Duke Royalty Q1 momentum carries over to Q2

Alternative capital provider Duke Royalty said on Wednesday that the "general upturn" in trading seen across its partners in the first quarter had continued into the second.

Duke royalty now expects cash revenues for the quarter to total £2.4m - up from the £2.0m brought in during the three months ended 20 June and putting the group back on track to return to normalised pre-Covid-19 levels.

The AIM-listed group added that it was "cautiously optimistic" that it will be able to announce a further increase in quarterly cash revenues in the third-quarter as flexibility agreements struck with partners struggling to navigate the coronavirus pandemic were set to expire on 30 September.

Chief executive Neil Johnson said: "It is very pleasing to see the increased cash revenue generated by the company's royalty partners in Q2 FY21 over Q1 FY21.

"While the pandemic's effects are felt throughout all aspects of the economy and general life, I am proud of the team's response to the crisis, and of the resilience of our royalty partners and the royalty business model."

As of 0955 BST, Duke Royalty shares were up 4.22% at 28.40p.