British aircraft services firm BBA Aviation Plc shrugged off global growth fears and expects a continued recovery in its markets on the back of increased flying activity helping second half.

Our business is all tied to business and general aviation (B&GA) flying globally. And that is growing. It is recovering from the trough that we saw in 2008 and it will continue to recover, Chief Executive Simon Pryce told Reuters on Friday.

The company, which provides refuelling, ground handling and other services to the general and commercial aviation markets, said B&GA flying hours in its North American market rose 4 percent for the six months to end-June. North America accounts for more than 70 percent of the group turnover.

Business travel demand is holding up better than price-sensitive leisure travel in a sign of business confidence and a recovery in world trade, the chief economist of the International Air Transport Association (IATA) said in June.

Earlier in the day, BBA posted a 17 percent rise in first-half underlying pretax profit at 52.6 million pounds (US$85.9 million), helped by strong demand for its flight support business, and raised its interim dividend 5 percent.

Revenue grew 12 percent to 660.2 million pounds.

Results are marginally ahead of our expectations. I think the share price reaction is overdone in the context of the wider market where things are down, analyst Siral Shah of Charles Stanley said.

Britain's top share index plunged further on Friday, led by banks, miners, and oils on growing concern the United States may be facing another recession and Europe's sovereign debt crisis is escalating.

BBA Aviation shares, which have lost 12 percent of their value over the past three months, were trading down 1.5 percent at 176.3 pence at 09:50 a.m. on the London Stock Exchange.