Morgan Advanced Materials says strong pound could hit revenue

Fri May 9, 2014 2:33am EDT

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May 9 (Reuters) - British manufacturer Morgan Advanced Materials Plc said it expects a 5-6 percent drop in full-year revenue if current exchange rates persist through the year.

The company generates most of its revenue outside the UK and has been negatively affected by a strong pound. Sterling rose almost 10 percent against the U.S. dollar in the year to March 31, 2014.

Morgan Advanced Materials makes carbon and ceramic-based high-temperature insulation products used in medical instruments, aerospace, power generation and fire protection systems.

North America accounts for about 37 percent of the company's total revenue. Europe contributes 36 percent and Asia 27 percent. (Reporting by Aashika Jain in Bangalore; Editing by Robin Paxton)

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