BURFORD Capital yesterday announced promising half-year financial results after a bond issue and new semi-annual dividend.
The litigation finance firm, chaired by former Barclays chief Sir Peter Middleton, said pre-tax profits rose 89 per cent for the six months ending June to $18.2m (£11.1m).
“This period has been a transformative one for the business with significant steps made in our continuing evolution to a more traditional corporate structure, reflected in our successful bond issue and our decision to introduce a semi-annual dividend,” Middleton said. “We are grateful for the continued support of our shareholders and our new bondholders and are committed to the further growth of the business in what is a rapidly developing market.”
Burford said income for the period was up 40 per cent to $27.4m. The firm has 26 investments since it was founded and returned 63 per cent on the invested capital.
“Burford’s strong financial performance reflects not only the inherent demand in the market, but also our proven ability to meet that demand.” boss Christopher Bogart said.