Duke Royalty Q1 cash revenues 'marginally' above management expectations

Duke stated cash revenue, being cash distributions from its royalty partners and cash gains from sales of equity assets, totalled £2.9m for the three months ended 30 June, marginally above management's expectations.

On a normalised basis, excluding the effects of redemption premiums and/or equity sales, Duke said quarterly cash revenues of £2.9m represented a record quarter for the company, surpassing the £2.8m generated in the final quarter of 2020.

Based on current trading, the AIM-listed firm now expects cash revenue for the second quarter to be approximately £3.2m - another record normalised cash revenue quarter.

Chief executive Neil Johnson said: "This performance is testament to both the resilience of our underlying royalty partners but also the hard work that has been invested by Duke's investment team to successfully navigate these economic headwinds.

"Duke's current strong liquidity position, combined with its deep pipeline of late-stage deal opportunities, gives me confidence that further deployments will be completed in the short term that will translate into further increases in quarterly cash revenue for the benefit of all shareholders."

As of 0940 BST, Duke Royalty shares were up 3.11% at 41.50p.