REG - Burford Capital Ltd - 2Q24 Results & Quarterly Report
08/08/2024 12:00
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RNS Number : 7270Z Burford Capital Limited 08 August 2024
August 8, 2024
Burford Capital Reports Second Quarter 2024 Results
Burford Capital Limited ("Burford"), the leading global finance and asset
management firm focused on law, today announces its unaudited financial
results at and for the three and six months ended June 30, 2024.
In addition, Burford has made available an accompanying three and six months
ended June 30, 2024 results presentation and capital provision-direct and
capital provision-indirect asset data tables on its website at
http://investors.burfordcapital.com (http://investors.burfordcapital.com) and
at http://www.rns-pdf.londonstockexchange.com/rns/7270Z_1-2024-8-8.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/7270Z_1-2024-8-8.pdf) .
Christopher Bogart, Chief Executive Officer of Burford Capital, commented:
"Burford had a strong second quarter, with Burford-only total revenues up 217%
and capital provision income up 237% over the comparable period in 2023. A
series of case wins underline the lack of correlation between Burford's cash
flows and markets or the economy and demonstrate continued progression in our
$7.4 billion Group-wide total portfolio. New business was also active with
new commitments above our recent quarterly average. As we've signaled,
overall year-to-date results can't compare with last year given the unrealized
gains from the 2023 YPF win, but year-to-date net realized gains on our core
portfolio were up 36%. After a typically sleepy first quarter, we are very
pleased with the performance of the business in the second quarter and in the
first half of 2024."
Consolidated financial results
Summary statements of operations
Six months ended Three months ended
June 30, June 30,
Consolidated (US GAAP) 2024 2023 % change 2024 2023 % change
($ in thousands, except per share data)
Capital provision income 198,506 511,600 -61% 157,745 35,667 342%
Asset management income 3,507 3,891 -10% 1,644 1,894 -13%
Total revenues 203,948 425,456 -52% 159,653 44,551 258%
Total operating expenses 68,289 97,931 -30% 38,151 43,632 -13%
Net income/(loss) attributable to Burford Capital Limited shareholders 23,809 237,885 -90% 53,746 (21,540) NM
Per diluted ordinary share 0.11 1.07 -90% 0.24 (0.10) NM
Note: "NM" denotes not meaningful. Changes from negative to positive amounts
and positive to negative amounts, increases or decreases from zero and changes
greater than 700% are not considered meaningful.
Summary statements of financial position
Consolidated (US GAAP) June 30, 2024 December 31, 2023 % change
($ in thousands, except per share data)
Capital provision assets 5,238,633 5,045,388 4%
Total Burford Capital Limited equity 2,303,187 2,290,858 1%
Book value per ordinary share 10.50 10.46 0.4%
Non-controlling interests 929,115 916,922 1%
Total shareholders' equity 3,232,302 3,207,780 1%
Total liabilities and shareholders' equity 6,120,686 5,837,394 5%
In this announcement, references to "2Q24" and "YTD24" are to Burford's
financial results for the three and six months ended June 30, 2024,
respectively, and references to "2Q23" and "YTD23" are to Burford's financial
results for the three and six months ended June 30, 2023, respectively. All
figures in this announcement are presented on an unaudited consolidated basis
in accordance with the generally accepted accounting principles in the United
States ("US GAAP"), unless otherwise stated. Figures at and for the three and
six months ended June 30, 2024 are not necessarily indicative of the results
that may be expected for the full year ending December 31, 2024.
Definitions, reconciliations and information additional to those set forth in
this announcement are available on Burford's website at
http://investors.burfordcapital.com.
Burford-only operational and financial review (non-GAAP)
Selected metrics(1)
Six months ended June 30, Three months ended June 30,
Burford-only (non-GAAP) 2024 2023 % change 2024 2023 % change
($ in thousands)
Net realized gains/(losses) 127,907 94,394 36% 99,153 58,781 69%
Realizations 215,738 194,943 11% 154,664 133,197 16%
Cash receipts(2) 245,057 246,938 -1% 107,363 149,781 -28%
Deployments 190,826 248,446 -23% 131,745 181,453 -27%
New commitments 342,590 431,034 -21% 260,131 330,270 -21%
(1) Represents Burford-only capital provision-direct, unless noted otherwise.
(2) Represents Burford-only proceeds from capital provision-direct, capital
provision-indirect and asset management and other services.
( )
Group-wide (non-GAAP) June 30, 2024 December 31, 2023 % change
($ in thousands)
Total portfolio 7,383,303 7,170,308 3%
§ Net realized gains in YTD24 up 36% to $128 million (YTD23: $94 million),
reflecting multiple case wins and higher returns with a ROIC of 146% on
realizations for fully and partially concluded assets in YTD24
o Net realized gains in YTD24 comprised $151 million of gross realized gains
(YTD23: $120 million) offset by $23 million of gross realized losses (YTD23:
$25 million)
§ Realizations in YTD24 of $216 million (YTD23: $195 million)
o Highest first half since 2020 with realizations diversified across vintage
years as Covid-19 pandemic backlog continues to clear in tandem with newer
case resolutions
o During YTD24, eight different assets generated more than $10 million of
realizations each, with three of those delivering $25 million or more each
§ Cash receipts in YTD24 of $245 million (YTD23: $247 million)
o Cash generation has been consistent with quarterly receipts near or exceeding
$100 million in each of the last eight quarters
§ Deployments in YTD24 of $191 million (YTD23: $248 million)
o Deployments in 2Q24 of $132 million exceeded their trailing eight-quarter
average by 25% and were 2.2x the level of deployments in 1Q24
o Definitive undrawn commitments to Burford-only capital provision
assets-representing non-discretionary future deployments-were up 16% in YTD24
to $675 million at June 30, 2024 (December 31, 2023: $580 million)
§ Burford-only capital provision-direct new commitments in YTD24 of $343 million
(YTD23: $431 million) were well diversified across patent, US commercial, EMEA
and arbitration case types
o New commitments in 2Q24 of $260 million (2Q23: $330 million) exceeded
their trailing eight-quarter average by 43%
o Absence in 2Q24 of Fortune 50 company portfolio new commitment of $190
million in 2Q23 impacted period-on-period comparisons
