16th Mar 2023 13:18
(Alliance News) - Burford Capital Ltd on Thursday said it saw a "meaningful upswing" in its portfolio activity as it resumes to normal operations post-pandemic.
The London-based litigation finance, risk management and asset recovery company said 2022 saw record-breaking levels of new business as the company continues to pivot in favour of balance sheet investing for its highest returning assets.
Burford said its total proceeds from capital provision assets rose 19% to USD305.9 million in 2022 from USD256.6 million the previous year.
The company declared an interim dividend of 6.25 cents per share, unchanged from the year before.
Chief Executive Officer Christopher Bogard said: "Burford had a strong 2022, with record new business activity and meaningful cash generation and portfolio activity. We are happy to report that we believe the lingering effects of the pandemic on courts and legal processes are finally falling away. Indeed, we may well be at a turning point for the portfolio, with a very significant level of activity - more than 30 trials and final merits hearings, almost three times as many as last year - scheduled for 2023."
Shares were down by 19% at 501.80 pence in London on Thursday afternoon.
By Sabrina Penty; Alliance News reporter
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