Business
Interim Results for six months ended 30 June 2017
Interim Results for six months ended 30 June 2017.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \nRNS Number : 2196M Burford Capital 27 July 2017 \n\nThis announcement contains inside information.\n \n27 July 2017\n \nBURFORD CAPITAL DELIVERS 151% GROWTH IN FIRST HALF OPERATING PROFIT\nInvestment income up 148%\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 2017.\n \nHighlights\n \n\n\n\n\n●\n\n\nBest ever results in Burford's history: 1H 2017 profit exceeds record profit for full year 2016\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\nIncome increased by 130% to $175.5 million (H1 2016: $76.2 million), driven by a 148% increase in investment income to $161.6 million (H1 2016: $65.3 million)\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\n151% increase in operating profit to half-year record of $155.0 million (H1 2016: $61.7 million), and 170% increase in profit after tax to $142.7 million (H1 2016: $52.8 million)\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\nInterim dividend of 3.05¢ (H1 2016: 2.67¢) declared, at the rate of one third of total 2016 dividend - an increase of 14% over last year's interim dividend. Interim dividend payable on 15 November 2017 with record date of 20 October 2017\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\nStrong demand for Burford's capital, with record new commitments to investments of $488 million (comprising $226 million from our balance sheet and $262 million from our investment funds), $289 million of which already deployed\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\nRecord investment performance underpinned by 11 investments, including largest cash generation from a single investment in our history, the sale of 25% of our ongoing Petersen investment\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\nCash generation of $173.7 million from investments on balance sheet, exceeding every previous half-year period\n\n\n\n\n \n\n\n \n\n\n\n\n●\n\n\nOversubscribed retail bond offering, raising £175 million at a 5% coupon, to further support client demand and future growth\n\n\n\n\n\n\n\n \n\n\n\n\n●\n\n\nGerchen Keller acquisition and integration successful and well-received, first fund starting to generate performance fees. Burford's new investment management business closed largest investment fund ever raised in secto...