Selected financial metrics
Six months ended Three months ended
June 30, June 30,
Burford-only (non-GAAP) 2024 2023 % change 2024 2023 % change
($ in thousands, except per share data)
Total revenues 168,655 381,914 -56% 137,277 43,237 217%
Total operating expenses 66,966 97,576 -31% 37,302 43,567 -14%
Operating income/(loss) 101,689 284,338 -64% 99,975 (330) NM
Net income/(loss) 23,809 237,885 -90% 53,746 (21,540) NM
Burford-only (non-GAAP) June 30, 2024 December 31, 2023 $ change % change
($ in thousands, except per share data)
Tangible book value attributable to Burford Capital Limited 2,169,230 2,156,893 12,337 1%
Tangible book value attributable to Burford Capital Limited per ordinary share 9.89 9.85 2.49 0.4%
§ Total revenues in 2Q24 of $137 million (2Q23: $43 million), driven by
significantly higher capital provision income of $119 million (2Q23: $35
million) and with no individual asset having a significant impact on quarterly
performance
o Total revenues in YTD24 were $169 million (YTD23: $382 million) with the prior
year benefiting from the substantial positive impact of significant
YPF-related capital provision income
§ Operating income in 2Q23 of $100 million (2Q23: operating loss of $0.3
million) and $102 million in YTD24 (YTD23: $284 million), with the decrease in
YTD24 attributable principally to the decrease in total revenues discussed
above
o Total reported operating expenses down sharply in YTD24, with 2Q24 down 14% to
$37 million (2Q23: $44 million) and YTD24 down 31% to $67 million (YTD23: $98
million), reflecting the variable impact of accruals for unrealized gains and
movements in Burford's share price on a period-to-period basis
o Year-over-year variation of reported operating expenses does not correlate to
significant changes in cash operating expense levels, which remain largely
consistent
Selected portfolio metrics
Burford-only (non-GAAP) June 30, 2024 December 31, 2023 $ change % change
($ in thousands)
Deployed cost 1,669,894 1,573,531 96,363 6%
Plus: Fair value adjustments 1,824,715 1,814,070 10,645 1%
Fair value 3,494,609 3,387,601 107,008 3%
Undrawn commitments 1,521,074 1,396,061 125,013 9%
Total capital provision-direct portfolio 5,015,683 4,783,662 232,021 5%
Total capital provision portfolio(1) 5,058,082 4,840,117 217,965 5%
(1) Represents capital provision-direct and capital provision-indirect.
( )
§ At June 30, 2024, cumulative ROIC since inception from Burford-only capital
provision-direct assets of 86% (December 31, 2023: 82%) and IRR of 27%
(December 31, 2023: 27%)
Liquidity and capital
Burford-only (non-GAAP) June 30, 2024 December 31, 2023 $ change % change
($ in thousands)
Liquidity
Cash and cash equivalents 349,700 195,915 153,785 78%
Marketable securities 92,924 107,561 (14,637) -14%
Total liquidity 442,624 303,476 139,148 46%
Due from settlement of capital provision assets 199,997 185,267 14,730 8%
§ Burford-only cash and cash equivalents and marketable securities of $443
million at June 30, 2024 (December 31, 2023: $303 million)
o Robust liquidity position at June 30, 2024 augmented by $245 million of
Burford-only cash receipts in YTD24 and $275 million add-on offering to 2031
senior notes in January 2024
§ Burford-only due from settlement of capital provision assets of $200 million
at June 30, 2024 (December 31, 2023: $185 million), with 43% of December 31,
2023 balance collected in YTD24
§ Total debt outstanding of $1.8 billion at June 30, 2024 (December 31, 2023:
$1.6 billion)
o Leverage remains well below covenant ceiling levels
§ Declared interim dividend of 6.25¢ per ordinary share payable on December 5,
2024 to shareholders of record on November 1, 2024
Change in independent auditors
As previously announced in a report on Form 6-K furnished to the US Securities
and Exchange Commission on July 9, 2024, Ernst & Young LLP ("E&Y") was
dismissed as Burford's independent registered public accounting firm effective
immediately following the issuance of Burford's consolidated financial
statements for the three and six months ended June 30, 2024. KPMG LLP ("KPMG")
will replace E&Y as Burford's independent registered public accounting
firm and will review Burford's consolidated financial statements for the three
and nine months ending September 30, 2024 and will audit Burford's
consolidated financial statements for the fiscal year ending December 31,
2024. KPMG's appointment is subject to the ratification of Burford's
shareholders at an extraordinary general meeting to be held on August 20,
2024.
In accordance with Guernsey law, E&Y has deposited with Burford a
statement confirming there are no matters to be brought to the attention of
Burford's members or creditors.
Adoption of US Rule 10b5-1 executive share liquidity plans
A feature of the US public markets is a well-established and widely used
approach for corporate executives to obtain some liquidity from their
shareholdings as part of their personal financial planning. As part of its
acquisition of full US domestic issuer status, Burford is joining typical US
public company practice (including, we believe, the clear majority of S&P
500 companies) in permitting the use by its executives of plans that pre-set
such transactions in the future, known as "Rule 10b5-1 trading plans" after
the SEC rule that provides for such plans. To be clear, the adoption and use
of Rule 10b5-1 plans does not alter a company's commitment to its executives
being meaningfully exposed to its equity nor does it affect Burford's minimum
share ownership policy for its executives; rather, Rule 10b5-1 plans provide a
vehicle for enabling some liquidity in an orderly manner that removes
executives from short-term trading decisions and the potential for market
signaling.
The Rule 10b5-1 plans will be administered by Merrill Lynch and operate as
follows, consistent with the requirements of Rule 10b5-1 and the usual design
of such plans. During any open period (which typically occurs following the
release of each quarter's earnings), an executive may choose to adopt the Rule
10b5-1 plan by authorizing the sale of a certain amount of the executive's
holdings in Burford's ordinary shares over the forthcoming year. Those sales
are then managed by Merrill Lynch according to pre-set parameters set forth in
the Rule 10b5-1 plan; the executive has no involvement in the trading
process. No sales occur during what is known as a "cooling-off period,"
which is typically 90-120 days under the relevant rules after adopting the
Rule 10b5-1 plan.
