Business
Full Year Results 2017
Full Year Results 2017.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 6352H Burford Capital 14 March 2018 \n\nThis announcement contains inside information.\n \n14 March 2018\n \nBURFORD CAPITAL MORE THAN DOUBLES INCOME AND PROFIT IN 2017\nAND MORE THAN TRIPLES NEW INVESTMENT COMMITMENTS\n \nBurford Capital Limited (\"Burford\" or \"the Company\"), a leading global finance and investment management firm focused on law, announces its financial results for the year ended 31 December 2017.\n \nFinancial Highlights[1]\n \n· Net profit after tax up 130% to $264.8 million (2016: $115.1 million)\no Operating profit up 132% to $289.0 million (2016: $124.4 million)\no 37.4% return on equity (2016: 21.1%)\n· Income up 109% to $341.2 million (2016: $163.4 million), driven by 127% increase in income from investments to $318.2 million (2016: $140.2 million)\no Realized gains from investments also more than doubled\no 20 different investments contributed to 2017's realized net gains\no Unrealized gains remained generally consistent with prior year levels at 53% of income\n(2016: 54%) and 36% of investments (2016: 31%) notwithstanding Petersen impact\n· Strong growth in earnings per share, up 126% to 127¢ (2016: 56¢)\n· Record investment recoveries; robust organic cash generation of $362 million (2016: $230 million)\n· 20% increase in annual dividend proposed, to total FY17 dividend of 11.0¢ per share (2016: 9.15¢); final dividend of 7.95¢ payable on 22 June 2018 with record date of 1 June 2018\n· Persistent demand for Burford's capital reflected in record new investment commitments of $1.34 billion (2016: $378 million), sowing seeds for future profits\no Burford now has $3.3 billion invested in and available for investment in legal finance in a widely diversified portfolio\n· Assets under management in Burford's investment management business increased to $1.7 billion (2016: $1.3 billion) and additional fundraising anticipated in 2018\n· Active start to 2018, with $128.5 million committed to 12 new investments in the first two months of the year compared to a single $1 million investment in the same period last year\n· Secondary market sale of Teinver investment agreed in March 2018 for $107 million in cash - a $94.2 million investment gain and a 736% ret...