(Alliance News) - Duke Royalty Ltd said Wednesday it still expects its cashflow and loan portfolio for its financial year to be in line with expectations, despite the market turbulence affecting all public companies.
Also on Wednesday, the London-based royalty investment firm announced the stepping down of Non-Executive Director Justin Cochrane, following his appointment as chief executive officer of TSX-listed Conic Metals Corp.
Cochrane has been part of Duke Royalty for five years since 2015.
Duke Royalty said its business model allows it to cope with challenging macroeconomic events due to its low operating costs compared to its monthly cash flows and high operational leverage.
As a sign of its confidence, Duke Royalty declared a quarterly dividend payment of 0.75 pence per share.
Duke Royalty said it will publish a more detailed trading update in April.
Shares in Duke Royalty were up 6.1% at 40.00 pence on Wednesday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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