Over the course of the next year, Burford expects that four of its executives
(its CEO, CIO and co-COOs) will adopt and make use of the Rule 10b5-1 plans in
connection with nominal levels of their Burford's ordinary shares. Burford
expects that those executives will also continue to amass additional ordinary
shares of Burford as an integral part of their compensation plans.
Investor and analyst conference call
Burford will hold a conference call for investors and analysts at 10.00am EDT
/ 3.00pm BST on Thursday, August 8, 2024. The dial-in numbers for the
conference call are +1 (646) 307-1963 (USA) or +1 (800) 715-9871 (USA &
Canada toll free) / +44 (0)20 3481 4247 (UK) or +44 800 260 6466 (UK toll
free) and the access code is 36518. To minimize the risk of delayed access,
participants are urged to dial into the conference call by 9.40am EDT / 2.40pm
BST.
A live webcast of the call will also be available at
https://events.q4inc.com/attendee/572051862
(https://events.q4inc.com/attendee/572051862) , and pre-registration at that
link is encouraged.
An accompanying 2Q24 and 6M24 results presentation for investors and analysts
will also be made available on Burford's website prior to the conference call
at http://investors.burfordcapital.com (http://investors.burfordcapital.com) .
Following the conference call, a replay facility for this event will be
accessible through the webcast at https://events.q4inc.com/attendee/572051862
(https://events.q4inc.com/attendee/572051862) .
For further information, please contact:
Burford Capital Limited
For investor and analyst inquiries:
Americas: Josh Wood, Head of Investor Relations - email +1 212 516 5824
(mailto:jwood@burfordcapital.com)
EMEA & Asia: Rob Bailhache, Head of EMEA & Asia Investor Relations - +44 (0)20 3530 2023
email (mailto:rbailhache@burfordcapital.com)
For press inquiries:
David Helfenbein, Vice President, Public Relations - email +1 (212) 516 5824
(mailto:dhelfenbein@burfordcapital.com)
Deutsche Numis - NOMAD and Joint Broker +44 (0)20 7260 1000
Giles Rolls
Charlie Farquhar
Jefferies International Limited - Joint Broker +44 (0)20 7029 8000
Graham Davidson
James Umbers
Berenberg - Joint Broker +44 (0)20 3207 7800
Toby Flaux
James Thompson
Yasmina Benchekroun
About Burford Capital
Burford Capital is the leading global finance and asset management firm
focused on law. Its businesses include litigation finance
(https://www.burfordcapital.com/) and risk management, asset recovery and a
wide range of legal finance and advisory activities. Burford is publicly
traded on the New York Stock Exchange (NYSE: BUR) and the London Stock
Exchange (LSE: BUR), and it works with companies and law firms around the
world from its offices in New York, London, Chicago, Washington, DC,
Singapore, Dubai, Sydney and Hong Kong.
For more information, please visit www.burfordcapital.com.
Summary financial statements and reconciliations
The tables below set forth summaries of the condensed consolidated and
Burford-only statements of operations for the three and six months ended June
30, 2024 and 2023, the condensed consolidated and Burford-only statements of
financial position at June 30, 2024 and December 31, 2023 and corresponding
reconciliations from consolidated to Burford-only financial results.
Furthermore, the tables below set forth certain additional reconciliations for
financial information contained in this announcement.
Summary condensed consolidated statements of operations
Three months ended Six months ended
June 30, June 30,
($ in thousands) 2024 2023 2024 2023
Revenues
Capital provision income/(loss) 157,745 35,667 198,506 511,600
(Less)/Plus: Third-party interests in capital (6,264) 4,813 (11,488) (95,532)
provision assets
Asset management income/(loss) 1,644 1,894 3,507 3,891
Services and other income/(loss) 6,528 2,177 13,423 5,497
Total revenues 159,653 44,551 203,948 425,456
Total operating expenses 38,151 43,632 68,289 97,931
Operating income/(loss) 121,502 919 135,659 327,525
Finance costs and loss on debt extinguishment 34,466 21,124 67,033 41,677
Foreign currency transactions (gains)/losses 67 (8,898) 559 (11,338)
Income/(loss) before income taxes 86,969 12,226 68,067 297,186
Benefit from/(provision for) income taxes (11,697) (8,969) (10,293) (16,081)
Net income/(loss) 75,272 (20,276) 57,774 281,105
Net income/(loss) attributable to Burford Capital Limited shareholders 53,746 (21,540) 23,809 237,885
Net income/(loss) attributable to Burford Capital Limited shareholders per
ordinary share
Basic $0.25 ($0.10) $0.11 $1.09
Diluted $0.24 ($0.10) $0.11 $1.07
Summary Burford-only statement of operations
Three months ended Six months ended
June 30, June 30,
($ in thousands) 2024 2023 2024 2023
Revenues
Capital provision income 119,360 35,392 137,263 351,407
Asset management income 11,487 5,684 18,160 25,041
Services and other income 6,430 2,161 13,232 5,466
Total revenues 137,277 43,237 168,655 381,914
Operating expenses 37,302 43,567 66,966 97,576
Operating income 99,975 (330) 101,689 284,338
Net income 53,746 (21,540) 23,809 237,885
Net income per share:
Basic $0.25 ($0.10) $0.11 $1.09
Diluted $0.24 ($0.10) $0.11 $1.07
Reconciliation of summary condensed consolidated statement of operations to
summary Burford-only statement of operations
Three months ended June 30, 2024
(GAAP) (Non-GAAP)
Elimination of third-party interests
($ in thousands) Consolidated BOF-C Colorado Advantage Fund Other Burford-only
Capital provision income 157,745 (23,332) (7,406) (5,774) (1,873) 119,360
(Less): Third-party interests in capital provision assets (6,264) - 7,385 - (1,121) -
Asset management income 1,644 9,843 - - - 11,487
Services and other income 6,528 (97) - - (1) 6,430
Total revenues 159,653 (13,586) (21) (5,774) (2,995) 137,277
Operating expenses 38,151 46 (21) (105) (769) 37,302
Operating income 121,502 (13,632) - (5,669) (2,226) 99,975
Net income/(loss) 75,272 (13,632) - (5,669) (2,225) 53,746
Three months ended June 30, 2023
