Duke Capital delivered a resilient performance in FY25A despite a challenging macroeconomic backdrop, with recurring cash revenue rising 6% to £25.8m. FCF p/s was in-line with expectations at 2.8p and continued to cover the dividend. Operationally, the company deployed over £24m into existing partners supported by a successful £23.5m equity raise. For our FY26E forecasts, we have conducted a model update to exclude exit premiums, which previously amounted to c.£4m of non-recurring revenue. Overa ....
