Cordiant Digital Infrastructure Ltd (LSE:CORD) has reported full-year 2023 results demonstrating robust growth in net asset value (NAV), with per-share growth of 10% or 10.5p on a total return basis, reaching 113.4p.
The sector-focused specialist owner and operator of digital infrastructure increased its net assets to £875.7mln compared to £822.3mln in 2022.
Gross returns from investments in the full-year period clocked in at 12.3%.
Cordiant’s acquisition of Emitel at an 8.8-times EBITDA multiple paid off, with the Polish broadcast infrastructure group’s revenues increasing by 13% and underlying earnings increasing 8% in the period.
"I am pleased to report a strong overall performance by the company, despite a challenging year for the listed investment trust sector and global markets generally,” said Cordiant chair Shonaid Jemmett-Page in the results statement.
She continued: "The portfolio we have constructed is high quality with strong potential for growth, with predominantly blue-chip clients, and it is generating strong cash flows through long-term, largely inflation-linked contracts.
“This, combined with a strong deal pipeline, access to funds and more realistic pricing for mid-market digital infrastructure assets, gives us confidence for the coming year and beyond."
In November 2022, the board declared an interim dividend of 2p per share and confirmed the company's dividend target of 4p per share for the year ended 31 March 2023.
In line with this guidance, the company will pay a further interim dividend of 2.0p per share on 21 July 2023, covered 3.4 times by earnings.