(GAAP) (Non-GAAP)
Elimination of third-party interests
($ in thousands) Consolidated Strategic Value Fund BOF-C Colorado Advantage Fund Other Burford-only
Capital provision income 35,667 (100) 72 4,728 (4,983) 8 35,392
(Less): Third-party interests in capital provision assets 4,813 - - (4,753) - (60) -
Asset management income 1,894 46 3,744 - - - 5,684
Services and other income 2,177 - (1) - - (15) 2,161
Total revenues 44,551 (54) 3,815 (25) (4,983) (67) 43,237
Operating expenses 43,632 (141) 187 (25) (80) (6) 43,567
Operating income 919 87 3,628 - (4,903) (61) (330)
Net income/(loss) (20,276) 87 3,628 - (4,903) (76) (21,540)
Six months ended June 30, 2024
(GAAP) (Non-GAAP)
Elimination of third-party interests
($ in thousands) Consolidated BOF-C Colorado Advantage Fund Other Burford-only
Capital provision income 198,506 (33,018) (12,826) (13,045) (2,354) 137,263
(Less): Third-party interests in capital provision assets (11,488) - 12,754 - (1,266) -
Asset management income 3,507 14,653 - - - 18,160
Services and other income 13,423 (185) - - (6) 13,232
Total revenues 203,948 (18,550) (72) (13,045) (3,626) 168,655
Operating expenses 68,289 90 (72) (274) (1,067) 66,966
Operating income 135,659 (18,640) - (12,771) (2,559) 101,689
Net income/(loss) 57,774 (18,640) - (12,771) (2,554) 23,809
Six months ended June 30, 2023
(GAAP) (Non-GAAP)
Elimination of third-party interests
($ in thousands) Consolidated Strategic Value Fund BOF-C Colorado Advantage Fund Other Burford-only
Capital provision income 511,600 (207) (48,236) (95,041) (12,005) (4,704) 351,407
(Less): Third-party interests in capital provision assets (95,532) - - 95,011 - 521 -
Asset management income 3,891 92 21,058 - - - 25,041
Services and other income 5,497 - (2) - - (29) 5,466
Total revenues 425,456 (115) (27,180) (30) (12,005) (4,212) 381,914
Operating expenses 97,931 (296) 217 (30) (203) (43) 97,576
Operating income 327,525 181 (27,397) - (11,802) (4,169) 284,338
Net income/(loss) 281,105 181 (27,397) - (11,802) (4,202) 237,885
Summary condensed consolidated statement of financial position
($ in thousands) June 30, December 31, 2023
2024
Total assets 6,120,686 5,837,394
Total liabilities 2,888,384 2,629,614
Total Burford Capital Limited equity 2,303,187 2,290,858
Non-controlling interests 929,115 916,922
Total shareholders' equity 3,232,302 3,207,780
Basic ordinary shares outstanding 219,412,747 218,962,441
Total shareholders' equity attributable to Burford Capital Limited per basic 10.50 10.46
ordinary share
Total shareholders' equity per basic ordinary share 14.73 14.65
Reconciliation of summary consolidated
statement of financial position to summary Burford-only statement of financial
position
June 30, 2024
(GAAP) (Non-GAAP)
Elimination of third-party interests
($ in thousands) Consolidated BOF-C Colorado Advantage Fund Other Burford-only
Total assets 6,120,686 (665,252) (699,041) (201,022) (80,187) 4,475,184
Total liabilities 2,888,384 - (699,041) (80) (17,266) 2,171,997
Total shareholders' equity 3,232,302 (665,252) - (200,942) (62,921) 2,303,187
December 31, 2023
(GAAP) (Non-GAAP)
Elimination of third-party interests
($ in thousands) Consolidated BOF-C Colorado Advantage Fund Other Burford-only
Total assets 5,837,394 (634,239) (686,304) (222,413) (78,574) 4,215,864
Total liabilities 2,629,614 - (686,304) (100) (18,204) 1,925,006
Total shareholders' equity 3,207,780 (634,239) - (222,313) (60,370) 2,290,858
Reconciliation of components of realizations from a consolidated basis to a
Group-wide basis
Three months ended June 30, 2024
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 179,391 (24,727) 154,664 37,574 24,523 216,761
Capital provision-indirect 12,492 (10,410) 2,082 10,410 - 12,492
Post-settlement - - - 24,668 - 24,668
Total realizations 191,883 (35,137) 156,746 72,652 24,523 253,921
Three months ended June 30, 2023
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 130,520 2,677 133,197 22,986 17,328 173,511
Capital provision-indirect 27,064 (22,605) 4,459 22,290 - 26,749
Post-settlement - - - 79,576 - 79,576
Total realizations 157,584 (19,928) 137,656 124,852 17,328 279,836
Six months ended June 30, 2024
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 283,584 (67,846) 215,738 66,345 54,721 336,804
Capital provision-indirect 21,270 (17,725) 3,545 17,725 - 21,270
Post-settlement - - - 52,502 - 52,502
Total realizations 304,854 (85,571) 219,283 136,572 54,721 410,576
Six months ended June 30, 2023
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 246,252 (51,309) 194,943 73,376 52,751 321,070
Capital provision-indirect 39,644 (33,089) 6,555 32,774 - 39,329
Post-settlement - - - 98,256 - 98,256
Total realizations 285,896 (84,398) 201,498 204,406 52,571 458,655
Reconciliation of components of deployments from a consolidated basis to a
Group-wide basis
Three months ended June 30, 2024
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 169,229 (37,484) 131,745 4,823 40,942 177,510
Capital provision-indirect 8,112 (6,759) 1,353 6,760 - 8,113
Post-settlement - - - 8,821 - 8,821
Total deployments 177,341 (44,243) 133,098 20,404 40,942 194,444
Three months ended June 30, 2023
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 246,840 (65,387) 181,453 6,070 58,504 246,027
Capital provision-indirect 78,794 (65,662) 13,132 65,662 - 78,794
Post-settlement - - - 31,939 - 31,939
Total deployments 325,634 (131,049) 194,585 103,671 58,504 356,760
Six months ended June 30, 2024
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 244,019 (53,193) 190,826 7,363 57,551 255,740
Capital provision-indirect 58,725 (48,937) 9,788 48,938 - 58,726
Post-settlement - - - 29,528 - 29,528
Total deployments 302,744 (102,130) 200,614 85,829 57,551 343,994
Six months ended June 30, 2023
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only Other funds BOF-C Group-wide
Capital provision-direct 331,525 (83,079) 248,446 12,983 75,956 337,385
Capital provision-indirect 112,794 (93,995) 18,799 93,995 - 112,794
