- Duke Royalty said annual profit more than doubled following a surge in total income as new royalty investments bolstered growth.

For the 12 months ended 31 March 2019, pre-tax profit rose to £1.92m from £0.86m as total income surged 240% to £6.1m and operational cash flow jumped 1,500% to £4.1m.

The company quadrupled its portfolio of royalty partners to 12 from 3 a year earlier.

The dividend was increased to 2.8p per share from 2.1p a year earlier.

'Looking forward, we see a strong pipeline of new opportunities and follow-on investments. The political headwinds being felt in the UK mean uncertain times, however near-term uncertainty makes the long-term nature of our capital more attractive to business owners who require capital,' the company said Also, the predictability of our cash flow increases the confidence for shareholders in times of volatility.

At 9:54am: [LON:DUKE] Duke Royalty Limited share price was -0.2p at 47.4p

Story provided by