Shares in Burford Capital climbed by nearly 5% in early trading today after the listed litigation funder posted ‘record’ full-year results for calendar 2023.
Net income attributable to shareholders climbed 1,901% on 2022, from $30.5m to $610.5m (£477m). Total revenues rose 240% to £$1.09bn (2022 $319m).
Chief executive Christopher Bogart said: ‘Burford had an extraordinary year. Our earnings per share rose 19 times to $2.74, driven by a tripling of consolidated revenues due to significant growth in capital provision income, with and without our YPF-related assets.’
The reference to YPF assets relates to a major fillip Burford received last year. In September a New York judge ruled that Argentina owed $16bn to investors that sued after the government declined to buy their shares at an agreed rate when it expropriated state energy company YPF in 2012. Those claims were largely financed by Burford, whose cut is reported to be $6bn. Argentina has appealed.
None of the expected proceeds of the YPF case are consolidated in the 2023 results.
Bogart added: 'With the courts fully back in business, we had an active year and we anticipate further substantial levels of activity in 2024 and 2025. Increased portfolio velocity was reflected in record core legal finance realisations, cash receipts and realised gains, as well as sizeable unrealised gains arising from the portfolio moving forward.'
Shares in Burford, which is listed in London and New York, were trading up 4.1% to 1,118p on AIM this afternoon.
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