Post-settlement - - - 35,806 - 35,806
Total deployments 444,319 (177,074) 267,245 142,784 75,956 485,985
Reconciliation of quarterly consolidated
capital provision-direct deployments to quarterly Burford-only capital
provision-direct deployments
For the three months ended
Eliminations and
adjustments
($ in thousands) Consolidated Burford-only Other funds BOF-C Group-wide
June 30, 2024 169,229 (37,484) 131,745 4,823 40,942 177,510
March 31, 2024 74,790 (15,710) 59,080 2,540 16,609 78,229
December 31, 2023 104,678 (26,915) 77,763 8,317 24,577 110,657
September 30, 2023 69,690 (13,704) 55,986 4,379 21,819 82,184
June 30, 2023 246,840 (65,387) 181,453 6,070 58,504 246,027
March 31, 2023 84,685 (17,692) 66,993 6,913 17,452 91,358
December 31, 2022 223,920 (42,233) 181,687 9,630 42,517 233,834
September 30, 2022 197,916 (44,627) 153,289 6,277 45,155 204,721
June 30, 2022 92,445 (22,273) 70,172 8,926 21,291 100,389
Reconciliation of consolidated deployment multiple to Burford-only deployment
multiple
Eliminations and
adjustments
($ in thousands) Consolidated Burford-only
Capital provision-direct for three months ended June 30, 2024 169,229 (37,484) 131,745
Capital provision-direct for three months ended March 31, 2024 74,790 (15,710) 59,080
Deployment multiple 2.3 2.2
Reconciliation of consolidated proceeds from capital provision assets to
Burford-only cash receipts
($ in thousands) Three months ended June 30, 2024 Three months ended June 30, 2023
Consolidated proceeds from capital provision assets 125,344 163,522
Less: Elimination of third-party interests (36,841) (26,950)
Burford-only total proceeds from capital provision assets 88,503 136,572
Burford-only proceeds from capital provision-direct assets 86,328 135,579
Burford-only proceeds from capital provision-indirect assets 2,175 993
Burford-only total proceeds from capital provision assets 88,503 136,572
Consolidated asset management income 1,644 1,894
Plus: Eliminated income from funds 9,843 3,790
Burford-only asset management income 11,487 5,684
Less: Non-cash adjustments((1)) (495) 5,358
Burford-only proceeds from asset management income 10,992 11,042
Burford-only proceeds from marketable security interest and dividends 5,093 682
Burford-only proceeds from other income 2,775 1,485
Burford-only proceeds from other items 7,868 2,167
Cash receipts 107,363 149,781
(1) Adjustments for the change in asset management receivables accrued during
the applicable period but not yet received at the end of such period.
($ in thousands) Six months ended June 30, 2024 Six months ended June 30, 2023
Consolidated proceeds from capital provision assets 372,905 308,007
Less: Elimination of third-party interests (156,877) (87,513)
Burford-only total proceeds from capital provision assets 216,028 220,494
Burford-only proceeds from capital provision-direct assets 199,250 213,321
Burford-only proceeds from capital provision-indirect assets 16,778 7,173
Burford-only total proceeds from capital provision assets 216,028 220,494
Consolidated asset management income 3,507 3,891
Plus: Eliminated income from funds 14,653 21,150
Burford-only asset management income 18,160 25,041
Less: Non-cash adjustments((1)) (2,692) (1,728)
Burford-only proceeds from asset management income 15,468 23,313
Burford-only proceeds from marketable security interest and dividends 10,569 1,563
Burford-only proceeds from other income 2,992 1,568
Burford-only proceeds from other items 13,561 3,131
Cash receipts 245,057 246,938
(1) Adjustments for the change in asset management receivables accrued during
the applicable period but not yet received at the end of such period.
Reconciliation of quarterly consolidated cash receipts to Burford-only cash
receipts
($ in thousands) Three months ended June 30, 2024 Three months ended March 31, 2024
Consolidated proceeds from capital provision assets 125,344 247,561
Less: Elimination of third-party interests (36,841) (120,036)
Burford-only total proceeds from capital provision assets 88,503 127,525
Burford-only proceeds from capital provision-direct assets 86,328 112,922
Burford-only proceeds from capital provision-indirect assets 2,175 14,603
Burford-only total proceeds from capital provision assets 88,503 127,525
Consolidated asset management income 1,644 1,863
Plus: Eliminated income from funds 9,843 4,810
Burford-only asset management income 11,487 6,673
Less: Non-cash adjustments((1)) (495) 2,197
Burford-only proceeds from asset management income 10,992 4,476
Burford-only proceeds from marketable security interest and dividends 5,093 5,476
Burford-only proceeds from other income 2,775 217
Burford-only proceeds from other items 7,868 5,693
Cash receipts 107,363 137,694
(1) Adjustments for the change in asset management receivables accrued during
the applicable period but not yet received at the end of such period.
($ in thousands) Three months ended December 31, 2023 Three months ended September 30, 2023
Consolidated proceeds from capital provision assets 119,208 132,147
Less: Elimination of third-party interests (22,709) (7,074)
Burford-only total proceeds from capital provision assets 96,499 125,073
Burford-only proceeds from capital provision-direct assets 95,490 105,915
Burford-only proceeds from capital provision-indirect assets 1,009 19,158
Burford-only total proceeds from capital provision assets 96,499 125,073
Consolidated asset management income 1,875 1,876
Plus: Eliminated income from funds 20,655 14,265
Burford-only asset management income 22,530 16,141
Less: Non-cash adjustments((1)) (19,254) (10,409)
Burford-only proceeds from asset management income 3,276 5,732
Burford-only proceeds from marketable security interest and dividends 2,672 2,062
Burford-only proceeds from other income 7,030 (73)
Burford-only proceeds from other items 9,702 1,989
Cash receipts 109,477 132,794
(1) Adjustments for the change in asset management receivables accrued during
the applicable period but not yet received at the end of such period.
