THE chief executive of patent attorney Murgitroyd Group has said it will continue to invest in expanding in the United States even though annual profits will be hit by currency fluctuations.

Keith Young signalled steady expansion in the US remains a focus for the company but investors were less impressed with shares down 20p, or 3%, at 645p.

He said: "Looking towards the States, which is the single biggest market for European patent attorneys, [that] is where most of the demand is so being there remains a really strategic advantage. We have seen steady growth to the extent that sales to US customers are substantially all of the growth we are seeing."

Loading article content

Murgitroyd said yesterday its annual revenue, for the 12 months to May 31, is likely to come in around six per cent ahead at £38 million.

Pre-tax profits will be "not less than" £4 million, which would be lower than the £4.5m recorded in the previous year. Murgitroyd, which employs around 100 people in Glasgow, said currency fluctuations had impacted revenue and gross profit by an aggregate of £400,000.

Mr Young said: "In keeping with many businesses we have suffered a little bit from global currency exchange rates and we have tried to quantify that for investors. It is not hugely significant but it is important to highlight."

Mr Young said the medium and long term growth prospects look healthy and Murgitroyd continues to recruit in both sales and marketing as well as attorneys.

He said: "The business remains committed to growing the parts that generates the sales and the parts that turn that into income for us."