As at | As at | ||
31March2025 | 31March2024 | ||
Note | £’000 | £’000 | |
| Non current assets | |||
| Investments at fair value through profit or loss | 6 | | |
| | ||
| Current assets | |||
| Receivables | 8 | ||
Cash and cash equivalents | | | |
| | ||
| Current liabilities | |||
| Loans and borrowings | 9 | ( | ( |
Accrued expenses and other creditors | ( | ( | |
( | ( | ||
Net current liabilities | ( | ( | |
Net assets | | ||
| Equity | |||
| Equity share capital | 10 | ||
| Retained earnings - Revenue | ( | ( | |
Retained earnings - Capital | |||
Total equit y | |||
| Number of shares in issue | |||
| Ordinary shares | 10 | ||
| | | ||
| Net asset value per ordinary share (pence) | 14 | |
Year ended 31 March 2025 | Year ended 31 March 2024 | ||||||
Revenue | Capital | Total | Revenue | Capital | Total | ||
Note | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Movement in fair value of investments held at fair value through profit or loss | 6 | | | ||||
Unrealised foreign exchange losses on investments | ( | ( | ( | ( | |||
Management fee income | | | | | |||
Dividend income | | ||||||
Interest income | | | |||||
| Operating expenses | | | | ||||
| Other expenses | 4 | ( | ( | ( | ( | ( | |
Investment acquisition costs | ( | ( | ( | ( | |||
( | ( | ( | ( | ( | ( | ||
Operating profit | | | ( | | |||
| Foreign exchange movements on working capital | | | |||||
| Finance income | 5 | | | | |||
Finance expense | ( | ( | ( | ( | |||
Profit for the year before tax | | | | ( | | ||
| Tax charge | 12 | ||||||
Profit for the year after tax | | | | ( | | ||
Total comprehensive income for the year | | | | ( | | ||
| Weighted average number of shares | |||||||
| Basic - Ordinary Shares | 14 | | | | |||
| Diluted - Ordinary Shares | 14 | | | | |||
| Earnings per share | |||||||
| Basic - Earnings (pence) from continuing operations | 14 | | | | ( | | |
| Diluted - Earnings (pence) from continuing operations | 14 | | | | ( | | |
Retained | Retained | ||||
earnings | earnings | ||||
Share capital | – Revenue | – Capital | Total equity | ||
Note | £’000 | £’000 | £’000 | £’000 | |
Opening net assets attributable to shareholders at 1 April 2023 | ( | ||||
Shares repurchased in the year | ( | ( | |||
| Distributions paid in the year | 15 | ( | ( | ||
Profit and total comprehensive income for the year | ( | | |||
Closing net assets attributable to shareholders at 31 March 2024 | | ( | | |
Retained | Retained | |||
earnings | earnings | |||
Share capital | – Revenue | – Capital | Total equity | |
£’000 | £’000 | £’000 | £’000 | |
| Opening net assets attributable to shareholders at 1 April 2024 | | ( | ||
Shares repurchased in the year | ( | ( | ||
| Distributions paid in the year | 15 ( | ( | ||
Profit and total comprehensive income for the year | | |||
Closing net assets attributable to shareholders at 31 March 2025 | | ( | | |
31 March 2025 | 31 March 2024 | ||
Note | £’000 | £’000 | |
| Operating activities | |||
Operating profit for the year | |||
| Adjustments to operating activities | |||
| Net gain on investments at fair value through profit or loss | 6 | ( | ( |
| Unrealised foreign exchange loss on investment | |||
| Management fee income | ( | ( | |
| Dividend income | ( | ||
| Interest capitalised and receivable on shareholder loan investments | 6 | ( | |
| Decrease/(increase) in receivables | | ( | |
| Increase/(decrease) in payables | | ( | |
| Cash received on settled foreign currency contract | |||
| Cash paid on foreign currency contract | ( | ||
| Net cashflows used in operating activities | ( | ( | |
| Cash flows used in investing activities | |||
