Business
Interim Results for six months ended 30 June 2016
Interim Results for six months ended 30 June 2016.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 3200F Burford Capital 27 July 2016 \n\nThis announcement contains inside information. \n27 July 2016\n \nBURFORD CAPITAL\n \nINTERIM FINANCIAL REPORT\nFOR THE SIX MONTHS ENDED 30 JUNE 2016\n \n \nBurford Capital Limited (\"Burford\" or the \"Company\"), a leading global finance firm focused on law, announces its financial results for the half year ended 30 June 2016.\n \nHighlights\n \n· Income increased by 88% to $76.2 million (H1 2015: $40.6 million), driven by a 110% increase in income from litigation investment to $64.4 million (H1 2015: $30.7 million)\n \n· 117% increase in operating profit to half-year record of $61.7 million (H1 2015: $28.4 million), and 123% increase in profit after tax to $52.8 million (2015: $23.7 million)\n \n· Interim dividend of 2.67¢ (H1 2015: 2.33¢) declared, at the rate of one third of total 2015 dividend - an increase of 15% over last year's interim dividend. Interim dividend payable on 28 October 2016 with record date of 7 October 2016\n \n· Strong demand for Burford's capital, with record new commitments to investments of $200 million (1H 2015: $81 million), at an average commitment level of over $10 million\n \n· Record organic cash generation of $99 million, including $84 million from litigation finance investments\n \n· Beneficiary of weaker Sterling, with 94% of balance sheet assets denominated in US Dollars and 100% of debt GBP denominated as at 30 June 2016\n \nSir Peter Middleton, Chairman of Burford, commented: \n \n\"Burford has committed more capital than in any other six-month period previously to support law firm and corporate clients, while delivering strong investment returns for our shareholders and continuing to show the potential of the litigation finance business. We look forward to continuing to serve our clients with a broad range of financial solutions.\"\n \n \nChristopher Bogart, Chief Executive Officer of Burford, added: \n \n\"During one of the most volatile financial market peri...