Hardman & Co Research: Burford Capital (BUR): Mixture of strong and weak activity in 2019
Burford recently released its first-ever trading statement, covering cash activity in 2019. Group-wide commitments set a new record of $1.57bn, a 24% increase. Overall deployments were almost flat compared with 2018, at £1.07bn. In both, the Sovereign Wealth Fund (SWF) and fund arrangements increased their share. It was, however, a quiet second half for realisations on-balance sheet in the core litigation finance business. 2019 profits will be lower than in 2018, with Burford indicating that net realised gains will be ca.$20m-$30m lower than in 2018 and net unrealised gains ca.$50m-$70m lower.
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