Business
Trading Update and Notice of FY 2020 Results
Trading Update and Notice of FY 2020 Results.
About this update from Duke Capital Limited
[{"type":"text","content":"\n \n \n RNS Number : 2816V\n Duke Royalty Limited\n 06 August 2020\n \n \n \n \n 6 August 2020\n \n \n Duke Royalty Limited\n \n \n (\"Duke Royalty\", \"Duke\" or the \"Company\")\n \n \n \n \n \n Trading Update & Notice of FY 2020 Results\n \n \n \n \n \n Duke Royalty, a provider of alternative capital solutions to a diversified range of profitable and long-established businesses in Europe and abroad, is pleased to provide the following trading update for Q1 FY2021.\n \n \n \n \n \n Additionally, Duke Royalty announces that its Full Year results for the financial year ended 31 March 2020 (FY2020) are expected to be published on \n 17\n September 2020. \n \n \n \n \n \n Current Trading\n \n \n Duke Royalty is pleased to report that most of its Royalty Partners have experienced a significant upturn in trading during May and June, further to the reduction in revenue experienced by most of its Royalty Partners at the start of the pandemic as described in our previous trading update. The general upturn in trading has continued into Q2 FY2021. \n \n \n \n \n \n The Company is therefore pleased to report that Q1 FY2021 cash revenue, being cash distributions from its Royalty Partners and cash gains from sales of equity assets, totalled over £2.0 million. Duke's cash revenue therefore was only down 20% from the comparable quarter a year ago, while its operating cash costs decreased 15% from the same period 12 months ago, on the back of the decisive action taken by Duke in regards to its cost base at the start of the pandemic. \n \n \n \n \n \n On this basis, it is important to note that the Company's Q1 cash revenue would surpass the full year operating cash costs. In addition, Duke estimates that the cash revenue it will receive from its Royalty Partners in Q2 FY2021 will exceed Q1 FY2021. \n \n \n \n \n \n Since April, the Company has focused its efforts on ensuring that its Royalty Partners most impacted by the Covid-19 pandemic have been given the financial flexibility to manage the challenges they are experiencing in relation to cash flow, while also backing those Royalty Partners who are benefitting in the current climate. In certain circumstances, forbearance agreements have been structured to cover the six-month period ending September 2020. Rather than surre...