Business
Annual results for year ended December 31, 2023
Annual results for year ended December 31, 2023.
About this update from Burford Capital Limited
[{"type":"text","content":"\n\n \n \nMarch 14, 2024\n \n \n\n\n\n\nBurford Capital Reports Record 2023 Results\n \nBurford Capital Limited (\"Burford\"), the leading global finance and asset management firm focused on law, today announces its fourth quarter and full year 2023 results.\n \nIn addition, Burford has made available an accompanying fourth quarter and full year 2023 results presentation, a shareholder letter and capital provision-direct and capital provision-indirect asset data tables on its website at http://investors.burfordcapital.com.\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 an extraordinary year. Our earnings per share rose 19x to $2.74, driven by a tripling of consolidated total revenues to $1.1 billion in 2023 due to significant growth in capital provision income, with and without our YPF-related assets. We achieved a Burford-only net income margin of 63%. With the courts fully back in business, we had an active year and we anticipate further substantial levels of activity in 2024 and 2025. Increased portfolio velocity was reflected in record core legal finance realizations, cash receipts and realized gains, as well as sizeable unrealized gains arising from the portfolio moving forward. Our ROTE soared to 32% in 2023 from 2% in 2022, and we increased tangible book value by 34% to $9.85.\"\n\n\n\n\n \nConsolidated financial results (unaudited)\n \n\n\n\n\nSummary statements of operations\n\n\n\n\n \n\n\nYears ended\nDecember 31,\n\n\n \n\n\nThree months ended\nDecember 31,\n\n\n\n\nConsolidated (US GAAP)\n($ in thousands, except per share data)\n\n\n2023\n\n\n2022\n\n\n% change\n\n\n \n\n\n2023\n\n\n2022\n\n\n% change\n\n\n\n\nCapital provision income\n\n\n1,341,923\n\n\n319,108\n\n\n321%\n\n\n\n\n\n325,810\n\n\n165,942\n\n\n96%\n\n\n\n\nAsset management income\n\n\n7,642\n\n\n9,116\n\n\n-16%\n\n\n\n\n\n1,875\n\n\n2,025\n\n\n-7%\n\n\n\n\nTotal revenues\n\n\n1,086,902\n\n\n319,227\n\n\n240%\n\n\n\n\n\n292,573\n\n\n161,336\n\n\n81%\n\n\n\n\nOperating expenses\n\n\n271,236\n\n\n124,272\n\n\n118%\n\n\n\n\n\n120,237\n\n\n42,126\n\n\n185%\n\n\n\n\nNet income/(loss) attributable to Burford Capital Limited shareholders\n\n\n610,522\n\n\n30,506\n\n\n1,901%\n\n\n\n\n\n100,095\n\n\n81,914\n\n\n22%\n\n\n\n\n...