Net income fell to ?74.5 million ($91.5 million), from ?78.5 million in the year-earlier period, the London-based company said this week in a Regulatory News Service statement. Brit said foreign exchange swings cut profit by ?2.4 million, after boosting earnings by ?10.4 million a year earlier.

?We have ambitious and challenging targets,? said chief executive officer Dane Douetil in the statement. ?Market conditions remain satisfactory overall and we look forward to achieving our goals for the second half of the year and beyond.?

The dollar fell about 6.8 percent against the pound in the first half of the year.