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Burford Capital reports 'strong' Q2
(Sharecast News) - Burford Capital posted a sharp rise in second quarter revenues with the firm's management describing its performance as "strong". The litigation finance specialist said that Burford-only total revenues jumped by 217% as those from its capital provision arm raced ahead by 237%.
In particular, Burford boss Christopher Bogart highlighted how its recent case wins showed that its cash flows were not correlated financial markets or the economy.
He also indicated that new business had come in ahead of its recent quarterly average.
Total first half revenues on the other hand shrank 52% to $204m with net income off by 90% to $23.8m.
Net realised gains meanwhile were up by 36% to $127.9m across the half.
Bogart emphasised that overall year-to-date results were not comparable with those from the year before due to the unrealized gains from its multi-billion dollar win in the trial against the Argentinian government for the re-nationalisation of oil outfit YPF in 2012.
The company stands to make over $6.0bn if it can collect.
In April, Burford asked a US court to hand it Buenos Aires's 51% stake in the oil company, which might force Argentina's government to negotiate.
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