Duke Capital Q1 revenue up 5pc to £6.3m

Duke Capital has reported a five per cent year-on-year increase in revenue to £6.3m for the first quarter of the 2025 financial year.

The firm, which provides loans for small-and medium-sized businesses in Europe and North America, has also forecast recurring cash revenue of £6.4m for its second quarter, ending 30 September 2024.

First-quarter revenue was up nine per cent on the previous quarter’s £5.8m. The firm also reported cash revenue for the first quarter of 2025 was £6.8m, following the full exit of Fairmed Healthcare.

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In July, Duke completed a £2.9m follow-on investment into Step investments to enable Step to acquire existing loan notes and increase its equity shareholding in Bay Broadcasting Limited.

In August, Step completed the sale of one of its other operating subsidiaries, City Education & Learning Group Limited, delivering €5.2m (£4.3m) of cash on completion with a further €3m deferred consideration payment due after two years.

This month, Duke invested a further £3m of hybrid credit investment into United Glass Group for the acquisition of Premier Double Glazed Units Limited. It was the first acquisition by United Glass since Duke completed the secondary share purchase transaction earlier in 2024, which saw Duke’s equity stake in United Glass increase to 73.8 per cent.

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“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,” said Duke Capital chief executive Neil Johnson. “In August, we welcomed the Bank of England’s decision to deliver the first rate cut in over four years, since the UK economic backdrop certainly remains challenging relative to the United States.

He added: “Despite the macros headwinds, it is pleasing to report that Duke’s diversified portfolio across the UK, Ireland, Canada and the United States continues to deliver reliable returns resulting in a strong dividend stream being paid out to its shareholders.”

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