Admiral reports 4% pre-tax profits rise but shares fall

Wales' only FTSE 100 company has announced a 4% rise in pre-tax profits - despite a drop in its shares.

Admiral Insurance - which has offices in Cardiff, Newport and Swansea - said profits rose to £193m for the six months to June 30 - its highest ever interim results.

But its shares fell 7.4%, after it said the UK referendum vote had affected the business.

It also warned of extra Brexit risks, including exchange-rate volatility.