Britain's FTSE falls as Old Mutual, ex-divs weigh

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* FTSE 100 down 0.6 pct

* Old Mutual (Other OTC: ODMTY - news) reports disappointing Q2

* Ex-divs also weigh

* Coca-Cola HBC, TUI (LSE: 0NLA.L - news) soar

By Kit Rees

LONDON, Aug 11 (Reuters) - UK shares slipped on Thursday, weighed down by a drop in Old Mutual, which fell after reporting results, as well as a number of companies trading ex-dividend.

The blue-chip FTSE 100 index dipped 0.6 percent to 6827.56 points by 0838 GMT, breaking a five-day gaining streak and retreating from its highest levels in 14 months.

Anglo-South African financial services firm Old Mutual dropped 5.5 percent after posting a 9 percent fall in first-half operating profit, putting it on track for its biggest daily loss in over 6 months.

The company, which is set to break itself into four parts, also said that conditions were challenging in its core markets.

"With (Other OTC: WWTH - news) this miss, recent strong performance and the lack of material progress in the managed separation, we expect ... some short term price pressure after these results," analysts at UBS said in a note.

Builder's merchant Travis Perkins (LSE: TPK.L - news) was down 3.5 percent after investment bank Barclays (LSE: BARC.L - news) downgraded the stock to "underweight" from "equal weight" and cuts its target price.

"We fear the UK's vote to leave the EU will have a larger impact on the business than the market expects and our analysis suggests valuation will come under pressure if this occurs," analysts at Barclays said in a note.

Falls in shares of companies such as Berkeley Group and Royal Dutch Shell (Xetra: A0ET6Q - news) also added pressure, after they traded without entitlement to their latest dividend payout.

Among the risers, drinks bottler Coca-Cola HBC surged 5.9 percent to a year-high after the company was positive on its full-year outlook following a rise in first-half profit.

Likewise tour operator TUI jumped 4.4 percent after saying that it was on track to meet its profit target this year, as travellers chose long-haul destinations and Spain over troubled Turkey and North Africa.

TUI also added that it hadn't seen an impact on demand from British holidaymakers after the UK voted to leave the European Union.

Among smaller companies, DFS Furniture (Frankfurt: DF0.F - news) soared 12.6 percent after it reported results and said that it saw full year results at the upper end of market expectations. (Reporting by Kit Rees; Editing by Keith Weir)