08:00 Wed 25 Jul 2018
Burford Capital - Interim Results for six months ended 30 June 2018
This announcement contains inside information.
BURFORD CAPITAL FIRST HALF 2018 INCOME UP 17% TO
PROFIT AFTER TAX UP 17% TO
Financial Highlights1
· Profit after tax up 17% to
o Operating profit up 18% to
· Income up 17% to
o 65% of income from realized gains, higher than in FY17 and FY16
· Earnings per share up 21% to 77¢ (1H17: 64¢)
· Cash generation up 61% to
· 1H18 dividend of 3.67¢, 20% increase (1H17: 3.05¢)
o Payable on
· Substantial client demand for Burford's capital reflected in record new investment commitments of
o New commitments to single case investments more than doubled to
o New commitments to portfolio investments up 70% to
· Total assets up 37% to
Sir
"Burford has experienced another stellar half-year, setting new records for income and profit. Burford continues to set the pace for a growing industry, in its scale, product development and risk-adjusted returns. The Board is grateful for the continued support of our all of our stakeholders."
"The expansion of the litigation finance industry continues, with more demand for our capital, growing opportunities for us to invest, continued vigilance in investment selection, and another increase in our profits. This past half-year affirms the trends we've increasingly set for more than eight years, with Burford's superior growth reflected in rising scale relative to longstanding competitors. The simple fact that we committed half-a-billion dollars to new investments in the first half of the year, historically our slower period, fills us with excitement for the continuing potential of the business."
Capital Markets Day - Save the Date
Burford also announces that it plans to hold a Capital Markets Day for analysts and investors on the afternoon of Monday
1H2018 Financial Summary
A financial summary is set out below. The figures below exclude third-party interests in Burford's consolidated funds. Burford's complete annual report and audited accounts are available at:
http://www.rns-pdf.londonstockexchange.com/rns/6520V_1-2018-7-24.pdf
or from the Burford website: www.burfordcapital.com/investors.
US$ '000 |
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6 months ended |
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6 months ended 30 June 2017** |
% change |
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Investment income |
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195,197 |
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161,633 |
+21% |
Investment management income |
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7,190 |
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7,534 |
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Insurance income |
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2,891 |
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4,626 |
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New initiatives income |
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1,003 |
|
897 |
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Other income |
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(1,076) |
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834 |
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Total income* |
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205,205 |
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175,524 |
+17% |
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Operating expenses - investments |
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(13,069) |
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(10,611) |
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Operating expenses - investment management |
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(3,014) |
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(3,569) |
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Operating expenses - insurance |
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(940) |
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(914) |
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Operating expenses - new initiatives |
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(1,016) |
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(1,755) |
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Operating expenses - corporate |
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(3,658) |
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(3,720) |
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Operating profit* |
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183,508 |
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154,955 |
+18% |
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Finance costs |
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(18,912) |
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(10,015) |
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Profit before tax* |
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164,596 |
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144,940 |
+14% |
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Taxation |
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1,759 |
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2,206 |
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Profit after tax* |
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166,355 |
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142,734 |
+17% |
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* Income, operating profit, profit before tax and profit after tax exclude the impact of amortisation of the intangible asset relating to the acquisition of |
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** Figures for |
Investor and Analyst Conference Call
Management will host a conference call for investors and analysts at
Burford encourages investors and analysts to pre-register for dedicated access on the day via:
http://www.incommuk.com/customers/burfordcapital
The dial-in number for the conference call is +44 (0)20 3936 2999 / +1 845 709 8568 / (Toll free +44 (0)800 640 6441 / +1 855 979 6654) and the access code is 939072.
An accompanying presentation will be available on the
A replay facility will be available until Wednesday
The person responsible for arranging for the release of this announcement on behalf of the Company is
For further information, please contact:
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+1 212 235 6825 |
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+44 (0)20 3037 2000 |
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+44 (0)20 3100 2222 |
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+44 (0)20 7260 1000 |
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+44 (0)20 3021 2580 |
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About
This release does not constitute an offer of any Burford fund.
1 Figures for income, operating profit, profit before tax and profit after tax in this release exclude the impact of amortisation of the intangible asset relating to the acquisition of
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