Business
Interim Results 2011
Interim Results 2011.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 7473N Burford Capital 07 September 2011 \n\n \n \nSeptember 7, 2011\n \n \n \n \n \n \n \n \nBurford Capital Limited\n \nInterim Results 2011\n \n \nBurford Capital Limited (\"Burford Capital\" or \"Burford\" or \"the Company\"), the commercial dispute investor, announces its financial results for the six month period ended 30 June 2011, along with a further update on developments in its investment portfolio to the date of this release.\n \nInvestment Portfolio Highlights(since the Company's last update on 30 June 2011):\n \n· Trial victory: A matter in the short duration portfolio recently concluded a successful trial. Burford expects a profit in the matter of more than $10 million and as much as $16 million depending on matters relating to judgment interest and costs, as well as the return of Burford's $4 million investment made less than a year ago. \n \n· Another complete resolution: A short duration investment is now completely resolved and Burford has received its full cash entitlement. Thus, a $6 million investment made a year ago has returned $10.5 million, for a profit of $4.5 million - an IRR of more than 80%.\n \n· Between realisations and adjudications, the short duration portfolio is now running at a more than 90% expected return on invested capital across the eight matters resolved or adjudicated.\n \n· Continuing new investments: In the two months since Burford's last update, the Company has committed a further $10 million in two new core investments. \n \n· Litigation portfolio investment: Burford has made an investment in a fully secured, full recourse portfolio of litigation claims as an adjunct to its cash management program. The $30 million investment was made with unused cash and provides an annual yield of 13.5%.\n \nFinancial Highlights (for the period to 30 June 2011)\n\n· Total income for the six month period: $11.5 million (June 2010: $4.0 million)\n· Net profit for the period: $7.1 million (June 2010: $1.1 million)\...