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Royalty finance company Duke Royalty said it had generated record cash revenue in the first quarter of the year.
First-quarter fiscal 2022 cash revenue - the cash distributions from Duke's royalty partners and cash gains from sales of equity assets - totalled £2.9 million for the quarter, which was marginally above management's expectations.
On a normalised basi, excluding the effects of redemption premiums and/or equity sales, £2.9 million represented a record cash revenue quarter for the Company, surpassing the £2.8 million generated in Q4 FY20.
During the quarter, the company exited the non-core investment in Berkley Recruitment, delivering a return of 16.0% in April.
Looking ahead, Duke said it expects cash revenue for Q2 FY22 to be £3.2 million, which would again represent a record normalised cash revenue quarter for the company.