Cordiant Digital Infrastructure Ltd (LSE:CORD) said it expects continued growth in the current year, supported by strong demand for digital networks and data services.
It stated that it had secured significant new contracts and renewals with both government and corporate clients, and that it remained confident in the prospects for its portfolio of telecom and broadcast assets across Europe.
For the year to the end of March, Cordiant reported a 9.3% rise in earnings before interest, tax, depreciation and amortisation to £151.4 million, with revenue up 7.7% to £315.1 million.
The company said growth was driven by new business at its Polish and Czech subsidiaries, as well as rising demand for cloud and data centre services.
Net asset value per share rose to 129.6p, up from 120.1p a year earlier. However, the shares were trading at a 25.5% discount to this figure as of mid-June, a gap that has persisted across parts of the infrastructure sector in recent months.
"While the discount has narrowed, the board believes the gap remains unwarranted considering the company's ongoing performance and prospects," said chair Shonaid Jemmett-Page.
The total return on assets, which includes income and capital growth, was 11.6%, ahead of the company’s 9% target. The dividend was lifted 3.6% to 4.35p per share, and was covered more than four times by underlying earnings.
Cordiant completed four acquisitions during the year, including several bolt-on deals, and spent £29 million on new infrastructure projects.
These included telecom towers in Poland, upgrades to digital radio networks, and the expansion of its data centre business in the Czech Republic. The company has also secured permits for a new flagship development in Prague and said groundwork was about to begin.
Roughly £300 million of debt was refinanced, leaving no major maturities before 2029. Net gearing, which measures borrowing against the value of assets, stood at 40.3% at the end of March.
Company insiders, including the chair, purchased a further 4.6 million shares over the period, raising total internal ownership to 2%.