31st Mar 2014 12:56
LONDON (Alliance News) - Burford Capital Ltd Monday said its annual pretax profit declined as a result of charges arising from its 2012 reorganisation.
In a statement, Burford said pretax profit fell to USD2.1 million in 2013, down from USD16.9 million in 2012. Total income increased to USD60.7 million, up from USD54.2 million. Operating expenses fell to USD18.1 million from USD20.1 million.
Excluding the impact related to the Burford UK acquisition and the 2012 reorganisation and UK restructuring costs, increased to USD42.5 million, up from USD34.1 million.
"2013 was another year of successful progress for Burford which saw continued significant growth in our levels of income and profits from both the litigation investment and insurance businesses and increased levels of activity throughout the business," Christopher Bogart, Chief Executive, said in a statement.
Burford increased its dividend by 10% to 5.23 cents.
Shares in Burford Capital were Monday quoted at 115.5 pence, up 6.5%.
By Samuel Agini; [email protected]; @samuelagini
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