Cordiant Digital Infrastructure Ltd (LSE:CORD) reported a 13.6% rise in aggregate underlying earnings (EBITDA) from its portfolio companies in the first three quarters of its financial year, along with a host of portfolio initiatives completed since its interim results in November.
EBITDA of £115.6 million was generated in the nine months to 31 December as revenue grew 9.6% to £241.9 million on a constant currency, pro forma basis.
The company confirmed its full-year dividend target of 4.2p per share, which is covered 4.8 times by EBITDA and 1.8 times by free cash flow from operations.
Portfiolio activity included the acquisition of a 47.5% economic interest in a company that operates a 13MW data centre platform in Belgium, DCU Invest NV; and Speed Fibre agreed to acquire BT Communications Ireland Limited for €22 million.
Emitel completed a bolt-on tower acquisition in Poland, CRA added its first customer at a new edge data centre near Prague and received key permits for its planned 26MW DC Zbraslav facility.
CRA and Emitel extended national broadcaster contracts and progressed DAB+ rollouts. CRA also began monetising land previously used for broadcast infrastructure.
The shape of the portfolio has also changed, with the BT Ireland deal resulting in 'backbone fibre' now accounting for 37% of Cordiant's total pro forma revenue, while Poland represents 33% of the portfolio’s geographic exposure.
Total available liquidity stood at £211.7 million as of 31 December 2024, with gross drawn debt of £655.1 million and no material debt maturities before June 2029.
Chairman Shonaid Jemmett-Page said the board is encouraged by the company's progress in the four years since its IPO, but is "disappointed with the share price performance, as we believe the discount to NAV at which the company trades is not warranted by the company's performance.
"We remain confident that the company's progress and achievements will be better reflected as current market conditions improve."