ACCESS Newswire
09 Aug 2022, 18:19 GMT+10
GUERNSEY / ACCESSWIRE / August 9, 2022 / Burford Capital Limited (NYSE:BUR)(LSE:BUR), the leading global finance and asset management firm focused on law, today announces its financial results for the six months ended June 30, 2022 ('1H 2022'). 1 The Burford Capital 2022 Interim Report, including financial statements (the '2022 Interim Report'), is available at http://www.rns-pdf.londonstockexchange.com/rns/4301V_1-2022-8-9.pdf or on the Burford Capital website at www.burfordcapital.com/shareholders . In addition, a financial data supplement will be available on the Burford Capital website at the same URL.
Christopher Bogart, Chief Executive Officer of Burford Capital, commented:
'The first half of 2022 saw substantial progress towards what we envision as a robust post-Covid-19 pandemic future for Burford. Court activity gradually resumed, and despite backlogs we started to see progress in a number of pending matters, translating into a 31% increase in consolidated capital provision income. Notably, we saw a positive development in a matter in July - not reflected in our first half numbers - that should generate more than $50 million in consolidated profit in the second half of 2022. Even with slow realizations, we generated more than enough cash to cover our current expenses and interest payments.
'Our operating income rose sharply, to $52 million consolidated and $27 million Burford-only, and would have been higher still but for some non-cash accounting impacts. We raised over $1 billion Group-wide in new capital for deployment and extended our sovereign wealth fund arrangement while capturing a greater share of assets for equity shareholders. We continued to write a substantial amount of new business, setting a Burford-only first half record notwithstanding the legal world's slow return to normalcy. The YPF cases are now fully briefed and awaiting court resolution. Economic challenges and disruptions of the sort now being witnessed across the global economy tend to be good for our business.'
1 All figures in this announcement are unaudited and presented on a consolidated basis in accordance with the generally accepted accounting principles in the United States ('US GAAP'), unless otherwise stated. Definitions, reconciliations and information additional to those set forth in this announcement are available on the Burford Capital website and in the 2022 Interim Report.
1H 2022 Highlights
New business
Burford-only capital provision-direct, reflecting assets capable of generating our highest profits for equity shareholders
Group-wide data to show overall activity levels albeit with varying contributions to profitability
1 This represents expected near-term deployment for a law firm portfolio commitment made on June 30, 2022; the deployment is contractually required subject to the satisfaction of certain funding conditions.
Portfolio and liquidity
Income
Capital
2 Tangible book value attributable to Burford Capital Limited per ordinary share is a non-GAAP financial measure and should not be considered as a substitute for, or superior to, financial measures calculated in accordance with US GAAP. See 'Reconciliation of tangible book value attributable to Burford Capital Limited per ordinary share' below for a reconciliation of tangible book value per ordinary share to total Burford Capital Limited equity, the most comparable measure calculated in accordance with US GAAP.
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 Tuesday, August 9, 2022.
Burford encourages investors and analysts to pre-register for dedicated audio webcast access via: https://www.investis-live.com/burfordcapital/62d908ef299ad30e00fc8ea2/rghu .
The dial-in number for the results 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 900462. To minimize the risk of delayed access, participants who have not pre-registered are urged to dial into the results call by 9.45am EDT / 2.45pm BST / 3.45pm CEST.
An accompanying interim 2022 results presentation for investors and analysts will also be made available on the Burford Capital website: http://www.burfordcapital.com/shareholders .
Following the results call, a replay facility will be available until Tuesday, August 23, 2022, 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 754450.
Summary Financial Statements and Reconciliations
The tables below set forth summaries of the condensed consolidated and Burford-only statements of operations for the six months ended June 30, 2022 and 2021, the condensed consolidated and Burford-only statements of financial position at June 30, 2022 and December 31, 2021 and corresponding reconciliations from consolidated to Burford-only financial results.
Summary condensed consolidated statements of operations
Summary Burford-only statements of operations
Reconciliation of summary condensed consolidated statements of operations to summary Burford-only statements of operations
Summary condensed consolidated statements of financial position
Reconciliation of summary condensed consolidated statements of financial position to summary Burford-only statements of financial position
Reconciliation of tangible book value attributable to Burford Capital Limited per ordinary share
The tables below set forth the reconciliations of tangible book value attributable to Burford Capital Limited per ordinary share to total Burford Capital Limited equity, the most comparable measure calculated in accordance with US GAAP, at June 30, 2022 and December 31, 2021.
Definitions and Use of Non-GAAP Financial Measures and Alternative Performance Measures
Burford reports its financial results in accordance with US GAAP. US GAAP requires us to present financial statements that consolidate some of the limited partner interests in funds we manage as well as assets held on our balance sheet where we have a partner or minority investor. We therefore refer to various presentations of our financial results as follows:
We subdivide our capital provision assets into two categories:
We also use certain unaudited alternative performance measures, including:
Other unaudited alternative performance measures and terms we use include:
We also use certain non-GAAP financial measures, including:
For additional information, including reconciliations of our non-GAAP financial measures to the most directly comparable US GAAP measures and reconciliations of our alternative performance measures, see our interim report on the Form 6-K for the six months ended June 30, 2022 filed with the US Securities and Exchange Commission on August 9, 2022 and made available on our website at www.burfordcapital.com/shareholders . Non-GAAP financial measures should not be considered as a substitute for, or superior to, financial measures calculated in accordance with US GAAP.
For further information, please contact:
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, DC, Singapore, Sydney and Hong Kong.
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, which acts as the fund manager of all Burford funds, is registered as an investment adviser with the US 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.
Forward-looking statements
This announcement contains 'forward-looking statements' within the meaning of Section 21E of the US Securities Exchange Act of 1934, as amended, 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, or furnish to, the US Securities and Exchange Commission (the 'SEC'), 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, expectations, projections, intentions and beliefs and that our actual results of operations, including our financial position 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 SEC on March 29, 2022, our interim report on Form 6-K filed with the SEC on August 9, 2022 and other reports or documents that we file with, or furnish to, the US Securities and Exchange Commission from time to time. In addition, even if our results of operations, including our financial position 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 of operations or developments may not be indicative of results of operations 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 or otherwise.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
SOURCE: Burford Capital Limited
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