Business
3Q23 Results & Quarterly Report
3Q23 Results & Quarterly Report.
About this update from Burford Capital Limited
[{"type":"text","content":"\n\n \nNovember 9, 2023\n \n \n\n\n\n\nBURFORD CAPITAL REPORTS NINE-MONTH AND THIRD QUARTER 2023 FINANCIAL RESULTS;\nNINE-MONTH CONSOLIDATED TOTAL REVENUES INCREASED FIVEFOLD TO $794 MILLION\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 nine months ended September 30, 2023.1 Burford's report on Form 6-K at and for the three and nine months ended September 30, 2023, including unaudited condensed consolidated financial statements (the \"3Q23 Quarterly Report\"), is available at http://www.rns-pdf.londonstockexchange.com/rns/9668S_1-2023-11-9.pdf and on the Burford Capital website at http://investors.burfordcapital.com.\n\n\n\n\n \n\n\n\n\nChristopher Bogart, Chief Executive Officer of Burford Capital, commented:\n\n\n\n\n\"Consolidated total revenues increased fivefold to $794 million in the first nine months of 2023 compared to the prior-year period, driven by significant growth in capital provision income with and without our YPF-related assets. Positive realizations' momentum has continued, with Burford-only capital provision-direct realizations up 42% in the first nine months of 2023 from the prior-year period as portfolio activity has continued. Group-wide total portfolio grew 16% in the first nine months of 2023 to $7.1 billion, benefiting from significant fair value gains and growth in deployments and undrawn commitments. In the first nine months of 2023, we have grown book value 27% to $10.10 per ordinary share, the first time in our history we have surpassed $10 per ordinary share.\"\n\n\n\n\n \nConsolidated financial results\n \n\n\n\n\nSummary statements of operations\n\n\n\n\n \n\n\n \n\n\n \n\n\n \n\n\n\n\n \n\n\nNine months ended September 30,\n\n\n \n\n\nThree months ended September 30,\n\n\n\n\nConsolidated (US GAAP)\n($ in thousands, except per share data)\n\n\n2023\n\n\n2022\n\n\n+/-%\n\n\n \n\n\n2023\n\n\n2022\n\n\n+/-%\n\n\n\n\nCapital provision income\n\n\n1,016,113\n\n\n153,166\n\n\n563%\n\n\n\n\n\n504,513\n\n\n(22,579)\n\n\nNM\n\n\n\n\nAsset management income\n\n\n5,767\n\n\n7,091\n\n\n-19%\n\n\n\n\n\n1,876\n\n\n1,583\n\n\n19%\n\n\n\n\nTotal revenues\n\n\n794,329\n\n\n157,891\n\n\n403%\n\n\n\n\n\n3...