FTSE 250 round-up: Ithaca Energy and Oxford Nanopore impress

Dividend guidance by high-yielding Ithaca Energy  Ordinary Share (LSE:ITH) and the growth ambitions of Oxford Nanopore Technologies (LSE:ONT) today helped to lift their shares to the top of a subdued FTSE 250 index.

Ithaca, whose growth pipeline includes a 20% interest in the Rosebank field in the UK North Sea, reported record second-quarter production as well as improved unit cost guidance.

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The company promised the 24 September distribution of a half-year dividend of 15.42 US cents a share worth $255 million (£187 million) and said its cash flow outlook meant an upgraded payout range of $500-530 million across 2026, implying a yield of just under 10%.

Ithaca said the Rosebank project, which is subject to regulatory approval, remains on track for first oil in the first half of 2027. It is the largest undeveloped oil field in the UK North Sea.

The Cambo project, which could meet 4.5% of the UK’s oil demand in 2035, is advancing through key development milestones while the company said it is continuing to invest in high-return, short-cycle opportunities across its producing assets.

Shares rose 8.8p to 260.4p, meaning they have jumped 60% so far this year. However, Peel Hunt sees further upside to 280p as it believes that shares are at a compelling entry point.

The bank added: “Today’s update reinforces Ithaca’s investment case of high production, low leverage, more than $500 million dividend capacity and a substantial organic growth pipeline centred on Rosebank, Cambo and the wider West of Shetland portfolio.

“The biggest valuation driver, in our view, remains execution and regulatory approval of Rosebank and subsequent sanctioning of Cambo/Tornado.”

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Ithaca reported broadly flat underlying earnings of $1.1 billion for the first half of the year, aided by higher commodity prices. Production guidance for the year remains 120,000-130,000 barrels of oil equivalent a day, having beaten the City consensus with 131,000 in the second quarter.

Oxford Nanopore led the FTSE 250 after new chief executive Francis Van Parys set out his longer-term ambitions to build a $1 billion-and-growing annual revenue business.

The jump of 13.1p to 135.3p returns the shares to positive territory for the year, having fallen in July after the company downgraded expectations for revenues in today’s half-year results.

The stated figure of £116.7 million rose 10.5% on a reported basis as the company delivered a positive surprise on the earnings front with a smaller than expected loss of £22.1 million and by keeping guidance for a breakeven position in the 2027 financial year.

The group, whose nanopore-based sensing technology is used to understand the biology of humans, plants, animals, bacteria, viruses and environments, said growth in the first half was broad-based across customer end markets.

Van Parys, who joined the company in March, pledged to prioritise high-value applications across biopharma, clinical and research end markets where Oxford Nanopore can demonstrate clear customer value and deepen relationships to accelerate adoption.

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Growth to 2030 is expected to be materially weighted towards biopharma and clinical as the company targets revenues of more than $700 million (£515 million).

He said: “Our next chapter is about harnessing the collective strength of Oxford Nanopore to deploy our differentiated technology seamlessly and at scale across an ever-expanding customer base.

“Our focus is clear: to accelerate adoption in our fastest-growing end markets and realise our longer-term ambition to build Oxford Nanopore into a $1 billion-and-growing annual revenue business, delivering significant and sustainable value for all stakeholders.”