| Investment additions | 6 | ( | ( |
Finance income | | ||
| Loan interest received | |||
| Repayment of shareholder loan received | |||
| Dividend income | |||
Net cash flows used in investing activities | ( | ( | |
| Cash flows (used in)/generated from financing activities | ( | ( | |
| Shares repurchased | 10 | ||
Loa n drawn down | 9 | ||
Loa n repaid | 9 | ( | ( |
Finance costs paid | ( | ( | |
| Dividends paid | 15 | ( | ( |
Net cash flows (used in)/generated from financing activities | ( | | |
(Decrease)/increase in cash and cash equivalents during the year | ( | ||
Cash and cash equivalents at the beginning of the year | | ||
Exchange translation movement | ( | ( | |
Cash and cash equivalents at the end of the year | |
Year ended | Year ended | ||
31 March 2025 | 31 March 2024 | ||
£’000 | £’000 | ||
Management fees | 6,056 | 5,928 | |
Legal and professional fees | 1,15 | 6 | 713 |
Aborted deal fees | – | 1,888 | |
Directors’ fees | 185 | 185 | |
Fees payable to the statutory auditor | 218 | 198 | |
Other expenses | 1,036 | 604 | |
8,651 | 9,516 |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
£’000 | £’000 | |
Bank interest received | 130 | 418 |
Interest on fixed term deposits¹ | 1,157 | 1,708 |
Other income | 143 | – |
1,430 | 2,126 | |
| ¹ During the year ended 31 March 2025, the Company invested £5.0 million in JP Morgan and £4.7 million in Investec |
As at 31 March 2025 | As at 31 March 2024 | |||||
Loans | Equity | Total | Loans | Equity | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
Opening balance | 9,444 | 996,493 | 1,005,937 | 37,350 | 834,965 | 872,315 |
Additions | 3,442 | 26,186 | 29,628 | 4,807 | 61,485 | 66,292 |
Shareholder loan repayment | – | – | – | (32,530) | – | (32,530) |
Interest on promissory loan notes | – | – | – | 1,877 | – | 1,877 |
Net gains on investments | (251) | 89,381 | 89,130 | (2,060) | 100,043 | 97, 9 8 3 |
12,635 | 1,112,060 | 1,124,695 | 9,444 | 996,493 | 1,005,937 |
As at 31 March 2025 | As at 31 March 2024 | ||||||
Loans | Equity | Total | Loans | Equity | Total | ||
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | ||
Movement in fair value of investments | – | 90,190 | 90,190 | – | 99,5 | 88 | 99,588 |
Unrealised foreign exchange loss on investment | (251) | (809) | (1,060) | (2,060) | (953) | (3,013) | |
Management fee income¹ | – | – | - | – | 1,408 | 1,408 | |
Shareholder loan interest income | – | – | – | 1,877 | – | 1,877 | |
(251) | 89,381 | 89,130 | (183) | 100,043 | 99,860 |
| 31 March 2025 | |||||
Unobservable input | Valuation if | Valuation if | |||
rate increases | Movement in | rate decreases | Movement in | ||
Range | by 1% (£m) | valuation (£m) | by 1% (£m) | valuation (£m) | |
WACC | 8.8%-10.6% | 948 | (270) | 1,391 | 173 |
TGR | 0%-2.4% | 1,308 | 91 | 1011 | (206) |
| 31 March 2024 | |||||
Unobservable input | Valuation if | Valuation if | |||
rate increases | Movement in | rate decreases | Movement in | ||
Range | by 1% (£m) | valuation (£m) | by 1% (£m) | valuation (£m) | |
WACC | 9.00%-10.13% | 858 | (182) | 1,276 | 236 |
TGR | 1.25%-2.40% | 1,194 | 154 | 920 | (119) |
Ownership | Ownership | ||
Place of | interest at | interest at | |
Investment | Business | 31 March 2025 | 31 March 2024 |
| Held directly | |||
Cordiant Digital Holdings UK Limited | United Kingdom | 100% | 100% |
CDIL Data Centre USA LLC | USA | 100% | 100% |
| Held indirectly | |||
Cordiant Digital Holdings One Limited | United Kingdom | 100% | 100% |
Cordiant Digital Holdings Two Limited | United Kingdom | 100% | 100% |
Cordiant Digital Holdings Three Limited | United Kingdom | 100% | 100% |
