Category: Top Story

ASOS (LSE:ASC) reported a strong improvement in profitability during the first half of its financial year, with adjusted EBITDA rising by around 50% year-on-year despite a 9% decline in gross merchandise value (GMV). The improvement was driven by tighter pricing discipline, lower product returns and cost-saving initiatives that helped lift adjusted gross margin by 330 basis points to 48.5%.

Performance was supported by strong momentum in womenswear, which outpaced the broader business. The UK market also proved more resilient than the group overall, while new customer numbers grew 2% across ASOS’s four largest markets. Customer engagement was supported by a revamped mobile app, curated fashion features such as “The Heart”, and the expansion of the ASOS.World loyalty programme into the United States and Europe.

Management said the results demonstrate progress against its strategic priorities of delivering relevant fashion, improving the shopping experience and maintaining an efficient operating model. Measures implemented during the period included cutting fixed costs by more than 10% and improving the economics of warehouse and distribution operations.

With inventory described as being in a clean and well-managed position and further digital improvements planned, the company reiterated its full-year 2026 guidance. ASOS expects a stabilising GMV trajectory, further margin expansion, a substantial increase in EBITDA and broadly neutral free cash flow as it continues efforts to return the business to sustainable profitability.

Despite the improving operational picture, the company’s outlook remains constrained by ongoing financial challenges, including declining revenue, losses and relatively high leverage. Technical indicators also suggest a bearish-to-neutral market trend. However, more positive commentary from the latest earnings call, alongside improved profitability metrics and strengthened liquidity following refinancing actions, provides some support for the medium-term outlook.

More about ASOS plc

ASOS plc is a global online fashion retailer serving around 17 million active customers in more than 150 countries. The company sells both its own labels — including ASOS DESIGN, ARRANGE, COLLUSION, Topshop and Topman — as well as a range of partner brands. Its platform combines retail, marketplace and fulfilment services, enabling an agile commercial model designed to serve global fashion consumers.

Diageo (LSE:DGE) said its subsidiary United Spirits Limited has agreed to sell its entire stake in Royal Challengers Sports Private Limited, the owner and operator of the Royal Challengers Bengaluru cricket franchises, for INR 166.6 billion to a consortium of investors.

The acquiring group includes Aditya Birla Group, The Times of India Group, Bolt Ventures and Blackstone, bringing together experience across sport, media, technology and brand development. The transaction will transfer both ownership and operating rights for the Royal Challengers Bengaluru teams competing in the Indian Premier League and the Women’s Premier League.

Completion of the sale remains subject to customary regulatory approvals, including clearance from Indian cricket authorities and competition regulators. Once finalised, the deal will conclude United Spirits’ previously announced strategic review of the franchise asset.

The divestment reflects Diageo’s ongoing efforts to streamline its exposure to sports franchise ownership while allowing the Royal Challengers Bengaluru teams to transition to a group of investors with a strong focus on sports, media and commercial growth. The new ownership consortium is expected to support expanded commercial and media opportunities for the franchise.

Diageo’s broader outlook remains supported by solid underlying financial performance, including revenue growth and healthy operating margins. However, the group continues to face pressures from margin compression, relatively high leverage and less stable free cash flow. Technical indicators also remain weak, with the share price trading below key moving averages, although valuation support comes from the company’s comparatively strong dividend yield.

More about Diageo

Diageo plc is one of the world’s largest beverage alcohol companies, with a portfolio of leading spirits and beer brands including Johnnie Walker, Smirnoff, Captain Morgan, Baileys, Don Julio, Tanqueray and Guinness. The company distributes its products in nearly 180 countries and is dual-listed in London and New York, making it a major player in the global consumer staples and premium drinks markets.

UK Oil & Gas (LSE:UKOG) said its wholly owned subsidiary UK Energy Storage (UKEn) has entered into a memorandum of understanding with Wales & West Utilities, the primary gas network operator across Wales and South West England, to support the development of a regional hydrogen infrastructure network.

The agreement focuses on integrating UKEn’s proposed hydrogen storage facility in South Dorset with WWU’s planned HyLine South West pipeline. The pipeline project is designed to connect hydrogen producers, users and storage facilities across the region, forming part of a broader low-carbon energy network.

Under the terms of the memorandum, the two parties will explore options to link the HyLine South West system either directly or indirectly with UKEn’s planned salt-cavern hydrogen storage site. They also intend to work together to seek UK government revenue support through the Hydrogen Transport and Storage Business Model while promoting the wider rollout of hydrogen pipeline and storage infrastructure within WWU’s network area.

The new agreement builds on UKEn’s previously announced partnership with National Gas, which focuses on national hydrogen network connectivity. Together, these initiatives aim to strengthen the foundations for a large-scale and reliable hydrogen supply system while supporting industrial decarbonisation efforts in Wales and the South West of England.

More about UK Oil & Gas PLC

UK Oil & Gas PLC is an AIM-listed energy company developing hydrogen storage infrastructure through its clean energy subsidiary UK Energy Storage. The group is focused on constructing large-scale hydrogen storage in salt caverns in southern England and positioning itself within the emerging UK hydrogen economy by targeting both national and regional pipeline connectivity for producers, industrial users and hydrogen offtakers across Wales, the South West and other parts of the UK.

