|By PR Newswire||
|March 31, 2014 07:00 AM EDT||
LONDON, March 31, 2014 /PRNewswire/ --
Burford Capital Limited ("Burford" or "the Company"), the world's largest provider of investment capital and risk solutions for litigation, announces its financial results for the full year ended 31 December 2013.
- A 25% increase in Burford's profit before tax for 2013to $42.5 million (2012: $34.1 million)
- Notable increases in income from both the litigation investment and insurance businesses:
- A 20% increase in litigation-related investment income reflecting continued portfolio activity and maturity
- A 29% increase in insurance income during the period of Burford's ownership reflecting strong performance of the historical book
- Continued strong investment returns: Since inception, 25 investments have generated $147 million in gross investment recoveries and $50 million net of invested capital (a 43% increase over 2012's $35 million), producing a 52% net return on invested capital
- Material increase in cash generation: in 2013, Burford generated $31.3 million of cash from the investment portfolio, an increase of 78% over 2012's $17.7 million
- Significant levels of activity in the insurance business, with more than $150 million in new business exposure written in 2013, exceeding 2011 and 2012 combined
- Ongoing demand for Burford's capital reflected in $62 million of new capital deployed in 2013 bringing commitments since inception to $419 million to 59 investments and current commitments to $264 million to 35 investments
- First major step towards a more appropriate capital structure with the successful issue of $40 million in contingent preferred shares to improve capital utilisation and balance sheet flexibility
- Active cost control, with operating costs declining by 10% over 2012
- Dividend increase of 10% to 5.23¢ per share proposed on top of last year's 30% increase
Sir Peter Middleton, Chairman of Burford, commented:
"Burford has achieved a significant amount in the past year, continuing to innovate and build the business in ways that sow the seeds for future growth. We remain grateful for the continued support of our investors and look forward to the continued evolution of the business."
Christopher Bogart, Chief Executive Officer of Burford, commented:
"2013 was another year of successful progress for Burford which saw continued significant growth in our levels of income and profits from both the litigation investment and insurance businesses and increased levels of activity throughout the business. We are excited to be at the forefront of this rapidly maturing and evolving industry."
Excluding the accounting impact of the Burford UK acquisition, the 2012 Reorganisation and UK restructuring costs
A financial summary is set out below. Burford's complete annual report and audited accounts are attached in .pdf form to this RNS and are available at http://www.burfordcapital.com/wp-content/uploads/2014/03/Burford_Capital_AR13_web.pdf The figures for taxation and profit after tax exclude the impact of the Burford UK acquisition, the 2012 Reorganisation and the one-off UK Restructuring costs and are shown to assist in understanding of the underlying performance of the Company. All other figures presented are derived directly from the audited consolidated financial statements.
2013 2012 % change (US$000) Litigation-related investment income 38,847 32,457 20% Insurance-related income 20,910 16,152 29% Other income 903 5,628 Total income 60,660 54,237 12% Operating expenses - corporate and investment (11,367) (15,054) Operating expenses - insurance (6,779) (5,085) Profit before tax and the impacts relating to the Burford UK acquisition, the 2012 Reorganisation and UK Restructuring costs 42,514 34,098 25% Taxation* (2,276) (2,556) Profit after tax** 40,238 31,542 28%
* Taxation does not include deferred taxation credit on amortisation of embedded value intangible asset. ** This is profit after tax excluding the impact of the Burford UK acquisition, the 2012 Reorganisation, and UK Restructuring costs, which are included in the Consolidated Statement of Comprehensive Income on page 22 of the attached.
About Burford Capital
Burford Capital is the world's largest provider of investment capital and risk solutions for litigation with the largest and most experienced dedicated team in the industry. Burford is publicly traded on the London Stock Exchange's AIM market under the ticker symbol BUR. Burford provides a broad range of corporate finance and insurance solutions to lawyers and clients engaged in significant litigation and arbitration around the world.
For more information about Burford, visit http://www.burfordcapital.com
Burford's complete annual report and audited accounts are available at http://www.burfordcapital.com/wp-content/uploads/2014/03/Burford_Capital_AR13_web.pdf
For further information, please contact:
Macquarie Capital (Europe) Limited - NOMAD and Joint Broker
Steve Baldwin +44 (0)20 3037 2000
Espirito Santo Investment Bank - Joint Broker
John Llewellyn-Lloyd +44 (0)20 7456 9191
RBC Capital Markets - Joint Broker
Oliver Hearsey +44 (0)20 7653 4000
FTI Consulting - PR for Burford Capital
Edward Berry +44 (0)20 3727 1046
Laura Ewart +44 (0)20 3727 1160
SOURCE Burford Capital
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Feb. 26, 2017 04:15 PM EST Reads: 1,633
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 26, 2017 03:45 PM EST Reads: 2,646
With 10 simultaneous tracks, keynotes, general sessions and targeted breakout classes, Cloud Expo and @ThingsExpo are two of the most important technology events of the year. Since its launch over eight years ago, Cloud Expo and @ThingsExpo have presented a rock star faculty as well as showcased hundreds of sponsors and exhibitors! In this blog post, I provide 7 tips on how, as part of our world-class faculty, you can deliver one of the most popular sessions at our events. But before reading the...
Feb. 26, 2017 03:30 PM EST Reads: 8,879
"Storage is growing. All of IDC's estimates say that unstructured data is now 80% of the world's data. We provide storage systems that can actually deal with that scale of data - software-defined storage systems," stated Paul Turner, Chief Product and Marketing Officer at Cloudian, in this SYS-CON.tv interview at 17th Cloud Expo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 26, 2017 02:30 PM EST Reads: 7,077
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Feb. 26, 2017 02:30 PM EST Reads: 2,430
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Feb. 26, 2017 01:30 PM EST Reads: 2,342
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
Feb. 26, 2017 01:15 PM EST Reads: 1,826
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Feb. 26, 2017 01:15 PM EST Reads: 2,190
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Feb. 26, 2017 01:00 PM EST Reads: 1,805
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Feb. 26, 2017 01:00 PM EST Reads: 3,014
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
Feb. 26, 2017 12:45 PM EST Reads: 6,413
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Feb. 26, 2017 12:45 PM EST Reads: 582
@DevOpsSummit at Cloud taking place June 6-8, 2017, at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long developm...
Feb. 26, 2017 12:30 PM EST Reads: 2,011
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Feb. 26, 2017 11:30 AM EST Reads: 6,677
In his session at @ThingsExpo, Steve Wilkes, CTO and founder of Striim, will delve into four enterprise-scale, business-critical case studies where streaming analytics serves as the key to enabling real-time data integration and right-time insights in hybrid cloud, IoT, and fog computing environments. As part of this discussion, he will also present a demo based on its partnership with Fujitsu, highlighting their technologies in a healthcare IoT use-case. The demo showcases the tracking of patie...
Feb. 26, 2017 11:00 AM EST Reads: 1,326