Cordiant Digital Holdings Four Limited | United Kingdom | 100% | 100% |
Cordiant Digital Holdings Five Limited | United Kingdom | 100% | 0% |
Cordiant Digital Holdings Six Limited | United Kingdom | 100% | 0% |
Cordiant Digital Holdings Ireland | Ireland | 100% | 100% |
Communications Investments Holdings s.r.o. | Czech Republic | 100% | 100% |
České Radiokomunikace a.s. (Czechia) | Czech Republic | 100% | 100% |
Czech Digital Group, a.s | Czech Republic | 100% | 100% |
Cloud4com s.r.o. | Czech Republic | 100% | 100% |
Datové centrum Lužice s.r.o. | Czech Republic | 100% | 100% |
Emitel S.A. | Poland | 100% | 100% |
RTTS sp. z o. o. | Poland | 100% | 0% |
EM Cast sp. z o. o. | Poland | 100% | 0% |
Allford Investments sp. z o. o. | Poland | 100% | 100% |
EM Properties sp. z o. o. | Poland | 100% | 100% |
EM Projects sp. z o. o. | Poland | 100% | 100% |
Hubb Investments sp. z o. o. | Poland | 100% | 100% |
Magnet Networks Limited | Ireland | 100% | 100% |
Belgian Tower Company N.V | Belgium | 100% | 100% |
Speed Fibre DAC | Ireland | 100% | 100% |
Speed Fibre 2 Holdings Limited | Ireland | 100% | 100% |
Speed Fibre Intermediate Holdings Limited | Ireland | 100% | 100% |
Speed Fibre Borrower Limited | Ireland | 100% | 100% |
Speed Fibre Financing Limited | Ireland | 100% | 100% |
Airspeed Communications Holdings ULC | Ireland | 100% | 100% |
Airspeed Communications Solutions ULC | Ireland | 100% | 100% |
Airspeed Networks Limited | Isle of Man | 100% | 100% |
Speed Fibre Group Limited | Ireland | 100% | 100% |
Airspeed Communications Limited | Ireland | 100% | 100% |
E-Nasc Éireann Teoranta | Ireland | 100% | 100% |
Enet Telecommunications Networks Limited | Ireland | 100% | 100% |
DCU Invest NV | Belgium | 47.5% | 0% |
DataCenter United | Belgium | 47.5% | 0% |
Antwerp DataCenter BV | Belgium | 47.5% | 0% |
Antwerp DC BV | Belgium | 47.5% | 0% |
DATAZONE BV | Belgium | 47.5% | 0% |
DC Star NV | Belgium | 47.5% | 0% |
Digiscape BV | Belgium | 47.5% | 0% |
Brussels DC NV | Belgium | 47.5% | 0% |
DCU Invest NV | Belgium | 47.5% | 0% |
Pre-tax | Net assets/ | ||
Turnover | profit/(loss) | (liabilities) | |
Emitel 1 | £129.4 million | £41.9 million | £228.6 million |
CRA 2 | £95.7 million | £19.8 million | £23.2 million |
Hudson 3 | £17.9 million | (£9.7 million) | £24.1 million |
Speed Fibre 4 | £67.3 million | (£10.2 million) | (£105.1 million) |
Belgian Tower 5 | £6.7 million | (£0.2 million) | £4.3 million |
DCU Invest NV 6 | – | – | – |
As at | As at | |
31 March 2025 | 31 March 2024 | |
£’000 | £’000 | |
Cash collateral | 8,755 | 8,963 |
Other debtors | 1,891 | 6,582 |
Amounts receivable from related parties | 68 | 1,599 |
Prepayments | 81 | 105 |
Interest receivable | – | 30 |
10,795 | 17,279 |
As at | As at | ||
31 March 2025 | 31 March 2024 | ||
£’000 | £’000 | ||
Opening balance | 157,62 | 9 | 20,287 |
Drawdown of principal during the year | 160 | ,255 | 148,962 |
Repayment of principal during the year | (166,399) | (9,990) | |
Realised exchange gain | (2,075) | – | |
Unrealised exchange gain | (1,819) | (1,630) | |
147, 591 | 157,629 |
31 March 2025 | 31 March 2024 | |||||||
Ordinary shares | Number of shares | £’000 | Number of shares | £’000 | ||||
Issued and fully paid | 773,559,707 | 78 | 0,10 | 0 | 773,559,707 | 78 | 0,10 | 0 |
Shares held in treasury | (7,844,230) | (5,886) | (7,269,230) | (5,444) | ||||
Outstanding shares at year/year end | 765,715,477 | 774,214 | 766,290,477 | 774,656 |
31 March 2025 | 31 March 2024 | ||
Treasury shares | Number of shares | Number of shares | |
Opening balance | 7,269,230 | 1,050,000 | |
