FTSE 250 hits new highs: here are the stocks leading the charge

The FTSE 250 mid-cap index broke above its 2021 peak in the first week of August 2026 to close above 24,000 points for the first time, after adding around 2,000 points, or 9% since the start of the year.

This article reveals the companies which have outperformed the index, where analysts have also upgraded their earnings estimates more than average.

The reason for adding this datapoint is that it demonstrates positive underlying business momentum, not just pure share price momentum.

The list of names excludes some of the year’s biggest winners like low-cost computer platforms maker Raspberry Pi whose shares have more than doubled. This is because they didn’t make the grade in terms of having better than average upward revisions to earnings estimates.

How the FTSE 250 differs from the FTSE 100

Constituents of the FTSE 250 index tend to be domestically focused businesses compared with the international profile of FTSE 100 companies, and therefore they are more sensitive to the domestic economy and interest rates.

While an expectation for lower interest rates was a key theme in early 2026, the US-Iran conflict and higher energy costs have put those hopes on hold, leaving interest rate sensitive sectors like housebuilders languishing.

However, this has not deterred foreign buyers of UK mid-caps. The FTSE 250 has become a rich hunting ground for private equity and overseas firms with an increasing number of companies succumbing to takeovers this year, including Mitie, Rotork, Tate & Lyle, Spire Healthcare and EasyJet.

This reflects UK mid-caps being priced well below their historical averages and international peers in terms of price to earnings ratios and other valuation metrics.

The companies in the table have outperformed the FTSE 250 by at least 10% over the last six months and seen their earnings per share estimates revised upwards more than the average company in the index.

A closer look at names on the list

British commercial lender to small and medium sized enterprises (SMEs) Funding Circle has seen a big jump in analysts’ projected earnings estimates following the release of strong first half results on 16 July.

Revenues grew 50% to £138 million while pre-tax profit was circa £28 million, compared with £6 million in the first half of 2025. The company said it was on track to achieve 2026 guidance of at least £235 million of revenues and £35 million of pre-tax profits.

Clarkson saw its shares recently scale new highs, taking year-to-date gains to 30% after the UK-based provider of integrated shipping services said it expects full year results to be ‘materially’ ahead of expectations.

This language is usually code for earnings coming in between 5% and 10% ahead of analysts’ forecasts.

Clarkson’s business has benefited from the closing of the Strait of Hormuz and the exceptional volatility this has caused to world trade, supporting freight rates and demand for chartering and risk management solutions.

The average earnings estimate for the year to December 2026 has increased by around a tenth over the past month and by around 13% over the past 12-months.

Engineering names make the cut

Keller, the world’s largest geotechnical engineering contractor has comfortably outperformed the FTSE 250 with the shares recently scaling new highs after the company projected full year operating profit would be ‘materially’ ahead of market expectations.

The company-complied consensus of analysts’ forecasts for the year to December 2026 is £223 million on revenues of £3.2 billion.

Leading infrastructure solutions provider Hill & Smith raised its full year earnings projection to the upper end of analysts’ forecasts after reporting trading ahead of expectations in the three months to 30 April.

The company raised guidance again following stronger than expected first half results on 12 August, driven by double-digit organic growth in the US.

“Given the strong first half performance, and with sustained momentum in our US businesses, underlying operating profit for financial year 2026 is now expected to be modestly ahead of our previous expectations with a small margin progression compared to the 2025 year,” the company said.