Cordiant Digital Infrastructure well placed after annual NAV increase

(Alliance News) - Cordiant Digital Infrastructure Ltd on Thursday said a strong performance by portfolio companies contributed to an improved net asset value in its financial year.

NAV per share increased 7.9% to 129.6 pence at March 31 from 120.1p a year prior, the UK-based investor in specialist digital infrastructure said in a statement.

Pretax profit rose 31% to GBP105.2 million in the financial year to March 31 from GBP80.3 million a year ago, with diluted earnings per share from continuing operations up 32% to 13.74p from 10.42p year-on-year.

The target dividend for the year increased 3.6% to 4.35p per share from 4.2p a year prior.

Total return for the period of 11.6% was ahead of the 9% annual target, while the share price total return was 43.1%, the firm said.

Shares in Cordiant Digital Infrastructure stood 2.1% higher at 99.04 pence each in London on Thursday morning.

Chair Shonaid Jemmett-Page said the results reflected a "strong performance by our portfolio companies, which offer robust cash flows and strong earnings growth" although the company remains "disappointed" with the continuing discount to NAV.

"While the discount has narrowed, the board believes the gap remains unwarranted considering the company's ongoing performance and prospects," Jemmett-Page added.

Looking ahead, the company said it is well placed to benefit from the continuing demand for digital infrastructure.

"The underlying strengths of the company and its portfolio, the growth in the sector and the attractiveness of the company's core markets together lead the board to look forward to the coming financial year with confidence," Cordiant Digital Infrastructure said.

By Jeremy Cutler, Alliance News reporter

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