($ in thousands) Three months ended June 30, 2023 Three months ended March 31, 2023
Consolidated proceeds from capital provision assets 163,522 144,485
Less: Elimination of third-party interests (26,950) (60,563)
Burford-only total proceeds from capital provision assets 136,572 83,922
Burford-only proceeds from capital provision-direct assets 135,579 77,742
Burford-only proceeds from capital provision-indirect assets 993 6,180
Burford-only total proceeds from capital provision assets 136,572 83,922
Consolidated asset management income 1,894 1,997
Plus: Eliminated income from funds 3,790 17,360
Burford-only asset management income 5,684 19,357
Less: Non-cash adjustments((1)) 5,358 (7,086)
Burford-only proceeds from asset management income 11,042 12,271
Burford-only proceeds from marketable security interest and dividends 682 881
Burford-only proceeds from other income 1,485 83
Burford-only proceeds from other items 2,167 964
Cash receipts 149,781 97,157
(1) Adjustments for the change in asset management receivables accrued during
the applicable period but not yet received at the end of such period.
($ in thousands) Three months ended December 31, 2022 Three months ended September 30, 2022
Consolidated proceeds from capital provision assets 105,464 173,781
Less: Elimination of third-party interests (11,720) (48,686)
Burford-only total proceeds from capital provision assets 93,744 125,095
Burford-only proceeds from capital provision-direct assets 93,137 120,988
Burford-only proceeds from capital provision-indirect assets 607 4,107
Burford-only total proceeds from capital provision assets 93,744 125,095
Consolidated asset management income 2,025 1,583
Plus: Eliminated income from funds 12,733 2,976
Burford-only asset management income 14,758 4,559
Less: Non-cash adjustments((1)) (11,794) (2,980)
Burford-only proceeds from asset management income 2,964 1,578
Burford-only proceeds from marketable security interest and dividends 1,740 878
Burford-only proceeds from other income 66 2,466
Burford-only proceeds from other items 1,806 3,344
Cash receipts 98,514 130,017
(1) Adjustments for the change in asset management receivables accrued during
the applicable period but not yet received at the end of such period.
Reconciliation of consolidated portfolio to Group-wide portfolio
June 30, 2024
(GAAP) (non-GAAP)
Elimination of
third-party
($ in thousands) Consolidated interests Burford-only Other funds BOF-C Group-wide
Capital provision assets - direct:
Deployed cost 2,229,053 (559,159) 1,669,894 394,049 464,510 2,528,453
Plus: Fair value adjustments 2,771,019 (946,304) 1,824,715 169,291 221,497 2,215,503
Fair value 5,000,072 (1,505,463) 3,494,609 563,340 686,007 4,743,956
Capital provision assets - indirect:
Deployed cost 211,016 (177,932) 33,084 177,932 - 211,016
Plus: Fair value adjustments 27,545 (20,373) 7,172 16,944 - 24,116
Fair value 238,561 (198,305) 40,256 ( ) 194,876 - 235,132
Total capital provision assets 5,238,633 (1,703,768) 3,534,865 ( ) 758,216 686,007 4,979,088
Post-settlement assets:
Deployed cost - - - 237,469 - 237,469
Plus: Fair value adjustments - - - 51,055 - 51,055
Fair value - - - 288,524 - 288,524
Undrawn commitments:
Capital provision-direct 1,956,479 (435,405) 1,521,074 110,686 426,574 2,058,334
Capital provision-indirect 12,859 (10,716) 2,143 10,716 - 12,859
Post-settlement - - - 44,498 - 44,498
Total undrawn commitments 1,969,338 (446,121) 1,523,217 165,900 426,574 2,115,691
Total portfolio 7,207,971 (2,149,889) 5,058,082 1,212,640 1,112,581 7,383,303
December 31, 2023
(GAAP) (non-GAAP)
Elimination of
third-party
($ in thousands) Consolidated interests Burford-only Other funds BOF-C Group-wide
Capital provision assets - direct:
Deployed cost 2,116,304 (542,773) 1,573,531 416,318 428,110 2,417,959
Plus: Fair value adjustments 2,743,575 (929,505) 1,814,070 180,169 220,363 2,214,602
Fair value 4,859,879 (1,472,278) 3,387,601 596,487 648,473 4,632,561
Capital provision assets - indirect:
Deployed cost 164,259 (125,508) 38,751 125,508 - 164,259
Plus: Fair value adjustments 21,250 (15,490) 5,760 15,490 - 21,250
Fair value 185,509 (140,998) 44,511 ( ) 140,998 - 185,509
Total capital provision assets 5,045,388 (1,613,276) 3,432,112 737,485 648,473 4,818,070
Post-settlement assets:
Deployed cost - - - 253,062 - 253,062
Plus: Fair value adjustments - - - 45,792 - 45,792
Fair value - - - 298,854 - 298,854
Undrawn commitments:
Capital provision-direct 1,801,627 (405,566) 1,396,061 126,560 396,646 1,919,267
Capital provision-indirect 71,662 (59,718) 11,944 59,718 - 71,662
Post-settlement - - - 62,455 - 62,455
Total undrawn commitments 1,873,289 (465,284) 1,408,005 248,733 396,646 2,053,384
Total portfolio 6,918,677 (2,078,560) 4,840,117 1,285,072 1,045,119 7,170,308
Reconciliation of consolidated to Burford-only cash and cash equivalents and
marketable securities
June 30, 2024 December 31, 2023
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
($ in thousands) Consolidated Elimination of third-party interests Burford-only Consolidated Elimination of third-party interests Burford-only
Cash and cash equivalents 390,673 (40,973) 349,700 220,549 (24,634) 195,915
Marketable securities 92,924 - 92,924 107,561 - 107,561
Total cash and cash equivalents and marketable securities 483,597 (40,973) 442,624 328,110 (24,634) 303,476
Reconciliation of consolidated to Burford-only due from settlement of capital
provision assets
June 30, 2024 December 31, 2023
(GAAP) (Non-GAAP) (GAAP) (Non-GAAP)
($ in thousands) Consolidated Elimination of third-party interests Burford-only Consolidated Elimination of third-party interests Burford-only
Due from settlement of capital provision assets 199,997 - 199,997 265,540 (80,273) 185,267
Reconciliation of consolidated to Burford-only net realized gains/(losses) on
capital provision-direct assets
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only total Burford-only Capital provision-direct Burford-only Capital provision-indirect
Net realized gains/(losses) for the three months ended June 30, 2024 117,471 (18,318) 99,153 99,153 -
Net realized gains/(losses) for the three months ended June 30, 2023 64,323 (5,542) 58,781 58,871 -
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only total Burford-only Capital provision-direct Burford-only Capital provision-indirect
