By Jonathan Davies

Wales-based insurance firm Admiral has reported a slight increase in profits for the first six months of the year.

Admiral, which has bases in Cardiff, Newport and Swansea, posted pre-tax profits of £186.1 million for the six months to the end of June, up 1% on the same period last year.

The results pushed Admiral's share price up 4% due to their relative strength compared with competitors. Many insurance firms have seen their profits fall in the half-year period.

Chief operating officer David Stevens said: " come to the City and say we're up 1%, it's only a tiny bit, it's going to be well received."

Admiral now has more than 280 million members and has created nearly 300 jobs in South Wales this year alone.