Duke Capital (DUKE) H1 2025 earnings summary

Executive summary

• Recurring cash revenue rose 4% year-over-year to £12.7 million for the six months ended 30 September 2024.

• Total cash revenue declined 4% to £13.5 million, reflecting fewer investment exits.

• Free cash flow decreased 26% to £5.9 million due to lower exit activity.

• Over £15 million was deployed into existing capital partners, supporting buy-and-build strategies.

• A £23.5 million fundraise was completed post-period to accelerate portfolio M&A and third-party funding.

Financial highlights

• Operating profit for the period was £7.0 million, compared to £7.1 million in the prior year period.

• Net income was £2.0 million, down from £3.4 million year-over-year.

• Adjusted earnings per share were 1.31p, compared to 1.95p in the prior year period.

• Cash and cash equivalents increased to £9.2 million from £6.0 million at the prior period end.

• Dividends paid remained stable at 1.40p per share.

Outlook and guidance

• Positive outlook with a strong, well-funded balance sheet and diversified portfolio.

• Continued focus on non-dilutive funding and third-party capital to drive scale.

• Growth in Irish and North American partners offsets caution regarding the UK economy.