Business
Full Year Results 2016
Full Year Results 2016.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 3420Z Burford Capital 14 March 2017 \n\n14 March 2017\n \nBURFORD CAPITAL DELIVERS 75% GROWTH IN FULL YEAR 2016 PROFIT\n \nRecord Income, Profits, Cash Receipts and New Investment Commitments\n \n \nBurford Capital Limited (\"Burford\" or \"the Company\"), a leading global finance firm focused on law, announces its financial results for the year ended 31 December 2016.\n \nHighlights1 \n \n· 75% increase in net profit after tax to $115.1 million (2015: $65.7 million) and 61% increase in operating profit to $124.4 million (2015: $77.2 million), contributing to a 21.1% ROE\n \n· Income increased by 59% to a record $163.4 million (2015: $103.0 million), driven by 60% increase in income from litigation-related investments to $140.2 million (2015: $87.9 million)\n \n· Earnings per share rose 68% to 53¢ (2015: 32¢)\n \n· Strong organic cash generation, with record investment recoveries of $216 million (2015: $146 million)\n \n· Annual dividend increase of 14.4% in USD terms and 38.3% in Sterling terms proposed, to total dividend of 9.15¢ per share (2015: 8.0¢); final dividend of 6.48¢ payable on 16 June 2017 with record date of 26 May 2017\n \n· Continuing demand for Burford's capital reflected in record new litigation finance investment commitments of $378 million, up 83% on 2015, sowing seeds for future income\n \n· Acquisition of Gerchen Keller Capital added $1.3 billion of new assets under management and enabled scale and income diversification through the contribution of recurring investment management fees\n \n1 The current year figures for operating profit, profit before tax and profit after tax in this release exclude the impact of amortisation of intangible asset and non-recurring acquisition costs relating to the acquisition of GKC Holdings, LLC and are shown to assist in understanding the underlying performance of the Company; the prior year figures do not contain any adjustments. Without those adjustments, profit after tax would have been $6.2 million lower, and the increase over 2015 would have been 66%.\n \nSir Peter Middleton, Chairman of Burford, com...