Cleckheaton-based Wesco Aircraft Europe, which specialises in supply-chain management for the aerospace industry, has seen its pre-tax profits more than halved, following the loss of a large Boeing contract (when the aerospace giant moved some operations in-house) plus the transfer of its Canadian business to a new legal entity.
However, the firm said that major airlines are ordering new aircraft “at a robust pace” and that “volatile” fuel prices are creating greater demand, “particularly for fuel-efficient models”.
Nevertheless, “production levels in the aviation manufacturing industry are still well below pre-recession levels, as are military build rates, which are expected to continue to decline”.
Despite this, Wesco directors said they are “confident of future prospects”.