Sparks

In response to recent share price movement, Duke Capital reported total cash revenue for Q227 of £7.0m, in line with Q127 and implying c £14m for H127. Its H127 interim dividends totalling 1.4p were covered by free cash flow. Duke pointed to the spread of its portfolio across sectors and geographies, and it said the portfolio reorganisations flagged in the FY26 accounts have progressed substantially, with materially loss-making divisions within two Duke investments now exited. However, with challenging UK market conditions, Duke expects lower recurring revenue from its UK portfolio in H227, and the investment team’s current priority is improving the UK portfolio’s performance into next year. Separately, two capital partners, also referenced in the FY26 accounts, are in late-stage exit processes which, if concluded, could materially lift market expectations for FY27 total cash revenue. The directors consider the shares to be trading at a material discount to current NAV. Duke’s interim accounts are due on 3 December 2026.