This site uses cookies; by continuing to use our site you agree to our use of cookies. More details in our privacy policy. Close

 

 

Burford Capital income up 41% 17 September 2013

Investment capital provider Burford Capital Limited has announced a 41% rise in total income for the half year ended 30 June 2013.

Burford Capital’s income for the six months was $19.5 million, a 41% increase on the same period in the previous year – $13.8 million – and reflecting an 86% increase in income from litigation portfolios and a 58% increase in income from the UK insurance business.

Sir Peter Middleton, chairman of Burford, said: “We are very pleased with Burford’s progress. The UK business has performed strongly and has substantially exceeded expectations, and its recent activity has set the stage for years of profits.

“The core investment portfolio is showing solid performance and increasing levels of activity. The business is maturing well and we are grateful for shareholder support of the reorganisation and the conversion to an operating business.

“We look forward to a successful second half of 2013.”

The company reported “significant levels” of activity in the UK business in the run up to the implementation of the Jackson reforms.

Burford Capital generated over $150m in new business exposure written in the first half of 2013 –more than both 2011 and 2012 combined.

In July, Burford Capital announced a strategic partnership with insolvency litigation financier, Manolete Partners PLC.

The deal resulted in Burford Capital taking a 16% stake in Manolete and providing co-funding for Manolete’s insolvency litigation investments.

Christopher Bogart, chief executive officer of Burford Capital, said: ““The first half of 2013 was a busy and successful time for Burford. The investment portfolio continued to mature and provide cash returns. We enjoyed a significant level of activity in the UK.”

See also:

 

 

blog comments powered by Disqus