Business
Update on 2022 Business Activity
Update on 2022 Business Activity.
About this update from Burford Capital Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n 15 March 2023\n \n \n \n \n \n \n \n \n Released via Form 6-K on March 15, 2023 and queued for release via RNS upon its reopening on March 16, 2023.\n \n \n \n \n \n \n \n \n \n \n \n \n \n BURFORD CAPITAL PROVIDES UPDATE ON STRONG 2022 BUSINESS ACTIVITY\n \n \n \n \n \n \n Burford Capital Limited (\"Burford\"), the leading global finance and asset management firm focused on law, today\n releases an update on its 2022 business activity. \n We also discuss in this release the status and timing of Burford's Annual Report on Form 20-F which will reflect the impact of anticipated modifications to our fair value methodology discussed in more detail below. In addition, we have released a 2022 Business Review which is available at http://www.rns-pdf.londonstockexchange.com/rns/1377T_1-2023-3-15.pdf and on the Burford Capital website at\n \n http://investors.burfordcapital.com\n \n .\n \n \n \n \n \n Burford is hosting two conference calls for investors. The first will be today at 5.30pm EDT / 9.30pm GMT and the second will be at 10.00am EDT / 2.00pm GMT tomorrow. Further details are provided at the end of this release.\n \n \n \n \n \n 2022 business highlights\n \n \n 1\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n •\n \n \n \n \n Robust cash receipts of more than $300 million in 2022\n \n \n \n \n \n \n •\n \n \n \n \n Meaningful upswing in portfolio activity as courts resume fully normal operations post-pandemic\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n Burford-only capital provision-direct realizations up 33% to $350 million (2021: $264 million)\n \n \n \n \n \n \n \n \n \n \n \n \n \n o\n \n \n \n \n More than 30 trials and final merits hearings already scheduled for 2023 (nearly three times the number of such hearings in 2022) and are already seeing positive outcomes:\n \n \n \n \n \n \n \n \n \n \n \n \n \n §\n \n \n \n \n Settlement in February paid cash of $90 million to Burford on a Group-wide basis\n \n \n \n \n \n \n \n \n \n \n \n \n \n §\n \n \n \n \n Trial win in February would result in $67 million of proceeds Group-wide if upheld and paid in full\n \n \n \n \n \n \n \n \n \n \n \n \n \n §\n \n \n \n \n Arbitration award in March would result in $52 million of proce...