Duke Royalty Limited, a leading provider of hybrid capital solutions for SME business owners in Europe and North America, has released its audited final results for the 12 months ended 31 March 2024. The company achieved a 38% year-on-year increase in total cash revenue to a record £30.3 million, with a 12% increase in recurring cash revenue to £24.3 million. Free cash flow also saw a significant increase of 40% to £17.9 million, and the company delivered three successful and profitable exits, providing £23 million of additional liquidity for future deployments.
During the period, Duke Royalty Limited deployed over £46 million of capital, including investments into new capital partners Glasshouse and Integrum Care Group. The company also completed a strategic review resulting in a change of name to Duke Capital and renewed positioning for its unique hybrid credit product. Post-period end highlights include an expected £6.3 million of recurring cash revenue in Q1 FY25, representing a 5% year-on-year increase, and an additional follow-on investment completed in Q1 FY25 into BPVA (Ireland), deploying £4.0 million of capital.
Neil Johnson, CEO of Duke Capital, expressed satisfaction with the company's performance, stating, "FY24 has been a rewarding year, characterized by strategic progress and delivery." He highlighted the successful exits as an excellent demonstration of how Duke's capital can empower business owners to grow their business while retaining control of any re-financing timing.
The company will be hosting a webinar for equity analysts and a live investor presentation relating to the FY24 results. The Chairman's Statement emphasized the strategic progress achieved during the period and the achievement of consistently growing and delivering new records in terms of cash revenue and operating cash flow. Duke Royalty Limited is listed on the AIM market under the ticker DUKE and is headquartered in Guernsey.