|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
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at 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. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 26, 2017 05:30 AM EDT Reads: 1,037
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in compute, storage and networking technologies, will exhibit at 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. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/...
Apr. 26, 2017 04:45 AM EDT Reads: 2,118
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Apr. 26, 2017 04:30 AM EDT Reads: 5,271
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 26, 2017 04:15 AM EDT Reads: 1,056
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at 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. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 26, 2017 04:15 AM EDT Reads: 1,216
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
Apr. 26, 2017 04:15 AM EDT Reads: 448
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
Apr. 26, 2017 03:45 AM EDT Reads: 493
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at Dell EMC, introduced a methodology for capturing, enriching and sharing data (and analytics) across the organization...
Apr. 26, 2017 03:15 AM EDT Reads: 6,600
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...
Apr. 26, 2017 03:00 AM EDT Reads: 3,460
SYS-CON Events announced today that T-Mobile will exhibit at 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. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 26, 2017 02:45 AM EDT Reads: 1,014
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 26, 2017 02:30 AM EDT Reads: 1,447
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...
Apr. 26, 2017 01:45 AM EDT Reads: 1,316
Everyone wants to use containers, but monitoring containers is hard. New ephemeral architecture introduces new challenges in how monitoring tools need to monitor and visualize containers, so your team can make sense of everything. In his session at @DevOpsSummit, David Gildeh, co-founder and CEO of Outlyer, will go through the challenges and show there is light at the end of the tunnel if you use the right tools and understand what you need to be monitoring to successfully use containers in your...
Apr. 26, 2017 01:45 AM EDT Reads: 1,979
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 26, 2017 12:45 AM EDT Reads: 1,326
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 26, 2017 12:45 AM EDT Reads: 1,010