Duke Royalty announced its interim results for the six months ended 30 September 2019. Positive net cash inflow from operations grew by 195% to £3.9m. Net PBT for the period stood at £3.7m. Total comprehensive income for the period grew by 246% YoY to £3.3m.
Cash operating expenses stood at £1.1m for the period. Two follow-up investments into Welltel Ireland Limited and Step Investments Limited completed, totalling £1.65m. The company has entered into a new £30m revolving facility agreement with Honeycomb Investment Trust PLC.
The company paid its quarterly dividends to shareholders of 0.7p per share on 17 April 2019 and 0.7p per share on 12 July 2019 for the period. The company reported that the progress has continued post the period end, with a significant equity issue of £17.45m which closed in October 2019 and a further capital deployment into Lynx Equity in November.
Neil Johnson, CEO of Duke Royalty, said: “Having entered the second half of the year with a strong pipeline of new royalty opportunities and greater financial flexibility, thanks to our new credit facility and our recent successful equity raise, we are confident that we can continue the rapid growth achieved to date. We look forward to supporting our existing royalty partners further and making additional investments during the period to build on the rapid growth achieved to date.”