Burford Capital Posts Major Revenue Increase in Second Quarter

August 09, 2024 06:55 PM AEST | By Team Kalkine Media

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Burford Capital Posts Major Revenue Increase in Second Quarter — Image source: Shutterstock

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Burford Capital limited, a litigation finance sector firm, reported a substantial rise in revenues for the second quarter, describing the results as "strong." The firm noted a 217% increase in total revenues from its operations, with its capital provision segment experiencing a 237% jump.

Christopher Bogart, CEO of Burford Capital (LSE: BUR), emphasized that recent case wins demonstrated the firm's ability to generate cash flows independent of financial market fluctuations or broader economic conditions. Additionally, he highlighted that new business had surpassed the firm’s recent quarterly average.

However, for the first half of the year, Burford's total revenues decreased by 52% to $204 million, while net income fell by 90% to $23.8 million. Despite these declines, net realized gains for the period increased by 36% to $127.9 million.

Bogart noted that the current year's results are not directly comparable to the previous year's figures, largely due to the unrealized gains from a significant legal victory against the Argentinian government over the re-nationalization of YPF, an oil company, in 2012. Burford is seeking to collect over $6 billion from this case.

In April, the company requested a US court to grant it a 51% stake in YPF, which could potentially pressure the Argentinian government to enter negotiations.

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