Cordiant Digital Infrastructure Ltd (LSE:CORD)’s portfolio revenue surged by 8.9% to £80 million in the first quarter, while EBITDA climbed 14.2%, driven by strategic acquisitions and contract wins.
Cordiant, which has investments in infrastructure projects in Poland, Czechia, Ireland, Belgium and the US, declared a dividend of 4.2p per share backed by 4.5 times EBITDA and 1.6 times free cash flow.
The company successfully refinanced its debt, ensuring no maturities before 2029, with total available liquidity standing at £335.4 million.
Steven Marshall and Benn Mikula, co-heads of Cordiant Digital, said: "We have assembled a diversified portfolio of assets which has enjoyed a good start to the financial year.
“Strategic debt management has been a key focus for the investment manager in recent months and we are pleased with the outcomes achieved and the elimination of medium-term refinancing risk from the portfolio by terming out all debt, resulting in the next maturity occurring in 2029.”
Chairman Shonaid Jemmett-Page added: "Operational performance across the portfolio remains strong and, as set out in this update, we have a number of promising initiatives underway to create further value.
“The board notes the recent improvement in the share price but nonetheless remains greatly disappointed with the share price performance, as we believe the company's operational and financial performance does not warrant the substantial discount to NAV still prevailing.
“We remain confident that the company's progress and achievements will be better reflected as current market conditions improve."