FTSE 250 shares round-up: Ceres Power among top performers
Two mid-cap shares confirmed their popularity with these updates. Graeme Evans runs through the numbers.
23rd September 2026 14:45
by Graeme Evans from interactive investor
A special dividend in a record-breaking year has kept Renishaw (LSE:RSW) on course for a blue-chip return as the precision engineering firm today joined Ceres Power Holdings (LSE:CWR) near the top of the FTSE 250 index.
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Renishaw is now worth £4.1 billion after its post-results rise of 85p to 5,620p extended the Gloucestershire-based company's rebound since May 2025 to more than 160%.
Strong growth in demand from customers in the semiconductor and the aerospace and defence sectors meant annual revenues rose 14% to an all-time high of £815.8 million, including 28% growth in a record fourth quarter worth £244.2 million.
Adjusted profits lifted 32% to £168 million as the impact of AI-driven demand in the semiconductor manufacturing sector helped Renishaw's Position Measurement division to grow its margin by 4.9 percentage points to 27.4%.
Industrial Metrology delivered solid growth, while Specialised Technologies was the company's fastest-growing segment due to sharply higher demand for Renishaw's additive manufacturing product line in the aerospace and defence sector.
Chief executive Will Lee said the company expected further strong progress on revenue, profit and operating margin in the year: “We are well positioned in attractive markets that offer substantial through-cycle growth opportunities.”
A strong balance sheet with net cash of £291 million means that shareholders can expect to receive a £51 million special dividend worth 70p per share. This will be paid on 3 December, alongside a final dividend of 65.2p that lifted the ordinary total by 5% to 82p a share.
Broker Peel Hunt responded to the results by upping its price target from 6,300p to 6,700p, which it said was based on a five-year average multiple of 24 times forecast earnings.
The shares last traded above 6,000p in early 2021, when a short-lived sale process helped to propel Renishaw into the FTSE 100 index for the first time. It began today's session as the fifth largest company in the FTSE 250 index.
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Ceres Power is worth about £980 million, which includes today's jump of 32.6p to 464.8p after the clean energy technology company reported “encouraging signs” of commercial momentum across its partner network.
Ceres' solid oxide technology supports greater electrification of energy systems, including AI data centres as well as commercial and industrial applications.
It also produces green hydrogen at high efficiencies as a route to decarbonise emissions-intensive industries such as ammonia, steelmaking, and electrofuels.
An asset-light licensing model has already seen it establish partnerships with companies including Doosan, Delta, Denso, Shell, Weichai, Centrica and Thermax.
Revenue in today's half-year results increased 8% to £22.8 million, which was in line with expectations following a licence agreement with China's Weichai in November 2025. The adjusted loss improved to £6.8 million from £11.3 million the year before.
Management reiterated its revenue guidance of £45 million for 2026 before any new licence agreements, adding that it remained confident of signing one new licensee this year.
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Chief executive Phil Caldwell said: “Demand for power continues to grow, while the time required to secure new generation and grid capacity is becoming an increasing challenge for customers.
“Against this backdrop, we are seeing encouraging signs of commercial momentum across our partner network, including the first examples of downstream demand for products using Ceres’ technology.
“This provides further validation of both the scale of the opportunity and the role solid oxide technology can play in addressing the time-to-power challenge.”
He said a sharper commercial focus and a stronger balance sheet since June's equity raise, which generated £102.6 million at a price of 570p a share, boosted his confidence in the company's ability to “capitalise on the significant opportunity ahead”.
The shares surged from 304p to 844p between mid-April and late May, only to return towards the 300p mark at the end of July. City firm Berenberg has a price target of 950p.
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Full performance can be found on the company or index summary page on the interactive investor website. Simply click on the company's or index name highlighted in the article.