Net realized gains/(losses) for the six months ended June 30, 2024 175,333 (46,286) 129,047 127,907 1,140
Net realized gains/(losses) for the six months ended June 30, 2023 133,765 (39,371) 94,394 94,394 -
Reconciliation of consolidated to Burford-only unrealized gains on capital
provision-indirect assets
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only total Burford-only Capital provision-direct Burford-only Capital provision-indirect
Unrealized gains/(losses) for the three months ended June 30, 2024 39,070 (20,207) 18,863 17,729 1,134
Unrealized gains/(losses) for the three months ended June 30, 2023 (28,821) 5,983 (22,838) (23,152) 314
(GAAP) (Non-GAAP)
($ in thousands) Consolidated Eliminations and adjustments Burford-only total Burford-only Capital provision-direct Burford-only Capital provision-indirect
Unrealized gains/(losses) for the six months ended June 30, 2024 25,369 (15,594) 9,775 8,363 1,412
Unrealized gains/(losses) for the six months ended June 30, 2023 373,992 (120,174) 253,818 251,989 1,829
Reconciliation of consolidated undrawn commitments to Burford-only undrawn
commitments
June 30, 2024
Elimination of
third-party
interests
($ in thousands) Consolidated Burford-only
Definitive 887,592 (212,942) 674,650
Discretionary 1,026,386 (222,463) 803,923
Total legal finance undrawn commitments 1,913,978 (435,405) 1,478,573
Legal risk (definitive) 42,501 - 42,501
Total capital provision-direct undrawn commitments 1,956,479 (435,405) 1,521,074
Capital provision-indirect undrawn commitments 12,859 (10,716) 2,143
Total capital provision undrawn commitments 1,969,338 (446,121) 1,523,217
December 31,2023
Elimination of
third-party
interests
($ in thousands) Consolidated Burford-only
Definitive 768,311 (188,313) 579,998
Discretionary 977,733 (211,196) 766,537
Total legal finance undrawn commitments 1,746,044 (399,509) 1,346,535
Legal risk (definitive) 55,583 (6,057) 49,526
Total capital provision-direct undrawn commitments 1,801,627 (405,566) 1,396,061
Capital provision-indirect undrawn commitments 71,662 (59,718) 11,944
Total capital provision undrawn commitments 1,873,289 (465,284) 1,408,005
Reconciliation of tangible book value attributable to Burford Capital Limited
per ordinary share
($ in thousands, except share data) June 30, 2024 December 31, 2023
Total Burford Capital Limited equity 2,303,187 2,290,858
Less: Goodwill (133,957) (133,965)
Tangible book value attributable to Burford Capital Limited 2,169,230 2,156,893
Basic ordinary shares outstanding 219,412,747 218,962,441
Tangible book value attributable to Burford Capital Limited per ordinary share $9.89 $9.85
Definitions and use of non-GAAP financial measures and alternative performance
measures
Burford reports its consolidated financial results in accordance with US GAAP.
US GAAP requires us to present financial statements that consolidate some of
the limited partner interests in private funds we manage as well as assets
held on our balance sheet where we have a partner or minority investor. We
therefore refer to various presentations of our consolidated financial results
as follows:
• Consolidated refers to assets, liabilities and activities that include those
third-party interests, partially owned subsidiaries and special purpose
vehicles that we are required to consolidate under US GAAP. At the date of
this announcement, the major entities where there is also a third-party
partner in, or owner of, those entities include Burford Opportunity Fund C LP,
Burford Advantage Master Fund LP, Colorado Investments Limited ("Colorado")
and several other entities in which Burford holds investments where there is
also a third-party partner in, or owner of, those entities.
• Burford-only refers to assets, liabilities and activities that pertain only to
Burford on a proprietary basis, excluding any third-party interests and the
portions of jointly owned entities owned by others.
• Group-wide refers to the totality of assets managed by Burford, including
those portions of the private funds owned by third parties and including
private funds that are not consolidated within Burford's consolidated
financial statements. Group-wide is therefore the sum of Burford-only and
non-controlling interests in consolidated and non-consolidated private funds.
Group-wide does not include third-party interests in capital provision assets,
the economics of which have been sold to those third parties, which do not
meet the criteria to be recognized as a sale under US GAAP. This includes the
third-party interests in Colorado and other capital provision asset
subparticipations.
We subdivide our capital provision assets into two categories:
• Direct, which includes all of our capital provision assets that we have
originated directly (i.e., not through participation in a private fund) from
our balance sheet. We also include direct (i.e., not through participation in
a private fund) complex strategies assets in this category.
• Indirect, which includes our balance sheet's participations in one of our
private funds (i.e., Burford Advantage Master Fund LP).
We also use certain unaudited alternative performance measures, including:
• Internal rate of return ("IRR") is a discount rate that makes the net present
value of a series of cash flows equal to zero and is expressed as a percentage
figure. We compute IRR on concluded (including partially concluded) legal
finance assets by treating that entire portfolio (or, when noted, a subset
thereof) as one undifferentiated pool of capital and measuring actual and, if
necessary, estimated inflows and outflows from that pool, allocating costs
appropriately. IRRs do not include unrealized gains or losses.
• Return on invested capital ("ROIC") from a concluded asset is the absolute
amount of realizations from such asset in excess of the amount of expenditure
incurred in financing such asset divided by the amount of expenditure
incurred, expressed as a percentage figure. ROIC is a measure of our ability
to generate absolute returns on our assets. Some industry participants express
returns on a multiple of invested capital ("MOIC") instead of a ROIC basis.
MOIC includes the return of capital and, therefore, is 1x higher than ROIC. In
other words, 70% ROIC is the same as 1.70x MOIC.
