Duke Royalty, a provider of alternative capital solutions to profitable businesses in Europe and North America, has provided a trading and operational update for its first quarter of the financial year 2024 (Q1 FY24) and guidance for its second quarter (Q2 FY24). In Q1 FY24, recurring cash revenue reached a new record of £6.0 million, a 17% increase over Q1 FY23. Total cash revenue for the quarter was £7.8 million, surpassing the previous record of £6.7 million in Q4 FY22. The company also paid out a 0.70p interim dividend in April 2023. Duke achieved an average monthly recurring cash revenue of £2.0 million for the first time in its history. In terms of operational highlights, Duke successfully exited its investment in royalty partner Instor Solutions, Inc., receiving net cash of US$11.2 million at closing. The company also completed two material follow-on investments in the quarter. For Q2 FY24, Duke expects to achieve recurring cash revenue of £6.2 million, representing a 17% year-on-year increase and a further increase on Q1 FY24. CEO Neil Johnson expressed confidence in the company's ability to generate consistent quarterly growth in recurring revenue. The company also announced a change of name for its Nominated Adviser and Joint Broker to Cavendish Securities plc.