As at | As at | ||
31March2026 | 31March2025 | ||
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 equity | | | |
| Number of shares in issue | |||
| Ordinary shares | 10 | | |
| | ||
| Net asset value per ordinary share (pence) | 14 | | |
Year ended 31 March 2026 | Year ended 31 March 2025 | ||||||
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 | 6 | ( | ( | ( | ( | ||
Management fee income | | | | | |||
Dividend income | | | |||||
| | | | ||||
| Operating expenses | |||||||
Management fees | ( | ( | ( | ( | |||
| Other expenses | 4 | ( | ( | ( | ( | ||
Investment acquisition costs | ( | ( | ( | ( | |||
( | ( | ( | ( | ( | ( | ||
Operating profit | | | | ||||
Foreign exchange movements on working capital and loans | ( | ( | ( | | | ||
| 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/(losses) | earnings | ||||
Share capital | – Revenue | – Capital | Total equity | ||
Note | £’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 | | ( | |
Retained | Retained | ||||
earnings/(losses) | earnings | ||||
Share capital | – Revenue | – Capital | Total equity | ||
£’000 | £’000 | £’000 | £’000 | ||
Opening net assets attributable to shareholders at 1 April 2025 | ( | | |||
Share issued during 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 2026 | | | |
Year ended | Year ended | ||
31 March 2026 | 31 March 2025 | ||
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 | ( | ( | |
| Decrease in receivables | | | |
| Increase in payables | | | |
Net cash flows used in operating activities | ( | ( | |
| Cash flows generated from/(used in) investing activities | |||
| Investment additions | 6 | ( | ( |
Finance income | | | |
| Dividend income | |||
| Net cash flows generated from/(used in) investing activities | ( | ||
| Cash flows used in financing activities | |||
| Shares issued/(repurchased) | 10 | | ( |
| Loan drawn down | 9 | ||
| Loan repaid | 9 | ( | ( |
Finance costs paid | | ( | |
| Dividends paid | 15 | ( | ( |
Net cash flows used in financing activities | ( | ( | |
Increase/(decrease) 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 2026 | 31 March 2025 | |
£'000 | £'000 | |
Bank interest received | 41 | 130 |
Interest on money market fund deposits¹ | 386 | 1,157 |
Other income | – | 143 |
427 | 1,4 3 0 |
For the year ended 31 March 2026 | For the year ended 31 March 2025 | |||||
Loans | Equity | Total | Loans | Equity | Total | |
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | |
Opening balance | 12,635 | 1,112,060 | 1,124,695 | 9,444 | 996,493 | 1,005,937 |
Additions | 12,607 | – | 12,607 | 3,442 | 26,186 | 29,628 |
Payment of management fees previously capitalised | – | (1,674) | (1,674) | – | – | – |
Net gains on investments including fx movement | (15) | 141,212 | 141,197 | (251) | 89,381 | 89,130 |
25,227 | 1,251,598 | 1,276,825 | 12,635 | 1,112,060 | 1,124,695 |
For the year ended 31 March 2026 | For the year ended 31 March 2025 | ||||||
Loans | Equity | Total | Loans | Equity | Total | ||
£'000 | £'000 | £'000 | £'000 | £'000 | £'000 | ||
Movement in fair value of investments | – | 141,74 | 8 | 141,748 | – | 90,190 | 90,190 |
Unrealised foreign exchange loss on investment | (15) | (536) | (551) | (251) | (809) | (1,060) | |
(15) | 141,212 | 141,197 | (251) | 89,381 | 89,130 |
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 | 8.80%-10.45% | 1,140 | (222) | 1,652 | 290 |
TGR | 0.00%-3.00% | 1,558 | 196 | 1,212 | (150) |
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% | 948 | (270) | 1,391 | 173 |
TGR | 1.25%-2.40% | 1,308 | 91 | 1,011 | (206) |
Ownership | Ownership | ||
