Duke Royalty Limited Trading Update (3670G)
26 Julio 2021 - 1:00AM
UK Regulatory
TIDMDUKE
RNS Number : 3670G
Duke Royalty Limited
26 July 2021
26 July 2021
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 abroad, is pleased to provide the following trading and
operational update for its first financial quarter ended 30 June
2021 ("Q1 FY22"), and to provide guidance on trading for the second
quarter of the Company's financial year ended 30 September 2021
("Q2 FY22").
Highlights:
-- Q1 FY22 cash revenue, being cash distributions from Duke's
royalty partners and cash gains from sales of equity assets,
totalled GBP2.9 million for the quarter which was marginally above
management's expectations
-- On a normalised basis, excluding the effects of redemption
premiums and/or equity sales, GBP2.9 million represented a record
cash revenue quarter for the Company, surpassing the GBP2.8 million
generated in Q4 FY20
-- Successful exit of the non-core investment in Berkley
Recruitment (Group) Limited, delivering an IRR of 16.0% in
April
-- GBP35 million oversubscribed equity placing completed,
increasing liquidity to fund the growing pipeline of investment
opportunities
-- Diversified and increased its revenue base through a EUR10.0
million investment into a new royalty partner, Fairmed Healthcare
AG, a provider of high-quality generic prescription medicines,
over-the-counter pharmaceuticals, dermocosmetics and dietary
supplements in various EU countries
-- Elected to exercise warrants granted to Duke from the
previous royalty agreement with XtremePush ("XP"). Following the
exercise, Duke will hold a 2.7% equity stake in the ordinary shares
of XP. The exercise was undertaken concurrent with XP's raise of
US$33 million in growth capital to accelerate its global
expansion.
-- Based on current trading, Duke expects cash revenue for Q2
FY22 to be GBP3.2 million, which would again represent a record
normalised cash revenue quarter for the Company
Neil Johnson, CEO of Duke Royalty, said:
"I am delighted to report that the Company delivered record
normalised quarterly cash revenue in Q1 FY22, surpassing the
previous highs that were generated prior to the destabilising
effects of COVID. This performance is testament to both the
resilience of our underlying royalty partners but also the hard
work that has been invested by Duke's investment team to
successfully navigate these economic headwinds.
"Duke's current strong liquidity position, combined with its
deep pipeline of late stage deal opportunities, gives me confidence
that further deployments will be completed in the short term that
will translate into further increases in quarterly cash revenue for
the benefit of all shareholders."
***ENDS***
For further information, please visit www.dukeroyalty.com or
contact:
Neil Johnson / Charlie
Cannon Brookes / Hugo
Duke Royalty Limited Evans +44 (0) 1481 730 613
Cenkos Securities
plc Stephen Keys / Callum
(Nominated Adviser Davidson / Julian Morse
and Joint Broker) / Michael Johnson +44 (0) 207 397 8900
Canaccord Genuity Adam James / Georgina
(Joint Broker) McCooke +44 (0) 207 523 8000
SEC Newgate (PR) Elisabeth Cowell/ Richard + +44 (0) 20 3757 6882
Bicknell/ Megan Kovach 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.
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END
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