Cordiant Digital Infrastructure management report on "solid" interims
London, UK
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November 30, 2023 03:14 AM Eastern Standard Time
Cordiant Digital Infrastructure Management Chair Steve Marshall and Chief Financial Officer Mark Tiner speak to Proactive following the release of the company's interim results for the period ending 30 September.
Tiner describes the performance over the period as solid. Despite adverse foreign exchange headwinds and increased underlying discount rates, the portfolio's EBITDA grew by 5.5% compared to the previous period. This growth supports a well-covered dividend, with EBITDA covering it 3.6 times annually and 1.2 times by adjusted funds from operations.
Steve Marshall describes the past six months as exceptional in terms of operational performance. He mentions significant achievements such as acquiring new Digital Audio Broadcasting licenses in Poland, integrating telecommunication towers acquired from American Tower Corporation, and undertaking due diligence for a portfolio acquisition in Belgium.
Additionally, the company secured a successful debt refinancing in Poland and achieved over 8% EBITDA growth in the Czech Republic, with plans for new data centre facilities and long-term contracts with T-Mobile. Both executives emphasise the company’s resilience against inflation, with approximately 75% of their portfolio companies' revenues linked to inflation, which saw a 10.7% increase over the past six months. Looking forward, they expect continued growth, additional contract extensions, and potential acquisitions.
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