Burford Capital Ltd - London-based finance and asset management firm focused on law - Swings to a pretax loss of USD67.5 million in the six months ended June 30, from a USD187.9 million profit the year prior and USD233.3 million two years earlier. Total income falls to USD80.5 million in the first half from USD252.9 million a year ago. Says new business growth spurred its portfolio value to USD4.8 billion in the first half, up 6.7% from USD4.5 billion at the end of 2020. Declares interim dividend of 6.25 US cents per share, compared to no payouts at the same point in 2020.
Chief Executive Christopher Bogart says: "These first-half results show our current portfolio is strong and well positioned...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 modelling 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. "
Current stock price: 817.50 pence, down 2.9% on Thursday afternoon
Year-to-date change: up 15%
By Scarlett Butler; scarlettbutler@alliancenews.com
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Burford Capital (BUR)