30th Dec 2024 10:32
(Alliance News) - Duke Capital Ltd on Monday said it expects steady revenue growth in the third quarter despite "uncertainty" in the market.
The Guernsey-based company is a provider of capital solutions to small and medium-sized business owners in Europe and North America.
It expects recurring cash revenue to increase to GBP6.5 million in the quarter to the end of December, based on current trading.
This is up from GBP6.3 million year-on-year, and its record recurring cash revenue of GBP6.4 million in the previous quarter.
Duke Capital also said it has made "significant progress" in its search for a third-party capital partner "to support Duke through its next phase of growth".
It said its recent GBP23.5 million fundraise will progress its "third party, non-dilutive funding strategy".
Chief Executive Officer Neil Johnson said: "We are pleased to report that despite the ongoing uncertainties in the UK markets, we continue to deliver revenue growth, with Q3 FY25 on course to continue our trend of delivering increasing quarterly revenues. This performance underpins our stable dividend which at the current share price, represents an approximate 9% yield.
"With a strong balance sheet in place following our recent fundraise, we are well positioned to support a range of growth opportunities within our existing portfolio which are expected to be accretive to Duke in the future."
Shares in Duke Capital were up 1.8% to 30.55 pence in London on Monday morning.
By Michael Hennessey, Alliance News reporter
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