Place of | interest at | interest at | |
Investment | business | 31 March 2026 | 31 March 2025 |
| 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% | 100% |
Cordiant Digital Holdings Six Limited | United Kingdom | 78.8% | 100% |
Cordiant Digital Holdings Ireland | Ireland | 100% | 100% |
Communications Investments Holdings s.r.o. | Czech Republic | 100% | 100% |
České Radiokomunikace a.s. | Czech Republic | 100% | 100% |
Czech Digital Group, a.s. | Czech Republic | 100% | 100% |
CRA Prague Gateway DC | Czech Republic | 100% | 0% |
CRA Services s.r.o. | Czech Republic | 100% | 0% |
nangu.TV a.s. | Czech Republic | 100% | 0% |
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% | 100% |
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 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% |
Enet Communications Limited | Ireland | 100% | 0% |
Datacenter United Brussels NV | Belgium | 37.4% | 47.5% |
Antwerp DataCenter BV | Belgium | 37.4% | 47.5% |
Antwerp DC BV | Belgium | 37.4% | 47.5% |
DATAZONE BV | Belgium | 37.4% | 47.5% |
DC Star NV | Belgium | 37.4% | 47.5% |
Digiscape BV | Belgium | 37.4% | 47.5% |
Brussels DC NV | Belgium | 37.4% | 47.5% |
DCU Invest NV | Belgium | 37.4% | 47.5% |
Pre-tax | Net assets/ | ||
| Turnover | profit/(loss) | (liabilities) | |
| £m | £m | £m | |
Emitel 1 | 139.4 | 45.1 | 247.5 |
CRA 2 | 102.7 7 | 4.6 | 167.8 |
Speed Fibre 3 | 91.8 | (24.2) | (135.0) |
Hudson 4 | 18.1 | (9.4) | 12.9 |
BTC 5 | 3.6 | (0.3) | 2.8 |
DCU 6 | 30.9 | (10.0) | 76.3 |
As at | As at | ||
31 March 2026 | 31 March 2025 | ||
£'000 | £'000 | ||
Cash collateral | 8,556 | 8,755 | |
Other debtors | 564 | 1,891 | |
Amounts receivable from related parties | 1,440 | 68 | |
Prepayments | 57 | 81 | |
10, | 617 | 10,795 |
As at | As at | ||||
31 March 2026 | 31 March 2025 | ||||
£'000 | £'000 | ||||
Opening balance | 147,591 | 157,629 | |||
Drawdown of principal during the year | 21,6 | 64 | 155,554 | ||
Capitalised interest | – | 4,701 | |||
Repayment of principal during the year | (3) | (166,399) | |||
Movement in exchange gains | 8,188 | (3,894) | |||
17 | 7,4 4 0 | 147, | 5 91 | ||
31 March 2026 | 31 March 2025 | |||
Ordinary shares | Number of shares | £’000 | Number of shares | £’000 |
Issued and fully paid | 773,559,707 | 780,104 | 773,559,707 | 780,10 0 |
Shares held in treasury | (7,841,542) | (5,886) | (7,844,230) | (5,886) |
Outstanding shares at year end | 765,718,165 | 774,218 | 765,715,477 | 774,214 |
31 March 2026 | 31 March 2025 | |
Treasury shares | Number of shares | Number of shares |
Opening balance | 7,844,230 | 7,269,230 |
Shares issued or repurchased during the year | (2,688) | 575,000 |
Closing balance at year end | 7,8 41,5 42 | 7,8 4 4, 23 0 |
Year ended | Year ended | |
31 March 2026 | 31 March 2025 | |
Corporation tax | £’000 | £’000 |
Taxation for the year (see note 12b) | – | – |
Year ended | Year ended | |
31 March 2026 | 31 March 2025 | |
£’000 | £’000 | |
Profit on ordinary activities before tax | 159,309 | 105,240 |
Profit before tax multiplied by rate of corporation tax in the UK of 25% (2025: 25%) | 39,827 | 26,310 |
| Effects of: | ||
Net investment returns not subject to corporation tax | (33,264) | (23,019) |
Non-deductible expenses | 239 | 397 |
Amounts taxable in different periods | – | – |
Surrender of expenses to other group companies | – | 620 |
Dividends not subject to corporation tax | (8,883) | (6,150) |
Current year management expenses not utilised | 2,081 | 1,842 |
Total tax for the year (see note 12a) | – | – |
Ordinary shares | Year ended 31 March 2026 | |
Earnings per share | Basic | Diluted |
