FTSE 250 round-up: Moonpig, easyJet, high-yielding Ithaca Energy
Earnings, takeover action and an upgrade for a chunky yielder in the oil and gas industry today provided the interest in a strong FTSE 250 session.
25th June 2026 15:20
by Graeme Evans from interactive investor
Strong Moonpig Group Ordinary Shares (LSE:MOON) results and the 11% yield of Ithaca Energy Ordinary Share (LSE:ITH) today captured mid-cap interest as the pair joined Raspberry Pi Holdings (LSE:RPI) and bid target easyJet (LSE:EZJ) near the top of the FTSE 250 index.
The benchmark advanced 172.01 points to 23,273.53, with insurance-to-holidays firm Saga (LSE:SAGA) and Seraphim Space Investment Trust Ord (LSE:SSIT) among the other stocks also in demand.
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Raspberry Pi led the way as buyers returned in the wake of a 30% reverse for shares since the Cambridge-based computing platform peaked at a record 1,051p earlier in June.
Shares have been the subject of volatile trading amid speculation about AI enthusiasts using low-cost Raspberry Pi boards to run the agent OpenClaw as an autonomous digital assistant.
Today’s rebound of 59.5p to 791p came amid a strong session for the wider tech sector as Molten Ventures Ord (LSE:GROW) also improved 18.5p to 593.5p and Allianz Technology Trust Ord (LSE:ATT) lifted 25p to 750p.
Low-cost airline easyjet traded at its highest level since last June - up 39.4p to 579p and 70% better off than mid-May - after US investor Castlelake improved its takeover proposal to 650p a share or £4.9 billion.
A put up or shut up deadline has been extended to Sunday 5 July although easyJet says that it continues to have reservations about the ownership structure of any offer. The bid vehicle is 51% backed by EU nationals including former Malaysia Airlines CEO Peter Bellew.
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It is also concerned about the time it will take, with the consequent meaningful impact on the present value of the offer price, to satisfy necessary conditions.
The statement added: “easyJet is in a position of strength, underpinned by an investment-grade balance sheet with a net cash position, alongside strong customer satisfaction and high employee engagement.”
Meanwhile, Moonpig rose 12.1p to 236.1p as shares extended their upward run since mid-May to 15% after the online greetings card firm reported strong results for the year to 30 April.
Revenue growth of 6.5% to £373 million and a 40 basis points gain in margin meant adjusted profits lifted 8.1% to £104.6 million, which was 3% ahead of the City consensus.
New chief executive Catherine Faiers is targeting medium-term annual revenue growth in the mid-to-high single digit percentage, which compares with the double-digit percentage outlined at a City briefing in October 2024.
However, Berenberg said the new guidance is already in consensus forecasts and that there is no change to the underlying margin target of 25-27% or intention for surplus cash returns.
The City firm left its prudently set forecasts and 300p price target unchanged following the results, adding that the shares continue to offer attractive value on 12 times future earnings.
Counterparts at Peel Hunt are also supportive: “Moonpig’s dominance of the subsector is very valuable, and the shares are among the better performers in the retail world year-to-date, but the prospects are not reflected by the current multiple.”
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Ithaca Energy rose 6.2p to 224.6p after analysts at Berenberg initiated coverage of the North Sea-focused oil and gas production firm with a price target of 270p.
The outlook for shareholder returns follows the company’s recent guidance that it will distribute between 20% and 35% of free cash flow from operations, up from 15-30% previously. It has paid $1.2 billion (£908 million) via dividends since 2023.
Having significantly grown its UK-focused oil and gas production base, Berenberg believes that Ithaca can sustain output at over 120,000 barrels of oil equivalent a day into the 2030s and that this will provide cash flow to underpin the attractive shareholder returns outlook.
The City firm said: “In addition, the strength of the balance sheet should support continued investment in the portfolio and enable management to continue screening for accretive M&A opportunities in the UK and also internationally as the company looks to diversify its portfolio.”
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