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Investing.com -- Shares of Cordiant Digital Infrastructure Ltd (LON:CORD) ticked up 1% following the company’s trading update for the nine months ending December 31, 2024.
The update revealed a 9.6% increase in aggregate portfolio revenue to £241.9m and a 13.6% rise in EBITDA to £115.6m, both on a like-for-like, constant currency basis.
The company’s liquidity position remained robust with £211.7m, pro-forma for recent refinancings, comprising £78.3m in cash and £133.5m in undrawn facilities. Cordiant’s gross debt stood at £655.1m, which is 37.8% of net debt to gross asset value (GAV), with no debt maturity looming until June 2029.
The dividend cover, using last twelve months’ adjusted funds from operations (AFFO), was stable at 1.8 times since the interim stage.
Analysts at Jefferies noted the strength of the EBITDA growth, emphasizing that it came from the existing portfolio and did not yet reflect the acquisitions of DC United and BT Ireland.
"The aggregate EBITDA growth remains strong, importantly noting this is on the existing portfolio, and does not yet include the impact of the DC United and BT Ireland acquisitions," they commented.
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