Business
2Q24 Results & Quarterly Report
2Q24 Results & Quarterly Report.
About this update from Burford Capital Limited
[{"type":"text","content":"\n\n \n \nAugust 8, 2024\n\n \n\n\n\n\nBurford Capital Reports Second Quarter 2024 Results\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, 2024.\n \nIn addition, Burford has made available an accompanying three and six months ended June 30, 2024 results presentation and capital provision-direct and capital provision-indirect asset data tables on its website at http://investors.burfordcapital.com and at http://www.rns-pdf.londonstockexchange.com/rns/7270Z_1-2024-8-8.pdf.\n\n\n\n\n \n\n\n\n\n\n\n\n\n\nChristopher Bogart, Chief Executive Officer of Burford Capital, commented:\n\n\n\n\n\"Burford had a strong second quarter, with Burford-only total revenues up 217% and capital provision income up 237% over the comparable period in 2023. A series of case wins underline the lack of correlation between Burford's cash flows and markets or the economy and demonstrate continued progression in our $7.4 billion Group-wide total portfolio. New business was also active with new commitments above our recent quarterly average. As we've signaled, overall year-to-date results can't compare with last year given the unrealized gains from the 2023 YPF win, but year-to-date net realized gains on our core portfolio were up 36%. After a typically sleepy first quarter, we are very pleased with the performance of the business in the second quarter and in the first half of 2024.\"\n\n\n\n\n \nConsolidated financial results\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nSummary statements of operations\n\n\n\n\n \n\n\nSix months ended\nJune 30,\n\n\n \n\n\nThree months ended\nJune 30,\n\n\n\n\nConsolidated (US GAAP)\n($ in thousands, except per share data)\n\n\n2024\n\n\n2023\n\n\n% change\n\n\n \n\n\n2024\n\n\n2023\n\n\n% change\n\n\n\n\nCapital provision income\n\n\n198,506\n\n\n511,600\n\n\n-61%\n\n\n\n\n\n157,745\n\n\n35,667\n\n\n342%\n\n\n\n\nAsset management income\n\n\n3,507\n\n\n3,891\n\n\n-10%\n\n\n\n\n\n1,644\n\n\n1,894\n\n\n-13%\n\n\n\n\nTotal revenues\n\n\n203,948\n\n\n425,456\n\n\n-52%\n\n\n\n\n\n159,653\n\n\n44,551\n\n\n258%\n\n\n\n\nTotal operating expenses\n\n\n68,289\n\n\n97,931\n\n\n...