23rd Mar 2016 11:02
LONDON (Alliance News) - Burford Capital Ltd Wednesday reported a 27% increase in operating profit for 2015, on the back of double-digit growth in revenue stemming from litigation investments.
Burford, which aims to profit by providing capital to fund litigation cases, said it made a USD77.2 million operating profit in the year ended December 31, compared with USD60.7 million in the prior year.
Revenue increased to USD103.0 million from USD82.0 million, largely due to litigation-related investments, which grew by 82% over the year to USD86.9 million from USD47.8 million. This more than offset an increase in operating expenses to USD25.8 million from USD21.3 million.
Pretax profit rose to USD67.9 million from USD57.1 million a year earlier, although it said its figure for 2014 did not include certain amortisation costs and related deferred taxation credit.
Burford increased its dividend for the year to 8.00 cents per share from 7.00 cents per share.
Shares in Burford were up 6.8% at 236.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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