Germany's Porsche AG said it will cut prices for its sports cars in Britain from May 1 because of the strength of sterling.

The Stuttgart-based company said the price cuts would range from 7.2 percent for the 911 Carrera 2 Coupe models and 9.6 percent for the Boxster S.

Porsche expects the price cuts to boost sales in Britain of the Boxster and 911 models in its coming business year, starting August 1.

The company said it would also cut the price in Britain of its 2.7-litre Boxster by 8.2 percent, the Carrera 2 Cabriolet by 7.8 percent, the Carrera 4 Coupe by 7.6 percent, the Carrera 4 Cabriolet by 8.1 percent and the 911 Turbo by 9.2 percent.

The euro was trading at around 0.58 sterling in Friday morning trade, close to its all-time lows.

Weakness in the euro against sterling makes euro-zone exports cheaper in Britain.