Kingfisher Plc (LSE:KGF) reported a £73 million goodwill impairment related to its Castorama France business as the home improvement group posted a 6% increase in full-year adjusted pre-tax profit to £560 million. The performance was supported by solid trading in its UK brands, which offset mounting pressure in France, the group’s second-largest market.

France accounts for about 30% of Kingfisher’s total revenue, and the country’s DIY market declined by roughly 3% during the financial year ended Jan. 31. Castorama France delivered a retail profit margin of 2.5%, well below the company’s medium-term goal of 5% to 7%, a level management said would depend on “the pace of the market recovery.”

Statutory pre-tax profit increased 23% to £378 million, while adjusted earnings per share rose 14.9% to 23.8 pence.

The group’s UK businesses were the main drivers of growth. Sales at B&Q rose 4%, while Screwfix recorded a 4.5% increase. Retail profit across the UK and Ireland reached £575 million, though the comparison was aided by £33 million of business rates refunds received in the prior year that were not repeated in the latest period.

Group gross margin improved by 80 basis points to 38.1%. Free cash flow remained broadly stable at £512 million, while net debt to adjusted EBITDA fell to 1.4 times from 1.6 times.

Kingfisher also wrote down the value of its 50% stake in Turkish joint venture Koçtaş to zero, taking a £19 million charge. In addition, the company recorded a £31 million loss on the disposal of its Romanian operations in May 2025, which generated gross proceeds of £53 million.

The total dividend for the year was maintained at 12.40 pence per share, equivalent to cover of 1.9 times—below the company’s target range of 2.25 to 2.75 times.

Kingfisher also unveiled a new £300 million share buyback programme, its fourth since September 2021, bringing cumulative buybacks to £1.2 billion.

Chief executive Thierry Garnier said the group delivered “profit growth of +13% when excluding last year’s business rates one-off and strong free cash flow.”

Looking ahead, the company forecast adjusted pre-tax profit of between £565 million and £625 million for the coming year, alongside expected free cash flow of £450 million to £510 million.

Digital sales continued to expand, with e-commerce accounting for 21% of total group revenue at £2.74 billion. Trade sales reached £3.89 billion, representing around 30% of the company’s overall revenue.

Bellway (LSE:BWY) reported a resilient performance for the six months to 31 January 2026, with housing completions rising 2.7% to 4,702 homes. Underlying operating profit increased 1.5% to £159m, despite a slightly lower operating margin and a modest rise in legacy building-safety costs. The housebuilder reaffirmed its focus on shareholder returns, announcing a higher interim dividend alongside the continuation of its £150m share buyback programme while maintaining a disciplined balance sheet. The group also indicated that full-year housing volumes, average selling prices and underlying operating profit are now expected to exceed earlier guidance, even as mortgage-market volatility and geopolitical uncertainty continue to influence the wider UK housing sector.

Bellway’s outlook is supported by solid financial performance and positive commentary from its earnings update, pointing to steady growth and disciplined capital allocation. However, technical indicators suggest some short-term bearish momentum in the share price, while valuation measures indicate the stock may be relatively expensive. The company’s ability to manage cash flow effectively and navigate potentially slower market conditions will remain important for sustaining performance.

More about Bellway

Bellway p.l.c. is a UK residential property developer focused on building new homes across a wide range of regional markets. The group operates with a substantial owned, controlled and strategic land bank and serves both private homebuyers and social housing providers. Bellway has also invested in its own timber-frame manufacturing facility to enhance construction efficiency and improve control over product quality.

KEFI Gold and Copper (LSE:KEFI) has completed the RetailBook portion of its latest equity fundraising, conditionally raising about £941,574 through the issuance of 78,464,474 new shares priced at 1.2 pence each. Combined with the previously announced firm and conditional placings and subscriptions, the total capital raised now amounts to approximately £35.6m, requiring the issue of 2,964,194,769 new shares.

The RetailBook proceeds, along with the wider fundraising, remain subject to shareholder approval at a general meeting scheduled for mid-April and the admission of the new shares to trading later that month. Strong participation in the RetailBook offer supports KEFI’s plans to progress its development projects in Ethiopia and Saudi Arabia. However, the scale of the new share issuance will lead to significant dilution for existing shareholders once the transaction is completed.

The company’s outlook continues to be weighed down by weak financial performance, including the absence of revenue, ongoing losses and persistent cash burn. Technical indicators provide some support, with the share price trading above key moving averages and a positive MACD signal. Nevertheless, valuation remains challenging due to negative earnings and the lack of a stated dividend yield.

More about KEFI Gold and Copper

KEFI Gold and Copper is a UK AIM-listed exploration and development company focused on gold and copper assets located along the Arabian Nubian Shield. Its core portfolio includes projects in Ethiopia and Saudi Arabia, positioning the group within emerging mining jurisdictions that offer significant potential for both precious and base metals development.