Duke Capital (DUKE) Trading update summary

Trading performance

• Record recurring cash revenue of £7.0 million expected in Q4 FY26, up 8% year-on-year and £0.2 million over the prior quarter.

• Total cash revenue for Q4 FY26 forecast at £8.5 million, boosted by final deferred consideration from the Fabrikat exit.

• Quarterly recurring cash revenue has shown consistent growth throughout FY26.

Investment and exits

• Fabrikat exit generated total proceeds of £11.4 million, including £1.5 million in deferred payments.

• Achieved a 35% IRR over five years from the Fabrikat investment.

Business model and outlook

• Business model demonstrates resilience across market cycles, with strong recurring revenue and upside from exits.

• Focus on capital preservation, attractive dividend yield, and upside upon exits.

• Ongoing macroeconomic uncertainty noted, but performance remains robust.