LONDON (Alliance News) - Burford Capital Ltd on Wednesday said its profit grew in the first half of 2018 as its investment income accelerated.
The stock was trading 12% higher on Wednesday at 1,844.00 pence per share
The litigation finance provider reported a pretax profit of USD164.6 million for the six months to June 30, up 14% from USD144.9 million it reported for the same period in 2017.
Total income also grew 17% to USD205.2 million from USD175.5 million. This was driven by a sharp increase in investment income to USD195.2 million, up 21% from USD161.6 million.
Burford declared an interim dividend of 3.67 US cents per share, up 20% from 3.05 cents paid the prior year.
During the six month period, the company made USD540 million new commitments to investments.
"Burford has experienced another stellar half-year, setting new records for income and profit," said Chairman Peter Middleton. "Burford continues to set the pace for a growing industry, in its scale, product development and risk-adjusted returns."
Burford Capital (BUR)