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Burford Capital Ltd on Tuesday said profit and revenue both multiplied in the first quarter of 2023, highlighting continued positive momentum within its portfolio. Shares in Burford Capital were up 0.8% to 1,050.00 pence each in London on Tuesday shortly after midday. The London-based global finance and asset manager, focusing on law, said pretax profit jumped to $308.5 million in the three months that ended March 31, from $76.5 million a year earlier. Revenue trebled to $380.9 million from $123.1 million, led by capital provision income surging to $475.9 million from $140.7 million. New commitments also doubled to $165 million from $82 million, while Burford Capital’s portfolio rose 8.2% to $6.6 billion on March 31 from $6.1 billion on December 31, due to ‘significant fair value gains but also new deployments and undrawn commitments’. ‘We saw continued positive momentum in the first quarter of 2023 in the progression of our portfolio as court activity and legal processes further normalized in the aftermath of the Covid-19 pandemic,’ said Chief Executive Officer Christopher Bogart. ‘As an indicator of ongoing portfolio activity, an additional 12 case milestones have occurred since our May 16 update when we had observed 28 milestones and expected 61 more through the remainder of the year.’ Burford Capital’s cash, cash equivalent and marketable securities as of March 31 stood at $183 million, down 13% from $210 million on December 31. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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