18th Mar 2015 09:29
LONDON (Alliance News) - Burford Capital Ltd Wednesday reported a 43% increase in operating profit for 2014, bolstered by double-digit growth in revenue stemming from litigation investments and insurance.
Burford, which aims to profit by providing capital to fund litigation cases it thinks can deliver returns, said it made a USD60.7 million operating profit in 2014, compared with USD42.5 million in the prior year. Revenue grew to USD82.0 million from USD60.7 million, largely due to litigation investment and insurance-related income but also aided by USD8.5 million of foreign exchange gains, more than offsetting an increase in operating expenses to USD21.3 million from USD18.1 million.
Before taking into account its acquisition of Burford UK, the 2012 reorganisation and UK restructuring costs taken in 2013, pretax profit rose to USD57.1 million from USD42.5 million in 2013. Overall, pretax profit rose to USD47.3 million from USD2.1 million.
Burford increased its dividend for the year to 7.00 cents per share from 5.23 cents per share.
Burford shares were up 4.6% at 143.25 pence on Wednesday.
By Samuel Agini; [email protected]; @samuelagini
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