Business
Trading Update re: COVID-19
Trading Update re: COVID-19.
About this update from Duke Capital Limited
[{"type":"text","content":"\n \n \n RNS Number : 4967I\n Duke Royalty Limited\n 02 April 2020\n \n \n \n \n 2 April 2020\n \n \n \n \n \n Duke Royalty Limited\n \n \n (\"Duke Royalty\", \"Duke\" or the \"Company\")\n \n \n \n \n \n Trading Update re: COVID-19\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, \n provides the following update regarding its response to the COVID-19 (\"Covid\") outbreak. \n \n \n \n \n \n Current Trading and Covid Update\n \n \n \n \n \n For the financial year ending 31 March 2020 (\"FY20\"), \n the Company is pleased to report that cash revenue received from its royalty partners was in line with market expectations at over £10.0 million, with March 2020 contributing the greatest monthly cash revenue received by the Company to date at over £1.0 million. \n \n \n \n \n \n The health and wellbeing of our employees and stakeholders is the priority for the Company at this time. \n In response to the initial outbreak of Covid, Duke formulated and implemented its business continuity plan prior to the UK government's official request for employees to work from home where possible. From an operational standpoint, the continuity plan is proving effective and the Company is well placed to undertake its activities while its employees work remotely.\n \n \n \n \n \n During March 2020, as the impact of the spread of Covid became prevalent across Duke's target geographical and market sectors, management has been focused on assessing the potential impact of Covid on its royalty partners' operations. The ongoing global response to Covid is evolving rapidly and management is in direct and continual contact with each of its royalty partners to assess their business outlook. \n \n \n \n \n \n As we enter our financial year ending 31 March 2021 (\"FY21\"), the rapidly evolving Covid outbreak and the government's response to it has created an uncertain economic outlook. We know that some of our royalty partners have had, or will have, business interruption. While Duke has been able to build a diversified portfolio of royalty partners across geographies and industries, this will no doubt lead to a reduction in its royalty payments in the coming months. This in ...