Burford Capital has experienced its best ever results for the half year ended the 30th June 2017 with profit during the time exceeding record profits for full year 2016. Income at the firm increased by 130 per cent to $175.5 million compared with the first half of 2016 at $76.2 million, driven by a 148 per cent increase in investment income to $161.6 million – $65.3 million in the first half of 2016. There was also a 151 per cent increase in operating profit to half-year record of $155 million up from $61.7 million for the same period last year and a 170 per cent increase in profit after tax to $142.7 million compared with $52.8 million. The result saw an interim dividend of 3.05 cent up from last year’s first half of 2.67 cent declared – an increase of 14 per cent over last year’s interim dividend – payable in mid November 2017.
Strong demand for Burford’s capital saw record new commitments to investments of $488 million (comprising $226 million from the balance sheet and $262 million from investment funds), $289 million of which already deployed. The company’s record investment performance was underpinned by 11 investments, including the largest cash generation from a single investment in the company’s history, the sale of 25 per cent of its ongoing Petersen investment.