Insurance provider Jardine Lloyd Thompson said Thursday first-half profits decline 9% as costs related to its transformation programme weighed on performance.

For the six months to 30 June, reported pretax profit fell 9% to £89.4m while revenue grew 3% to £713.5m.

Profit was weighed down by costs related to the company's 'Global Transformation Programme,' announced in February.

Organic revenue grew 4% amid growth from all lines of business: 3% in specialty, 6% in reinsurance and 4% in employee benefits.

The interim dividend was raised 4.1% to 12.7p.

Despite the downbeat results the company said is expected to report 'continued strong organic revenue growth and further financial progress for the full year'.

At 10:26am: (LON:JLP) Jubilee Platinum PLC share price was 0p at 2.33p