(Reuters) - UK engineering component manufacturer Senior Plc said it expects sales to grow close to 10 percent this year, boosted by its takeover of commercial aircraft parts maker Weston EU Ltd, sending the company's shares to a record high.
The forecast tops analysts' expectations of about 9 percent sales growth, according to Thomson Reuters I/B/E/S, despite Senior's exposure to Boeing Co (NYSE: BA - news) 's recently grounded 787 Dreamliner aircraft.
Sales at its aerospace business grew 23 percent to 470.5 million pounds. Weston, which was acquired by Senior in late 2011, accounted for about 55.6 million pounds, or 8 percent of overall revenue.
Boeing, which has stopped delivering Dreamliners, is still making the model and plans to double its production rate to ten 787s per month by early next year, Senior said.
Boeing accounted for 16 percent of Senior's aerospace sales last year.
Aircraft companies such as Boeing and Airbus have scrambled to fulfil a backlog stretching over several years, guaranteeing component makers a steady stream of orders.
Airbus predicted that global airlines will spend $4 trillion (2.64 trillion pounds) for buying aircraft in the next 20 years.
Strong demand from commercial planemakers offset declining demand for military aircraft parts after defence spending cuts in the United States and Europe.
"As we go into 2013, we're probably looking at a decline of about 10 or 11 percent in our military sales," Senior's Chief Executive Mark Rollins said in an interview with Reuters.
Sales to military planemakers accounted for 25 percent of Senior's aerospace business in 2012.
Senior's full-year adjusted pretax profit grew 17 percent to 91.1 million pounds.
(Editing by Joyjeet Das)