Business
Interim Results 2013
Interim Results 2013.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 1410O Burford Capital 17 September 2013 \n \n\n17 September 2013\n \nBURFORD CAPITAL REPORTS HALF YEAR 2013 RESULTS\n \nTotal income increased 41%\n \nSignificant activity in the UK leading up to implementation of Jackson reforms\n \nBurford Capital Limited (\"Burford\" or \"the Company\"), the world's largest provider of investment capital and risk solutions for litigation, announces its financial results for the half year ended 30 June 2013.\n \nHighlights\n \n· A 65% increase in Burford's profit before tax for the period (excluding the accounting impact of the Burford UK acquisition, the 2012 Reorganisation and UK restructuring costs) to $9.7 million (June 2012: $5.9 million).\n \n- The large one-time non-cash charge resulting in an accounting loss for the period is as described in the 2012 accounts and has no cash or NAV impact on the Company.\n \n· Burford's income for the six months was $19.5 million, a 41% increase on prior year (June 2012: $13.8 million). The increase reflects:\n \n- an 86% increase in income from the litigation portfolio amid continuing increases in activity levels;\n- a 58% increase in income from the UK insurance business. \n \n· Cash receipts from the litigation portfolio increased more than seven-fold as compared to the same period last year.\n \n· Significant levels of activity in the UK business in the months leading up to the implementation of the Jackson reforms, with more than $150 million in new business exposure written in the first half - more than in all of 2011 and 2012 combined.\n \n· Since inception through 30 June 2013, 25 investments have generated $128 million in gross investment recoveries and $40 million net of invested capital, producing a 46% return on invested capital.\n \n· Burford continued to see significant volumes of market activity and continued to deploy capital in new investments as well as managing its substantial portfolio of existing investments.\n \nSir Peter Middleton, Chairman of Burford, commented:\n\"We are very pl...