Business
1Q23 Results & Quarterly Report
1Q23 Results & Quarterly Report.
About this update from Burford Capital Limited
[{"type":"text","content":"\n\n \n13 June 2023\n \n \nBURFORD CAPITAL REPORTS FIRST QUARTER 2023 FINANCIAL RESULTS;\nPORTFOLIO-WIDE MOMENTUM DRIVES STRONG REVENUE GROWTH\n \nBurford Capital Limited (\"Burford\"), the leading global finance and asset management firm focused on law, today announces its unaudited financial results at and for the three months ended March 31, 2023 (\"1Q23\").1 Burford's report on Form 6-K for 1Q23, including unaudited condensed consolidated financial statements (the \"1Q23 Quarterly Report\"), is available at http://www.rns-pdf.londonstockexchange.com/rns/5570C_1-2023-6-13.pdf and on the Burford Capital website at http://investors.burfordcapital.com.\n \nChristopher Bogart, Chief Executive Officer of Burford Capital, commented:\n \n\"We saw continued positive momentum in the first quarter of 2023 in the progression of our portfolio as court activity and legal processes further normalized in the aftermath of the Covid-19 pandemic. The breadth of the case activity pick-up was reflected in capital provision income, excluding our YPF-related assets, more than doubling to $185 million compared to 1Q22, comprising almost a sixfold increase in realized gains and 41% growth in unrealized gains. Fair value gains arising from the favorable summary judgment ruling in our YPF-related assets contributed to an extraordinary first quarter for total revenues, driving growth in capital provision income of 238% to reach nearly $500 million. As an indicator of ongoing portfolio activity, an additional 12 case milestones have occurred since our May 16 update when we had observed 28 milestones and expected 61 more through the remainder of the year.\"\n \n1 All 1Q23 figures in this announcement are unaudited and presented on a consolidated basis in accordance with the generally accepted accounting principles in the United States (\"US GAAP\"), unless otherwise stated. Definitions, reconciliations and information additional to those set forth in this announcement are available on the Burford Capital website and in the 1Q23 Quarterly Report (as defined above). In addition, Burford applied its revised valuation methodology for capital provision assets to its unaudited condensed consolidated financial statements at March 31, 2023 and for the three months ended March 31, 2023 and 2022 included in this announcement...