Burford Capital Reports Record New Business In First Half 2021 Results
NEW YORK, Sept. 9, 2021 /PRNewswire/ -- Burford Capital Limited, the leading global finance and asset management firm focused on law, today announces its financial results for the six-month period ended June 30, 2021 ("1H 2021"). All figures in this disclosure are unaudited and presented on a Burford-only basis, unless otherwise stated. Burford's complete 1H 2021 interim report and IFRS accounts are available at www.burfordcapital.com/shareholders. Definitions, reconciliations and information additional to those set out below are also available on the Burford website and in our Interim Report 2021.
Hugh Steven Wilson, Chairman of Burford Capital, commented:
"Burford has made significant progress in the first half of 2021 in returning to pre-pandemic levels of new business, laying the foundation for future potential income. I would like to congratulate our people for their contribution to Burford's exciting momentum and also to thank our other stakeholders for their continued support as we strive to become a larger and more highly valued company."
Christopher Bogart, Burford Capital's Chief Executive Officer, commented:
"These first-half results show our current portfolio is strong and well positioned. Two of our matters that resolved in the first half produced returns on invested capital of more than 200%. Our level of new business reached a new high for a half-year period, despite the pandemic-driven slowdown in the progress of many cases. Our confidence in our ongoing portfolio modeling and valuation methodology has continued to increase, as more cases have concluded and we have further validation of our predictive models in general and across asset types. We plan to discuss our modeling and valuation methodology in greater detail at our upcoming investor event. "
A financial summary of Burford's non-IFRS results is set out below. This Burford-only summary is presented without third-party interests in Burford's consolidated entities in order to assist understanding of the underlying performance of the Company. Burford's complete interim report and accounts are available at www.burfordcapital.com/shareholders.
Investor and Analyst Conference Call
Burford will host a conference call for investors and analysts at 10.00am (EDT) / 3.00pm (BST) / 4.00pm (CEST) on Thursday September 9, 2021.
Burford encourages investors and analysts to pre-register for dedicated audio webcast access via: https://www.investis-live.com/burfordcapital/60e6e2d60ed69a0a00368d92/mfld.
The dial-in number for the earnings call is +1 646 664 1960 (US local) / +44 (0)20 3936 2999 (UK local) / +44 (0)20 3936 2999 (all other locations) and the access code is 360239. To minimise the risk of delayed access, participants who have not pre-registered are urged to dial into the earnings call by 9.45am (EDT) / 2.45pm (BST) / 3.45pm (CEST).
An accompanying interim 2021 results presentation for investors and analysts will also be made available on the Burford Capital website: http://www.burfordcapital.com/shareholders.
Following the earnings call, a replay facility will be available until Thursday September 23, 2021 by dialling +1 845 709 8569 (US local) / +44 (0)20 3936 3001 (UK local) / +44 (0)20 3936 3001 (all other locations) and using the replay access code 714574.
Definitions and use of alternative performance measures
We report our financial results under International Financial Reporting Standards ("IFRS"). IFRS requires us to present financials that consolidate some of the limited partner interests in funds we manage as well as assets held by our balance sheet where we have a partner or minority investor. We therefore refer to various presentations of our financial results, and funding configuration, as:
We refer to our capital provision assets in two categories:
We also use certain Alternative Performance Measures ("APMs"), which are not presented in accordance with IFRS, to measure the performance of certain of our assets including:
Our business activities include:
Other terms we use include:
For additional information, including reconciliations of our non-IFRS financial measures to the corresponding IFRS figures, see our Interim Report 2021 for the six months ended June 30, 2021 filed with the US Securities and Exchange Commission on September 9, 2021 under cover of Form 6-K and available on our website.
About Burford Capital
Burford Capital is the leading global finance and asset management firm focused on law. Its businesses include litigation finance and risk management, asset recovery and a wide range of legal finance and advisory activities. Burford is publicly traded on the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), and it works with companies and law firms around the world from its principal offices in New York, London, Chicago, Washington, Singapore and Sydney.
For more information, please visit www.burfordcapital.com.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy any ordinary shares or other securities of Burford.
This release does not constitute an offer of any Burford fund. Burford Capital Investment Management LLC ("BCIM"), which acts as the fund manager of all Burford funds, is registered as an investment adviser with the U.S. Securities and Exchange Commission. The information provided herein is for informational purposes only. Past performance is not indicative of future results. The information contained herein is not, and should not be construed as, an offer to sell or the solicitation of an offer to buy any securities (including, without limitation, interests or shares in the funds). Any such offer or solicitation may be made only by means of a final confidential Private Placement Memorandum and other offering documents.
This announcement contains "forward-looking statements" within the meaning of Section 21E of the US Securities Exchange Act of 1934 regarding assumptions, expectations, projections, intentions and beliefs about future events. These statements are intended as "forward-looking statements". In some cases, predictive, future-tense or forward-looking words such as "aim", "anticipate", "believe", "continue", "could", "estimate", "expect", "forecast", "guidance", "intend", "may", "plan", "potential", "predict", "projected", "should" or "will" or the negative of such terms or other comparable terminology are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. In addition, we and our representatives may from time to time make other oral or written statements which are forward-looking statements, including in our periodic reports that we file with the US Securities and Exchange Commission, other information sent to our security holders, and other written materials. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future. We caution you that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and that our actual results of operations, including our financial condition and liquidity and the development of the industry in which we operate, may differ materially from (and be more negative than) those made in, or suggested by, the forward-looking statements contained in this announcement. Significant factors that may cause actual results to differ from those we expect include those discussed under "Risk Factors" in our Annual Report on Form 20-F filed with the US Securities and Exchange Commission on March 24, 2021. In addition, even if our results of operations, including our financial condition and liquidity and the development of the industry in which we operate, are consistent with the forward-looking statements contained in this announcement, those results or developments may not be indicative of results or developments in subsequent periods.
Except as required by law, we undertake no obligation to update or revise the forward-looking statements contained in this announcement, whether as a result of new information, future events, a change in our views or expectations or otherwise.
SOURCE Burford Capital
Company Codes: LSE:BUR, NYSE:BUR
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