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The FTSE 100 opened down slightly, falling 43.61 points to 6,631.86 as a raft of companies report lacklustre figures for 2020.
Insurance company Aviva reported a fall in annual profit owing to the impact of Covid-19 and a fall in gross written premiums. For the year ended 31 December 2020, pre-tax profit fell to £2.57 billion from £3.82 million year-on-year as gross premiums fell to £29.02 billion from £29.71 billion. In spite of the news, its share price rose nearly 4% to 397.9p.
Admiral, meanwhile, reported that annual profit rose by a fifth as claims frequency fell as people drove less during lockdowns. For 2020, pre-tax profit rose to £637.6 million from £522.6 million as turnover grew 2% to £3.55 billion. Its share price, however, fell 1% to £31.19.
Coats reported a fall in annual profit owing to the impact of the pandemic, but the thread manufacturer reinstated its dividend, citing an 'encouraging' recovery. For the year ended 31 December 2020, pre-tax profit fell $79.6 million from $166.8 million as revenue slipped 16% to $1.16 billion. Its share price rose almost 1% to 64.5p.
Defence company Chemring said performance since the onset of the current financial year had been as expected for both its sectors, though flagged a potential drag on performance from a stronger pound. This saw its share price drop 1.5p to 277.50p.
Order intake in the period to 28 February 2021 was £128 million, down from £132 million, with a book to bill ratio slipping to 127% from 125%. The company said its expected 2021 revenue was now 89%
Molten metal flow engineering and technology company, Vesuvius, has seen a £252.1 million fall in revenues as a result of the Covid-19 crisis. The group's revenue for the year to December 31, 2020, stands at £1,458.3 million, down from £1,710.4 million in 2019. The news had a significant impact on its share price, which tumbled nearly 8% this morning to 507.50p.
Elsewhere, Schroders has seen a small increase in pre-tax profits, rising to £702.3 million in 2020 from £701.2 million the year prior, although its share price fell 2.23% to £35.12. The asset manager recorded £42.5 billion in net inflows and assets under management increased by 15%, up from £500.2 billion in 2019, to a record high of £574.4 billion.
Variety goods value retailer B&M European Value Retail's share price remained stable at 543.80p as it upgraded its outlook on performance as revenue and margin remained 'strong' year to date.
The company now expects EBITDA, a measure of underlying business performance, for FY21 to be in the range of £590 million to £620 million, up from the previous range announced on 7 January 2021 of £540 million to £570 million.
Rentokil Initial saw its share price fall 1% to 472p, in spite of it reporting a 6.3% rise in ongoing revenue for 2020 and meeting its medium growth target.