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Pin to quick picksDuke Capital Regulatory News (DUKE)

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Trading Update

1 Jun 2023 07:00

RNS Number : 2549B
Duke Royalty Limited
01 June 2023
 

1 June 2023

Duke Royalty Limited

("Duke Royalty", "Duke" or the "Company")

Trading Update

 

Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and North America, is pleased to provide the following trading and operational update for its fourth financial quarter ending 31 March 2023 ("Q4 FY23") as well as guidance on trading for its first quarter of financial year 2024, ending 30 June 2023 ("Q1 FY24").

 

Financial Highlights:

 

· Recurring cash revenue for Q4 FY23 reached a new record of £5.7 million, an increase of 21% over Q4 FY22, and an increase on the prior quarter Q3 FY23

· Q4 FY23 total cash revenue was £5.8 million

· 0.70p interim dividend paid out in January 2023

Overview of quarterly revenue growth:

 

Recurring Cash Revenue*

Total Cash Revenue**

Q4 FY22

£4.7 million

£6.7 million

Q1 FY23

£5.1 million

£5.1 million

Q2 FY23

£5.3 million

£5.3 million

Q3 FY23

£5.6 million

£5.6 million

Q4 FY23

£5.7 million

£5.8 million

 

* Recurring cash revenue excludes buyback premium receipts and cash gains from equity sales

** Total cash revenue is monthly cash distributions from Duke's royalty partners plus cash gains received from the sales of equity assets and buyback premiums

 

 

Operational Highlights:

· During the quarter, Duke closed and drew down on the credit facility with Fairfax Financial Holdings Limited. The new credit facility is a 225 bps improvement in interest cost alongside an increase in the facility size to £100 million, replacing Duke's previous £55 million term and revolving facilities

· In Q4 FY23 Duke completed a new US$8.75 million royalty investment into Instor Solutions, Inc. a California-based product reseller and service provider for work related to the build-out and migration of data centres

· Duke also made a follow-on investment of £1.75 million into its existing royalty partner, InTec Business Solutions Limited ("Intec"), to facilitate InTec's acquisition of Frog IT Services Limited, a profitable specialist provider of IT support and cloud-based services to small and medium sized customer

 

Financial Forecast for Q1 FY24:

 

· Based on current trading, Duke expects to achieve recurring cash revenue of £6.0 million in Q1 FY24, delivering an average monthly revenue of £2.0 million for the first time in the Company's history, a significant milestone

· The £6.0 million of cash revenue would represent an 18% year on year increase (Q1 FY23: £5.1 million) and an increase on Q4 FY23

 

Neil Johnson, CEO of Duke Royalty, said:

"We are pleased to announce yet another quarter of strong financial performance and another interim dividend for our shareholders, despite the macroeconomic uncertainties. We continue to maintain a close relationship with our portfolio companies and are reassured of their resilience to trading in challenging market conditions.

"With the forthcoming quarter looking robust in terms of recurring cash revenue, we have confidence in continuing to deliver in the months to come and our pipeline remains strong. The current climate serves to accentuate the attractive qualities of royalty finance, and our supportive model has demonstrated its ability to help partners weather macroeconomic turbulence."

 

***ENDS***

 

For further information, please visit www.dukeroyalty.com or contact:

 

 

Duke Royalty Limited

Neil Johnson / Charles Cannon Brookes / Hugo Evans

 

 

+44 (0) 1481 730 613

Cenkos Securities plc 

(Nominated Adviser

and Joint Broker)

 

Stephen Keys / Callum Davidson / Michael Johnson

 

+44 (0) 207 397 8900

 

Canaccord Genuity

(Joint Broker)

 

Adam James / Harry Rees

+44 (0) 207 523 8000

SEC Newgate (PR)

Elisabeth Cowell / Alice Cho / Matthew Elliott

+44 (0) 20 3757 6882 dukeroyalty@secnewgate.co.uk

 

About Duke Royalty

 

