6 December 2019 – interim results
Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, has announced interim results for the six months ended 30 September 2019. Revenue more than doubled to £5.9m (2018: £2.7m) and positive net cash inflow from operations broadly trebled to £3.9m (2018: £1.3m). Net profit before tax was £3.7m (2018: £1.1m). The company entered into a new £30m revolving facility agreement with existing debt provider, Honeycomb Investment Trust PLC, on improved terms, in the period. This provides greater financial flexibility. After the half year end £17.45m was raised via a Placing, Open Offer and Retail Offer to build the royalty portfolio and to pay down the inherited credit facility. During the interim period, quarterly dividends of 0.7p per share were paid to shareholders on 17 April and 0.7p per share paid on 12 July. For the September 2019 quarterly dividend there was an increase to 0.75p per share. This increase was in line with the company’s strategy to maintain a high and stable dividend. The shares remain good value and a are a BUY.