Duke Capital has announced a five per cent increase in revenue year-on-year, reaching £6.3 million for the first quarter of the 2025 financial year. The company, which focuses on providing loans to small- and medium-sized businesses across Europe and North America, also projected recurring cash revenue of £6.4 million for the second quarter, which ends on 30 September 2024.
The revenue for the first quarter was also a nine per cent increase compared to the previous quarter, which brought in £5.8 million. Duke Capital noted cash revenue for the first quarter of 2025 totalled £6.8 million, reflecting the full exit from its investment in Fairmed Healthcare.
In July, Duke made a follow-on investment of £2.9 million in Step Investments to facilitate Step’s acquisition of existing loan notes and boost its equity share in Bay Broadcasting Limited. By August, Step had completed the sale of another of its operating subsidiaries, City Education & Learning Group Limited. This transaction delivered €5.2 million (equivalent to £4.3 million) in cash, with an additional deferred consideration of €3 million set for payment within two years.
More recently, Duke Capital invested a further £3 million in a hybrid credit deal with United Glass Group, intended for the acquisition of Premier Double Glazed Units Limited. This marked United Glass’s first acquisition since Duke completed a secondary share purchase earlier in 2024, increasing its equity stake in the company to 73.8 per cent.
Neil Johnson, Duke Capital’s chief executive, commented on the results by expressing satisfaction with the company’s performance: “It is my pleasure to report another solid quarter of Duke’s operating performance for Q1 FY25 and to forecast a record recurring revenue performance for Q2 FY25.” Johnson also welcomed the Bank of England’s decision in August to cut interest rates for the first time in over four years, stating that the UK’s economic environment remains challenging in comparison to the United States.
Johnson further remarked that despite broader macroeconomic challenges, Duke’s diversified portfolio across the UK, Ireland, Canada, and the United States has continued to deliver consistent returns, which has led to strong dividends for its shareholders.
Duke Capital Limited (LON:DUKE), formerly Duke Royalty Limited, is a Guernsey-based provider of hybrid capital solutions for small and medium-sized enterprises (SME) business owners in the United Kingdom, Europe and North America, combining the features of both equity and debt.
