The FTSE 100 is struggling for direction early on, up a handful of points just short of the 7,300 mark, despite strong trading in Asia overnight.
Consumer goods business Reckitt Benckiser (RB.) falls 3.8% to £63.20 as like-for-like sales for 2017 come in flat and margins come in just below consensus. The company, which owns brands such as Cillit Bang and Clearasil is guiding for growth of between 2% and 3% in 2018 but has warned of some margin pressure in 2018.
Reckitt also points to 2% growth in underlying revenue in the final quarter of last year, boosted by its takeover of US baby milk specialist Mead Johnson.
Pharmaceutical giant AstraZeneca (AZN) ticks ups 0.4% to £47.59 after reporting its Imfinzi immunotherapy drug has been approved by US regulators for use in the treatment of lung cancer.
Financial services software provider Fidessa (FDSA) gains 7.3% to £27.95 as full year numbers show revenue up 7% to £353.9m and adjusted pre-tax profit up 10% to £54.2m, the company expects to see similar levels of growth in 2018. The company also points to increased capacity In 2019 which could allow it to invest in further opportunities or increase margins.
Affordable housebuilder MJ Gleeson (GLE) gains as it reports a near-20% increase in pre-tax profit in its first half to 31 December. The company also announces a 38.5% increase in the dividend per share to 9p and a shift in dividend policy to aim for dividend cover of between 1.75 times and 2.75 times rather than between two times and three times.
Convenience store operator McColl's (MCLS) slumps 9.5% to 225.3p as it warns disruption to supplies in the wake of wholesaler Palmer & Harvey entering administration in November hit sales in the latter part of 2017 and in early 2018.
