Broker Jardine Lloyd Thompson posted a fall in pre-tax profits on a bigger turnover than last year in its first half results.

The firm made nearly £138m in the first six months of the year, up 9.4% compared to £126m for the same period last year, but its pre-tax profit fell slightly (0.37%) from £35.497m to £35.366m.

But the company claimed that, before exceptional items, the pre-tax profit had risen by 7% from £33.2m. Exceptional items included the sale of several offshoots for a net loss of just £13,000, compared to a net gain of £108,000 for the same period last year.

The company's chief executive, Ken Carter, said that by taking out acquisitions and disposals the company's turnover had increased by 11% and trading profit had risen by 16%. He said that the firm's risk solutions division had grown by 13%, and the corporate risks division by 14%.

Carter said the company was not actively seeking further acquisitions but would snap up a deal if it saw an opportunity.

"We believe we have the right team in all our operations, overseas and in the UK; and that organic growth should be helped by a firmer market," Carter said.

The firm is also heavily involved in alternative risk transfer and has expanded its captives business from Bermuda to Guernsey and London.