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Duke Royalty generate record revenue in Q3 on gains from exit of Welltel
StockMarketWire.com
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Alternative capital solutions provider Duke Royalty said it had generate a record revenue in the fourth quarter, thanks to returns from the sale of its investment in Welltel.
Cash revenue for Q3 FY21, being cash distributions from Duke's Royalty Partners and cash gains from sales of equity assets, totalled £4.2m which represented a 'record quarter of cash revenue generation for Duke,' the company said.
An IRR of 27% was generated from Duke's investment in Welltel. The company said £1.7 million of the £4.2 million in cash gains related to the receipt of the redemption premium generated from the exit of Welltel, which occurred in December 2020.
Once this positive effect is stripped out, like for like cash revenue for Q3 FY21 stood at £2.5 million, in line with management's expectations, representing an increase from the £2.4 million reported in Q2 and £2.0 million in Q1.
Based on current trading, Duke said it expected cash revenue for Q4 to be £2.5 million.
At 9:10am: (LON:DUKE) Duke Royalty Limited share price was 0p at 25.5p
Story provided by StockMarketWire.com
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