Other unaudited alternative performance measures and terms we use include:
• Commitment is the amount of financing we agree to provide for a legal finance
asset. Commitments can be definitive (requiring us to provide financing on a
schedule or, more often, when certain expenses are incurred) or discretionary
(allowing us to provide financing after reviewing and approving a future
matter). Unless otherwise indicated, commitments include deployed cost and
undrawn commitments.
• Deployment refers to the financing provided for an asset, which adds to our
deployed cost in such asset.
• Deployed cost is the amount of financing we have provided for an asset at the
applicable point in time.
• Fair value adjustment is the amount of unrealized gain or loss recognized in
our consolidated statements of operations in the relevant period and added to
or subtracted from, as applicable, the asset or liability value in our
consolidated statements of financial position.
• Portfolio includes deployed cost, net unrealized gains or losses and undrawn
commitments.
• Realization: A legal finance asset is realized when the asset is concluded
(i.e., when litigation risk has been resolved). A realization will result in
us receiving cash or, occasionally, non-cash assets, or recognizing a due from
settlement receivable, reflecting what we are owed on the asset.
• Realized gain / loss reflects the total amount of gain or loss, relative to
cost, generated by a legal finance asset when it is realized, calculated as
realized proceeds less deployed cost, without regard for any previously
recognized fair value adjustment.
• Unrealized gain / loss represents the fair value of our legal finance assets
over or under their deployed cost, as determined in accordance with the
requirements of the applicable US GAAP standards, for the relevant financial
reporting period (consolidated statements of operations) or cumulatively
(consolidated statements of financial position).
• YPF-related assets refers to our Petersen and Eton Park legal finance assets,
which are two claims relating to the Republic of Argentina's nationalization
of YPF S.A., the Argentine energy company.
We also use certain non-GAAP financial measures, including:
• Book value per ordinary share is calculated by dividing total Burford Capital
Limited equity by the number of ordinary shares issued and outstanding.
• Cash receipts represent cash generated during the reporting period from our
capital provision assets, asset management income and certain other items,
before any deployments into financing existing or new assets. Cash receipts
are a non-GAAP financial measure and should not be considered in isolation
from, as a substitute for, or superior to, financial measures calculated in
accordance with US GAAP. The most directly comparable measure calculated in
accordance with US GAAP is proceeds from capital provision assets as set forth
in our consolidated statements of cash flows. We believe that cash receipts
are an important measure of our operating and financial performance and are
useful to management and investors when assessing the performance of our
Burford-only capital provision assets.
• Tangible book value attributable to Burford Capital Limited is calculated by
subtracting intangible assets (such as goodwill) from total Burford Capital
Limited equity. Tangible book value attributable to Burford Capital Limited
per ordinary share is calculated by dividing tangible book value attributable
to Burford Capital Limited by the total number of outstanding ordinary shares.
Each of tangible book value attributable to Burford Capital Limited and
tangible book value attributable to Burford Capital Limited per ordinary share
is a non-GAAP financial measure and should not be considered in isolation
from, as a substitute for, or superior to, financial measures calculated in
accordance with US GAAP. The most directly comparable measure calculated in
accordance with US GAAP is total Burford Capital Limited equity as set forth
in our consolidated statements of financial position. We believe that tangible
book value attributable to Burford Capital Limited per ordinary share is an
important measure of our financial condition and is useful to management and
investors when assessing capital adequacy and our ability to generate earnings
on tangible equity invested by our shareholders.
Non-GAAP financial measures should not be considered in isolation from, as
substitutes for, or superior to, financial measures calculated in accordance
with US GAAP.
This announcement does not constitute an offer to sell or the solicitation of
an offer to buy any ordinary shares or other securities of Burford.
This announcement does not constitute an offer of any Burford private fund.
Burford Capital Investment Management LLC, which acts as the fund manager of
all Burford private funds, is registered as an investment adviser with the
US Securities and Exchange Commission. The information provided in this
announcement is for informational purposes only. Past performance is not
indicative of future results. The information contained in this announcement
is not, and should not be construed as, an offer to sell or the solicitation
of an offer to buy any securities (including, without limitation, interests or
shares in any of Burford private funds). Any such offer or solicitation may be
made only by means of a final confidential private placement memorandum and
other offering documents.
Forward-looking statements
This announcement contains "forward-looking statements" within the meaning of
Section 21E of the US Securities Exchange Act of 1934, as amended, regarding
assumptions, expectations, projections, intentions and beliefs about future
events. These statements are intended as "forward-looking statements". In some
cases, predictive, future-tense or forward-looking words such as "aim",
"anticipate", "believe", "continue", "could", "estimate", "expect",
"forecast", "guidance", "intend", "may", "plan", "potential", "predict",
"projected", "should" or "will" or the negative of such terms or other
comparable terminology are intended to identify forward-looking statements,
but are not the exclusive means of identifying such statements. In addition,
Burford and its representatives may from time to time make other oral or
written statements that are forward-looking, including in its periodic reports
that Burford files with, or furnishes to, the US Securities and Exchange
Commission, other information made available to Burford's security holders and
other written materials. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors because they relate
to events and depend on circumstances that may or may not occur in the future.
Burford cautions that forward-looking statements are not guarantees of future
performance and are based on numerous assumptions, expectations, projections,
intentions and beliefs and that Burford's actual results of operations,
including its financial position and liquidity, and the development of the
industry in which it operates, may differ materially from (and be more
negative than) those made in, or suggested by, the forward-looking statements
contained in this announcement. Significant factors that may cause actual
results to differ from those Burford expects include, among others, those
discussed under "Risk Factors" in Burford's annual report on Form 20-F for the
year ended December 31, 2023 filed with the US Securities and Exchange
Commission on March 28, 2024 and other reports or documents that Burford files
with, or furnishes to, the US Securities and Exchange Commission from time to
time. In addition, even if Burford's results of operations, including its
financial position and liquidity, and the development of the industry in which
it operates are consistent with the forward-looking statements contained in
this announcement, those results of operations or developments may not be
indicative of results of operations or developments in subsequent periods.
Except as required by applicable law, Burford undertakes no obligation to
update or revise the forward-looking statements contained in this
announcement, whether as a result of new information, future events or
otherwise.
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