13th Jan 2015 09:15
LONDON (Alliance News) - Burford Capital PLC Tuesday said the capital it committed to new investments in 2014 was more than three times that in its previous financial year, citing demand from clients, while it also showed increases in recoveries
In a statement, AIM-listed Burford, which provides investment capital to support litigation, said it committed to invest USD150 million in 2014.
The company also reported that, since inception, 32 investments generated USD209 million in gross investment recoveries and USD78 million net of invested capital, producing a 60% net return on invested capital according to its calculations.
Burford said this represents a 56% increase in net investment recoveries over the position at the end of 2013, as well as a rise in net return on invested capital from its prior 52% level.
In addition, Burford said it generated USD63 million of cash from its investment portfolio in 2014, an increase of 97% on the prior year.
"Burford's performance continues to validate our approach to investment selection and the quality of our team," Christopher Bogart, chief executive, said in a statement. "Moreover, the volume of new commitments made during the last year shows clearly the market demand for litigation finance solutions and our leadership in meeting that demand."
Burford shares were up 2.3% at 123.24 pence on Tuesday.
By Samuel Agini; [email protected]; @samuelagini
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