Burford Capital Limited (“Burford” or the “Company”), a leading global finance firm focused on law, announces its financial results for the half year ended 30 June 2016.
Highlights
- Income increased by 88% to $76.2 million (H1 2015: $40.6 million), driven by a 110% increase in income from litigation investment to $64.4 million (H1 2015: $30.7 million)
- 117% increase in operating profit to half-year record of $61.7 million (H1 2015: $28.4 million), and 123% increase in profit after tax to $52.8 million (2015: $23.7 million)
- Interim dividend of 2.67¢ (H1 2015: 2.33¢) declared, at the rate of one third of total 2015 dividend – an increase of 15% over last year’s interim dividend.
- Interim dividend payable on 28 October 2016 with record date of 7 October 2016
- Strong demand for Burford’s capital, with record new commitments to investments of $200 million (1H 2015: $81 million), at an average commitment level of over $10 million
- Record organic cash generation of $99 million, including $84 million from litigation finance investments
- Beneficiary of weaker Sterling, with 94% of balance sheet assets denominated in US Dollars and 100% of debt GBP denominated as at 30 June 2016
Sir Peter Middleton, Chairman of Burford, commented:
“Burford has committed more capital than in any other six-month period previously to support law firm and corporate clients, while delivering strong investment returns for our shareholders and continuing to show the potential of the litigation finance business. We look forward to continuing to serve our clients with a broad range of financial solutions.”
Christopher Bogart, Chief Executive Officer of Burford, added:
“During one of the most volatile financial market periods for many years, Burford has continued to grow strongly and profitably, significantly enhancing shareholder value. Together these results underscore our ability to generate cash from litigation finance investments without regard to economic or market conditions, underscoring the lack of correlation between Burford’s returns and the business cycle.”
Burford’s complete interim report and unaudited accounts are available at www.rns-pdf.londonstockexchange.com/rns/3200F_1-2016-7-26.pdf or from the Burford website: www.burfordcapital.com.
For further information, please contact:
Macquarie Capital (Europe) Limited – NOMAD and Joint Broker
Ken Fleming |
+44 (0)20 3037 2000 |
Haitong Securities (UK) Limited – Joint Broker
John Riddell |
+44 (0)20 7456 9191 |
RBC Capital Markets – Joint Broker
Oliver Hearsey |
+44 (0)20 7653 4000 |
Neustria Partners – Financial Communications for Burford Capital
Robert Bailhache |
+44 (0)20 3021 2580 |
About Burford Capital
Burford Capital is the leading global finance and investment management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the London Stock Exchange, and it works with law firms and clients around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney.
For more information about Burford: www.burfordcapital.com