Duke Capital Limited, a provider of hybrid capital solutions for SMEs in Europe and North America, has released its audited final results for the fiscal year ending March 31, 2024. The company achieved a 38% increase in total cash revenue, reaching a record £30.3 million, with recurring cash revenue growing by 12% to £24.3 million. Free cash flow rose by 40% to £17.9 million, translating to a 35% increase in free cash flow per share to 4.34p. Adjusted earnings per share increased by 55% to 4.85p.
Duke Capital also maintained a quarterly dividend of 0.70p throughout FY24, amounting to an annualized dividend of 2.80p. The company successfully executed three profitable exits, generating £23 million for future investments, and deployed over £46 million of capital, including significant investments in Glasshouse and Integrum Care Group.
Post-period, Duke Capital expects £6.3 million in recurring cash revenue for Q1 FY25 and completed a £4.0 million follow-on investment in BPVA (Ireland).
CEO Neil Johnson highlighted FY24 as a year of strategic progress and increased confidence in new capital deployments. The company secured new partners and made four follow-on investments, deploying over £45 million and diversifying its revenue base. Three successful exits demonstrated the power of Duke’s capital solutions, providing £23 million for future deployments.
Chairman Nigel Birrell emphasized the strategic achievements despite challenging macroeconomic conditions, noting Duke’s long-term capital’s resilience. Investors benefited from a high dividend yield and significant buyout returns, while SME partners enjoyed stability and growth opportunities.
Duke Capital’s strategic review resulted in a rebranding and repositioning of its offering as “hybrid capital,” reflecting a blend of private equity and private credit features. This rebranding aims to enhance clarity and engagement with business owners and stakeholders.
Looking ahead, Duke Capital is well-positioned to capitalize on growth opportunities with a solid portfolio and strengthened liquidity. The company expanded its investment team to support new opportunities and remains confident in its market position and prospects for FY25.
Overall, Duke Capital’s FY24 results showcase a year of record financial performance, strategic milestones, and a renewed focus on delivering value to investors and partners through its unique hybrid capital solutions.
