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Burford Capital Ltd on Thursday reported a significantly higher return on tangible equity amid an increased profit and revenue, hailing that courts are ‘fully back in business.’ Shares in the litigation finance provider with offices in London, New York and elsewhere rose 3.5% to 1,111.66 pence each on Thursday afternoon in London. Burford Capital said pretax profit surged to $738.3 million in 2023 from $109.0 million in 2022. Revenue more than tripled to $1.09 billion from $319.2 million. This was boosted by a jump in capital provision income to $1.34 billion from $319.1 million. The company reported a cost of $279.3 million in third-party interest in capital provision assets in 2023, compared to $494,000 a year prior. It highlighted that its Burford-only return on tangible equity rose to 32% in 2023 from just 2% in 2022. Total operating costs increased to $271.2 million from $124.3 million. Chief Executive Officer Christopher Bogart said: ‘With the courts fully back in business, we had an active year and we anticipate further substantial levels of activity in 2024 and 2025.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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