Cordiant Digital remains a ‘buy’ after another strong year

Shares in Cordiant Digital Infrastructure (CORD) jumped 6% this morning after the fund’s impressive annual results showed the portfolio performed strongly and earnings covered the increased dividend.

The portfolio of five assets, which includes fibre network operators, data centres and broadcasting infrastructure across Ireland, the US, the Czech Republic, Poland and Belgium, delivered underlying returns of 9.3% over the 12 months to the end of March, beating the 9% target set out at launch in 2021.

The £864m portfolio saw strong operating performance, with 7.9% growth in revenues and a 7.2% increase in pre-tax profits, which was driven by improved contracts, cost controls and the beneficial effects of inflation, the results showed.