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Burford Capital net profit up 130% as income from financed legal cases hit record high

By BFN News | 09:41 AM | Wednesday 14 March, 2018


Burford Capital reported net profit of $265m in the year to December, up 130% from $115.1m the previous year as income from legal cases it financed hit a record high. The upbeat performance encourage the firm to hike the annual dividend by 20% to 11 cents versus 9.15 cents in the previous year. The firm declared a final dividend of 7.95 cents. Income rose 109% to $341.2m in the year to December from $163.4m, driven by 127% increase in income from investments to $318.2m from $140.2m. Operating profit was up 132% to $289.0m from $124.4m, while the firm reported a 37.4% return on equity, well above the 21.1% in the previous year. Assets under management in Burford's investment management business increased to $1.7bn from $1.3bn. Earnings per share was up 126% to 127 cents versus 56 cents the previous year. The firm said it made an active start to 2018 with $128.5m committed to 12 new investments in the first two months of the year compared to a single $1m investment in the same period last year. Sir Peter Middleton, Chairman of Burford, said: 'Burford has experienced another record year, its eighth consecutive year of significant growth. Burford continues to lead its growing and evolving industry and looks forward to continuing to innovate to meet its clients' ever-expanding needs. The Board is grateful for the continued support of our shareholders and bondholders and is delighted to propose another increase in the dividend.' At 9:41am: (LON:BUR) Burford Capital Ltd share price was +236p at 1326p Story provided by StockMarketWire.com

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