FTSE All-Share round-up: ASOS, WAG Payment Solutions, Kenmare Resources

Green shoots at ASOS (LSE:ASC) and another special dividend by WAG Payment Solutions Ordinary Share (LSE:EWG) today elevated their shares during a session when Kenmare Resources (LSE:KMR) hit the bottom of the FTSE All-Share.

ASOS advanced 26p to 238p, which compares with 364p last July and 330p in February, after its half-year trading update pointed to a 50% year-on-year increase in underlying profitability.

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The fast-fashion retailer said the progress reflected enhancements to the customer experience, including through a revitalised app, and a strong performance in womenswear.

Berenberg maintained its Buy rating and 600p price target following the update, which it said showed that the fashion retailer was heading in the right direction.

This was despite a 9% decline in gross merchandise value (GMV) in the half year to 1 March, which was weaker than the City firm had expected as ASOS has limited its participation in a highly promotional market.

However, sales improved sequentially from the fourth quarter of last year through to the second quarter of 2025-26 as improvements to the app and shopping experience drove higher customer engagement and average order value.

ASOS also reported a better-than-expected 330 basis points improvement in adjusted gross margin to 48.5% as it benefited from supply chain progress and improved buying terms.

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The company reiterated guidance for earnings between £150 million and £180 million in the year to August, which implies a 31% year-on-year increase in the second half of the year.

Berenberg said: “Having cleaned up its inventory, strengthened the balance sheet and addressed the operating cost base, ASOS is now in customer engagement mode.

“In the UK, US, Germany and France, new customers grew by 2% year-on-year. We find this encouraging as new customer growth could be a leading indicator for sales recovery.”

Peel Hunt, which has an Add recommendation and 300p target price, said: “There is a long way to go to GMV growth but we believe there is clearly stronger traction from improvements to the ASOS offer and customer engagement.”

At the top of the FTSE 250, W.A.G. Payment Solutions rose 9.2p to 108p after the technology provider to the European road transport industry declared its second special dividend in the space of a year.

Described as the “Uber of Trucking”, the company’s recently launched Eurowag digital platform has brought a variety of admin-heavy services such as fuel, toll payments and navigation on to a single system.

Total active trucks increased by 6.4% to 321,500 as today’s annual results showed double-digit net revenue growth of 12.9% to 330.1 million euros (£285.7 million) alongside a 62.4% rise in pre-tax profits to 19 million euros (£16.4 million).

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Free cash flow was more than double Peel Hunt’s estimate as the company reduced its debt leverage ratio to 1.9 times earnings from 2.3 times in 2024.

The performance means a second special dividend of 1.5p a share worth around 12 million is due to be paid after May’s annual meeting. This follows the distribution of 24.3 million euros through July’s payment of 3p a share.

Investec, which has a price target of 145p, pointed out that Eurowag is typically seen by customers as the go-to provider in a more volatile market backdrop.

It added: “Not many tech companies are delivering more than 10% revenue growth, EBITDA margins of more than 40% and with scope for operational gearing in today’s climate.”

At the bottom of the FTSE All-Share, Kenmare Resources fell 23.3p to a six-year low of 199.2p after the producer of titanium minerals and zircon suspended its 2025 final dividend in light of elevated net debt and weak market conditions.

The company has returned more than $300 million to shareholders through dividends and share buy‑backs since 2019.

Managing director Tom Hickey said: “The board recognises the importance of the dividend to many shareholders, and we are focused on resuming dividend payments as soon as it is prudent to do so.”

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Kenmare, which operates the Moma titanium mine in northern Mozambique, reported a 20% drop in mineral product revenue to $312.1 million (£233.1 million).

This reflected a 13% decrease in shipments and the impact of market oversupply as the average price received for Kenmare’s products fell 6% to $338 (£253) per tonne.

Peel Hunt said cash costs in 2025 were in line with its forecast, which has increased confidence that the 2026 cost-cutting programme will deliver enhanced cash flows.

It added: “There are also early signs that reduced output is improving pricing, and we therefore reiterate our 370p target price and Buy rating.”