Allocated profit attributable to this share class – £’000 | 159,309 | 159,309 |
Weighted average number of shares in issue | 765,715,698 | 765,715,698 |
Earnings per share from continuing operations in the year (pence) | 20.81 | 20.81 |
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 |
| 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 | 2.200 | 16,859 |
| Interim dividend in respect of the period | ||
ended 31 March 2025 | 2.10 0 | 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 2026 | 2.275 | 17, | 420 |
| Dividend per | |||
ordinary share | Total dividend | ||
Dividends paid during the year ended 31 March 2026 | pence | £'000 | |
| Second interim dividend in respect of the year ended | |||
31 March 2025 | 2.250 | 17, | 229 |
| Interim dividend in respect of the year ended | |||
31 March 2026 | 16,654 | ||
| 33,883 |
31 March 2026 | 31 March 2025 | |
£'000 | £'000 | |
| Financial assets | ||
| Financial assets at fair value through profit or loss: | ||
– Investments | 1,276,825 | 1,124,695 |
| Other financial assets at amortised cost: | ||
– Cash and cash equivalents | 10,038 | 6,137 |
– Trade and other receivables | 10,560 | 10,719 |
| Financial liabilities | ||
| Financial liabilities at amortised cost: | ||
– Loans and borrowings | (177, 4 40) | (147,591) |
– Accrued expenses and other creditors | (2,091) | (1,517) |
Level 1 | Level 2 | Level 3 | Total | |
As at 31 March 2026 | £'000 | £'000 | £'000 | £'000 |
| Financial assets | ||||
Financial assets at fair value through profit or loss: | ||||
– Investments | – | – | 1,276,825 | 1,276,825 |
– | – | 1,276,825 | 1,276,825 |
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 |
| As at 31 March 2026 | |||||||
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 | 36,683 | 523,830 | – | 93,708 | – | 622,604 | 1,276,825 |
Total non-current assets | 36,683 | 523,830 | – | 93,708 | – | 622,604 | 1,276,825 |
| Current assets | |||||||
Receivables | 8,556 | 357 | – | 195 | 694 | 815 | 10,617 |
Cash and cash equivalents | 130 | – | – | 9,541 | 367 | – | 10,038 |
Total current assets | 8,686 | 357 | – | 9,736 | 1,061 | 815 | 20,655 |
| Current liabilities | |||||||
Loans and borrowings | – | – | – | (177,19 0) | (250) | – | (177, 4 4 0) |
Accrued expenses and other creditors | (31) | – | – | – | (2,060) | – | (2,091) |
Total current liabilities | (31) | – | – | (17 7,19 0) | (2,310) | – | (179,531) |
Total net assets | 45,338 | 524,187 | – | (73,746) | (1,249) | 623,419 | 1,117,9 49 |
As at | As at | |||
31 March 2026 | 31 March 2 | 025 | ||
Effect of increase in pounds sterling | £'000 | £'000 | ||
USD | 2, 26 7 | 2,261 | ||
CZK | 26,209 | 21,4 | 52 | |
PLN | 3 | 1,171 | 29, | 092 |
EUR | (3,687) | (3,443) |
31 March 2026 | 31 March 2025 | ||
Location | £'000 | £'000 | |
Royal Bank of Scotland International | Guernsey | 1,325 | 1,110 |
JP Morgan | UK | 8,685 | 5,000 |
Investec Bank Plc | UK | 28 | 27 |
Royal Bank of Scotland International (long term) | Guernsey | 8,5 5 6 | 8,755 |
S&P | Moody’s | Fitch | |
Royal Bank of Scotland International | A-1 | P-1 | F1+ |
JP Morgan | AAAm | Aaa-mf | AAAmmf |
Investec Bank Plc | Not rated | P-1 | F2 |
Royal Bank of Scotland International (long term) | A | A1/A2 | AA- |
31 March 2026 | 31 March 2025 | |
£'000 | £'000 | |
Financial assets (including cash and equivalents but not prepayments) | 20,598 | 16,846 |
Ordinary | Ordinary | |
shares held at | shares held at | |
31 March 2026 | 31 March 2025 | |
Shonaid Jemmett-Page | 108,651 | 88,719 |
Sian Hill | 92,711 | 77,5 00 |
Marten Pieters | 160,625 | 103,125 |
Simon Pitcher | 90,000 | 63,125 |