currently favourable for the aerospace supply chain in the UK," said Glynn Bellamy, head of aerospace and defence at the big four consultancy KPMG.
"On the whole, UK suppliers to civil aerospace programmes are experiencing increased demand driven by a combination of capacity expansion among Far Eastern airlines and renewal of ageing fleets of western airlines," he said.
Bellamy believed that the biggest risk to this positive trend was whether the western airlines, in light of recessionary conditions and high oil prices, had the financial strength to fund the forecast of aircraft deliveries.
However, despite the note of caution and unlike many other sectors, the overriding sentiment in the aerospace sector continued to be positive -- "and with good reason," he added.