Shares repurchased during the year | 575,000 | 6,219,230 | |
Closing balance at year end | 7,8 | 4 4,230 | 7,269,230 |
| £218,000 for the audit of the statutory financial statements for the year ended 31 March 2025 |
| (31 March 2024: £198,000). No fees were incurred for other audit-related or non-audit services |
| in either year. At 31 March 2025, there were no audit fees from the year ended 31 March 2024 |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
Corporation tax | £’000 | £’000 |
Taxation for the year (see note 12b) | – | – |
Year ended | Year ended | |
31 March 2025 | 31 March 2024 | |
£’000 | £’000 | |
Profit on ordinary activities before tax | 105,240 | 80,427 |
| Profit before tax multiplied by rate of coproration tax rate in the UK | ||
of 25% (2024: 25%) | 26,310 | 20,107 |
| Effects of: | ||
Net investment returns not subject to corporation tax | (23,019) | (24,306) |
Non-deductible expenses | 397 | 2,180 |
Amounts taxable in different periods | – | (173) |
Surrender of expenses to other group companies | 620 | – |
Dividends not subject to corporation tax | (6,150) | – |
Current year management expenses not utilised | 1,842 | 2,192 |
Total tax for the year (see note 12a) | – | – |
Ordinary shares | Year ended 31 March 2025 | |
Earnings per share | Basic | Diluted |
Allocated profit attributable to this share class – £’000 | 105,240 | 105,240 |
Weighted average number of shares in issue | 765,862,189 | 765,862,189 |
Earnings per share from continuing operations in the year (pence) | 13 .74 | 13.74 |
Ordinary shares | Year ended 31 March 2024 | |
Earnings per share | Basic | Diluted |
Allocated profit attributable to this share class – £’000 | 80,295 | 80,295 |
Weighted average number of shares in issue | 770,510,117 | 770,510,117 |
| Earnings per share from continuing operations | ||
in the year (pence) | 10.42 | 10.42 |
Year ended | Year ended | ||
31 March 2025 | 31 March 2024 | ||
Weighted average number of shares used in basic earnings per share | 76 | 5,862,189 | 770,510,117 |
Weighted average number of shares used in diluted earnings per share | 76 | 5,862,189 | 770,510,117 |
Net asset value – £’000 | 992 | ,519 | 920,660 |
Number of ordinary shares issued | 765,715,477 | 766,290,477 | |
Net asset value per share (pence) | 129.62 | 12 0.15 |
| Dividend per | ||
ordinary share | Total dividend | |
Dividends paid during the year ended 31 March 2025 | pence | £’000 |
| Second interim dividend in respect of the period ended | ||
31 March 2024 | 2.20 | 16,859 |
| Interim dividend in respect of the period | ||
ended 31 March 2025 | 2.10 | 16,080 |
| 32,939 |
| Dividend per | ||
ordinary share | Total dividend | |
Dividend declared | pence | £’000 |
| Second interim dividend in respect of the year ended | ||
31 March 2025 | 17, 2 2 9 |
| Dividend per | ||
ordinary share | Total dividend | |
Dividends paid during the year ended 31 March 2024 | pence | £’000 |
| Second interim dividend in respect of the year ended | ||
31 March 2023 | 2.0 0 | 15,450 |
| Interim dividend in respect of the year ended | ||
31 March 2024 | 15,395 | |
| 30,8 4 5 |
31 March 2025 | 31 March 2024 | |
£’000 | £’000 | |
| Financial assets | ||
| Financial assets at fair value through profit or loss: | ||
– Investments | 1,124,695 | 1,005,937 |
| Other financial assets at amortised cost: | ||
– Cash and cash equivalents | 6,137 | 60,085 |
– Trade and other receivables | 10,719 | 17,174 |
| Financial liabilities | ||
| Financial liabilities at amortised cost: | ||
– Loans and borrowings | (147,5 91) | (157,629) |
