Duke Royalty revenue surges 78%

Duke Royalty has realised half year results and posted a very respectable 78% increase in cash revenue for the period.

Revenue rose to £7.8 million in the six months to 30th September 2021, up from £4.4 million in the same period last year.

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The jump in revenue helped net profit for the period rise to £6.2 million.

Having raised £35m this year, Duke Royalty have deployed £23m in three new royalties and say they still have £55m in liquidity for deployment in future royalties.

“This has been a very successful half year, characterised by substantial cashflow growth and accelerating investment deployment. Cash revenue is up 78% from the prior period to £7.8 million, and we have delivered a 58% increase in free cashflow to £4.6 million,” said Neil Johnson, CEO of Duke Royalty.

“This positive performance has been driven mainly by our team’s rapid execution of new royalty agreements which has seen us invest over £23 million into three new royalty partners during the period.”

“This strong trading performance makes me confident that Duke will exceed the market’s expectations for the 12 months ended 31 March 2022. Since the resumption of its cash dividend, Duke has increased its dividend payment from 0.50 pence per share to 0.55 pence per share, with the prospect of higher dividend payments for shareholders in the future.

“This growth will be supported by entering into new royalty agreements and I am pleased to report that our pipeline is the strongest in our history. We expect to announce a range of new deployments in the coming weeks and months.”

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