LONDON (Alliance News) - Duke Royalty Ltd said on Monday it generated a loss after tax in its financial year ended March 31, but the natural-resources royalty investment group said it is focused on expanding its portfolio under its new investment strategy.
Duke Royalty suffered a loss after tax of GBP4.0 million, which reflected losses from disposals of investment interests acquired under its "previous investment strategy". The annual loss was less than its GBP6.9 million after-tax loss the year before.
The company said it is currently evaluating six "late stage royalty opportunities" with a total value of around GBP70 million. Duke Royalty's pipeline has expanded throughout the year, with over 25 royalty opportunities in total under investigation with a value of GBP450 million.
Duke Royalty said it is considering options to raise additional capital, either in the form of equity or debt, to execute its new investment policy.
Chairman Nigel Birrell said Duke Royalty's financial year was "one of substantial activity and change". In June 2015, shareholders voted to change Duke Royalty's investment policy to become a royalty investment company. The company subsequently changed its name to Duke Royalty to reflect this change.
The company will hold its annual general meeting on September 1.
Shares in Duke Royalty were up 3.1% on Monday at 50.00 pence.
By Lucy Heming; lucyheming@alliancenews.com
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Duke Capital (DUKE)