– Accrued expenses and other creditors | (1,517) | (5,012) |
Level 1 | Level 2 | Level 3 | Total | |
As at 31 March 2025 | £’000 | £’000 | £’000 | £’000 |
| Financial assets | ||||
Financial assets at fair value through profit or loss: | ||||
– Investments | – | – | 1,124,695 | 1,124,695 |
– | – | 1,124,695 | 1,124,695 |
Level 1 | Level 2 | Level 3 | Total | |
As at 31 March 2024 | £’000 | £’000 | £’000 | £’000 |
| Financial assets | ||||
Financial assets at fair value through profit or loss: | ||||
– Investments | – | – | 1,005,937 | 1,005,937 |
– | – | 1,005,937 | 1,005,937 |
| As at 31 March 2025 | |||||||
USD | CZK | CAD | EUR | GBP | PLN | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Non-current assets | |||||||
Financial assets at fair value through profit or loss | 36,240 | 428,639 | – | 78,384 | – | 581,432 | 1,124,695 |
Total non-current assets | 36,240 | 428,639 | – | 78,384 | – | 581,432 | 1,124,695 |
| Current assets | |||||||
Receivables | 8,755 | 402 | – | 538 | 701 | 399 | 10,795 |
Cash and cash equivalents | 259 | – | 1 | – | 5,877 | – | 6,137 |
Total current assets | 9,014 | 402 | 1 | 538 | 6,578 | 399 | 16,932 |
| Current liabilities | |||||||
Loans and borrowings | – | – | – | (147,591) | – | – | (147,591) |
Accrued expenses and other creditors | (29) | – | – | (198) | (1,290) | – | (1,517) |
Total current liabilities | (29) | – | – | (147,789) | (1,290) | – | (149,108) |
Total net assets | 45,225 | 429,041 | 1 | (68,867) | 5,288 | 581,831 | 992,519 |
| As at 31 March 2024 | |||||||
USD | CZK | CAD | EUR | GBP | PLN | Total | |
£’000 | £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Non-current assets | |||||||
Financial assets at fair value through profit or loss | 42,262 | 385,941 | – | 52,654 | 30 | 525,050 | 1,005,937 |
Total non-current assets | 42,262 | 385,941 | – | 52,654 | 30 | 525,050 | 1,005,937 |
| Current assets | |||||||
Receivables and prepayments | 9,171 | – | – | 2,568 | 5,540 | – | 17,279 |
Cash and cash equivalents | 67 | – | – | 40,734 | 19,284 | – | 60,085 |
Total current assets | 9,238 | – | – | 43,302 | 24,824 | – | 77,364 |
| Current liabilities | |||||||
Loans and borrowings | – | – | – | (157,629) | – | – | (157,629) |
Accrued expenses and other creditors | (29) | – | – | (3,862) | (1,121) | – | (5,012) |
Total current liabilities | (29) | – | – | (161,491) | (1,121) | – | (162,641) |
Total net assets | 51,471 | 385,941 | – | (65,535) | 23,733 | 525,050 | 920,660 |
As at | As at | |||
31 March 2025 | 31 March 2024 | |||
Effect in increase of pounds sterling | £’000 | £’000 | ||
USD | 2, 261 | 2,574 | ||
CZK | 21, | 452 | 19,2 | 97 |
PLN | 29,0 92 | 2 | 6,253 | |
EUR | (3,443) | (3,277) |
31 March 2025 | 31 March 2024 | |||
Location | £’000 | £’000 | ||
Royal Bank of Scotland International | Guernsey | 1,110 | 24,481 | |
JP Morgan | UK | 5,000 | – | |
Investec Bank Plc | UK | 27 | 3 | 5,604 |
Royal Bank of Scotland International (long term) | Guernsey | 8,755 | 8,963 |
S&P | Moody’s | Fitch | |
Royal Bank of Scotland International | A/A-1 | A1/P-1 | A1/F1 |
JP Morgan Plc | Not rated | A1/P-1 | A A-/F1+ |
Investec Bank Plc | Not rated | A1/BA A1 | BBB+/ A- |
Royal Bank of Scotland International (long term) | A+/A-1 | A1 | A+ |
31 March 2025 | 31 March 2024 | |
£’000 | £’000 | |
Financial assets (including cash and cash equivalents but not prepayments) | 16,846 | 77,259 |
Ordinary | Ordinary | |
shares held at | shares held at | |
31 March 2025 | 31 March 2024 | |
Shonaid Jemmett-Page | 88,719 | 63,355 |
Sian Hill | 77,500 | 57,500 |
Marten Pieters | 103,125 | 103,125 |
Simon Pitcher | 63,125 | 63,125 |