Morgan Crucible bolstered by acquisitions

LONDON (Reuters) - Industrial material group Morgan Crucible Co (MGCR.L) said revenues in the first quarter were 11 percent higher, bolstered by acquisitions and favourable currency movement.

But organic first quarter revenues fell 9 percent compared to the same period last year, said chairman Tim Stevenson in a statement on Friday ahead of the group's annual meeting.

The company warned in February of falling orders as it expects a challenging year ahead.

Morgan Crucible said it is ready to cut further costs if necessary, after slashing its headcount by 10 percent or 1,000 people since last summer.

Meanwhile plans to refinance its banking facilities are progressing well, said Stevenson, with the group now in the final stage of documentation for the facility.

(Reporting by Lorraine Turner)