Burford Capital 2017 final results
Net profit after tax up 130% to $264.8 million (2016: $115.1 million)
o Operating profit up 132% to $289.0 million (2016: $124.4 million)
o 37.4% return on equity (2016: 21.1%)
Income up 109% to $341.2 million (2016: $163.4 million), driven by 127% increase in income from investments to $318.2 million (2016: $140.2 million)
o Realized gains from investments also more than doubled
o 20 different investments contributed to 2017's realized net gains
o Unrealized gains remained generally consistent with prior year levels at 53% of income
(2016: 54%) and 36% of investments (2016: 31%) notwithstanding Petersen impact
Strong growth in earnings per share, up 126% to 127¢ (2016: 56¢)
Record investment recoveries; robust organic cash generation of $362 million (2016: $230 million)
20% increase in annual dividend proposed, to total FY17 dividend of 11.0¢ per share (2016: 9.15¢); final dividend of 7.95¢ payable on 22 June 2018 with record date of 1 June 2018
Persistent demand for Burford's capital reflected in record new investment commitments of $1.34 billion (2016: $378 million), sowing seeds for future profits
o Burford now has $3.3 billion invested in and available for investment in legal finance in a widely diversified portfolio
Assets under management in Burford's investment management business increased to $1.7 billion (2016: $1.3 billion) and additional fundraising anticipated in 2018
Active start to 2018, with $128.5 million committed to 12 new investments in the first two months of the year compared to a single $1 million investment in the same period last year
Secondary market sale of Teinver investment agreed in March 2018 for $107 million in cash - a $94.2 million investment gain and a 736% return on invested capital.
