IN BRIEF: Burford Capital reports higher profit in second quarter
Burford Capital Ltd - London- and New York-based litigation finance provider - Reports "sharp increases in revenue and profitability" in the second quarter. GAAP net income rises by a third to USD105.2 million in the three months that ended June 30 from USD75.3 million a year before, as revenue increased by 20% to USD191.3 million from USD159.7 million. Pretax income is USD109.7 million, up from USD87.0 million. Cash receipts are USD48 million in the recent quarter, down from USD107 million a year before, but are USD306 million in the first half as a whole, up from USD245 million in the first half of 2024. Debt stands at USD1.78 billion on June 30, up slightly from USD1.76 billion on December 31, but the ratio of debt to net tangible equity improves to 0.7 times from 0.8 times. On a pro forma basis, it is 0.9%, well within Burford's 1.5x to 2.0x US bond covenant level. Read More