Duke Royalty Limited provides alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad. Duke Royalty's experienced team provide financing solutions to private companies that are in need of capital but whose owners wish to maintain equity control of their business. Duke Royalty's royalty investments are intended to provide robust, stable, long term returns to its shareholders. Duke Royalty is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
TSTFLFLAEIILVIV
Date   Source Headline
20th Apr 20215:19 pmRNSHolding(s) in Company
20th Apr 20214:19 pmRNSHolding(s) in Company
19th Apr 202112:30 pmRNSDirector / PCA Dealings
19th Apr 20217:00 amRNSSuccessful Exit of Investment in Royalty Partner
16th Apr 20213:14 pmRNSResult of General Meeting and Issue of Equity
6th Apr 20215:17 pmRNSResult of PrimaryBid Offer and Total Voting Rights
1st Apr 20217:00 amRNSResult of Placing
31st Mar 20214:32 pmRNSPrimaryBid Offer
31st Mar 20214:30 pmRNSPlacing to raise a minimum of £30 million
31st Mar 20214:30 pmRNSExit of Investment into Royalty Partner
18th Mar 20217:00 amRNSIncreased Interim Dividend & Dividend Declaration
15th Mar 20217:00 amRNSIncreased £35 Million Revolving Credit Facility
12th Mar 20217:00 amRNSHolding(s) in Company
10th Mar 20217:00 amRNSHolding(s) in Company
1st Mar 20212:05 pmRNSSecond Price Monitoring Extn
1st Mar 20212:00 pmRNSPrice Monitoring Extension
1st Mar 20217:00 amRNSFollow-on investment into existing royalty partner
19th Feb 20217:00 amRNSHolding(s) in Company
16th Feb 20217:00 amRNSNew Royalty Partner
9th Feb 20212:36 pmRNSHolding(s) in Company
4th Feb 20217:00 amRNSTrading Update
22nd Jan 202111:44 amRNSHolding(s) in Company
14th Jan 20217:00 amRNSFollow-on investment into existing Royalty Partner
11th Jan 20217:00 amRNSAppointment of Chief Investment Officer
24th Dec 20207:00 amRNSFollow-on investment into existing royalty partner
22nd Dec 20207:01 amRNSFollow-on investment into existing royalty partner
22nd Dec 20207:00 amRNSExit of Investment in Royalty Partner
9th Dec 20207:01 amRNSInterim Results
9th Dec 20207:00 amRNSReinstated Cash Dividend and Dividend Declaration
18th Nov 20207:01 amRNSInvestor Presentation
18th Nov 20207:00 amRNSNotice of Interim Results
12th Nov 20209:05 amRNSSecond Price Monitoring Extn
12th Nov 20209:00 amRNSPrice Monitoring Extension
12th Nov 20207:00 amRNSTrading Update and Reinstatement of Cash Dividend
21st Oct 20202:34 pmRNSResult of Annual General Meeting
21st Oct 20207:00 amRNSAppointment of Joint Broker
15th Oct 20205:35 pmRNSHolding(s) in Company
14th Oct 20201:00 pmRNSDirector/PDMR Dealings
2nd Oct 20203:47 pmRNSIssue of Equity for Scrip Dividend
2nd Oct 202012:39 pmRNSLTIP, Issue of Equity, Director/PDMR Holdings
1st Oct 20201:25 pmRNSScrip Dividend Reference Price
25th Sep 20207:00 amRNSPosting of Report and Accounts and Notice of AGM
17th Sep 20207:01 amRNSFinancial 2020 Final Results
17th Sep 20207:00 amRNSDividend Declaration
16th Sep 20207:00 amRNSTrading Update
14th Sep 20207:00 amRNSSuccessful Exit of Investment in Royalty Partner
10th Aug 20207:00 amRNSHolding(s) in Company
10th Aug 20207:00 amRNSFollow-on investment into existing royalty partner
6th Aug 20207:00 amRNSTrading Update and Notice of FY 2020 Results
5th Aug 20205:43 pmRNSHolding(s) in Company

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