Business
2Q23 Results & Quarterly Report
2Q23 Results & Quarterly Report.
About this update from Burford Capital Limited
[{"type":"text","content":"\n\n \nSeptember 13, 2023\n \n \nBURFORD CAPITAL REPORTS FIRST HALF AND SECOND QUARTER 2023 FINANCIAL RESULTS;\nSTRONGEST SET OF SIX-MONTH FINANCIAL RESULTS IN BURFORD'S HISTORY\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 and six months ended June 30, 2023.1 Burford's report on Form 6-K at and for the three and six months ended June 30, 2023, including unaudited condensed consolidated financial statements (the \"2Q23 Quarterly Report\"), is available at http://www.rns-pdf.londonstockexchange.com/rns/3209M_1-2023-9-13.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 have produced the strongest set of six-month financial results in Burford's history, with net income attributable to shareholders of nearly $240 million and tangible book value per share growth of 12% over the past six months. Our core portfolio generated a lot of cash with realized gains tripling on our core portfolio realizations, and new business was very strong. Our new valuation methodology is sensitive to interest rate changes and thus higher rates during the first six months of 2023 were a headwind for the fair value of our core portfolio, especially during the second quarter, but these valuation movements are non-cash and unrealized and are expected to continue to fluctuate over time. Operating expenses reflect strong portfolio performance and certain idiosyncratic events.\"\n \n1 In this announcement, references to (1) \"2Q23\" and \"2Q22\" are to Burford's unaudited financial results for the three months ended June 30, 2023 and 2022, respectively, and (2) \"1H23\"and \"1H22\" are to Burford's unaudited financial results for the six months ended June 30, 2023 and 2022, respectively.\nAll 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 2Q23 Quarterly Report (as defin...