Burford Capital Ltd - London- and New York-based litigation finance provider - Reports ‘sharp increases in revenue and profitability’ in the second quarter. GAAP net income rises by a third to $105.2 million in the three months that ended June 30 from $75.3 million a year before, as revenue increased by 20% to $191.3 million from $159.7 million. Pretax income is $109.7 million, up from $87.0 million. Cash receipts are $48 million in the recent quarter, down from $107 million a year before, but are $306 million in the first half as a whole, up from $245 million in the first half of 2024. Debt stands at $1.78 billion on June 30, up slightly from $1.76 billion on December 31, but the ratio of debt to net tangible equity improves to 0.7 times from 0.8 times. On a pro forma basis, it is 0.9%, well within Burford’s 1.5x to 2.0x US bond covenant level.
‘We...have written very substantial levels of new business so far this year, illustrating the ongoing strength of demand and our pipeline,’ comments Chief Executive Officer Christopher Bogart. ‘In July we raised a half billion dollars of new capital in two days, which reflects market confidence in our trajectory, and underscores Burford’s scale as a formidable competitive moat.’
Current stock price: 966.50 pence for £2.11 billion market capitalisation
12-month change: down 1.3%
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