Litigation funder Burford Capital has seen a 15% total income dip in the year ending in December 2019.Burford Capital Profits Plunged 21% in 2019
The litigation funder's total income also dipped 15% last year.
April 28, 2020 at 05:37 AM
2 minute read
Burford Capital's operating profits tumbled by 21% in the year ending in December 2019, the litigation funder's latest financial report shows.
The report reveals that the litigation funding giant's operating profits fell by 21% to $279.3 million from $354.8 million over the 12 months of 2019. Its total income also decreased by 15% year-on-year to $356.7 million. The firm said in a statement that both decreases were due to a "lumpy" legal finance market.
At the end of 2019, the firm retained $206 million of cash on hand, compared with $277 million in January 2019, according to the full financial report.
Nevertheless, the firm claims it has seen a 30% year-on-year increase in demand for litigation finance capital and has built a portfolio worth $4.2 billion.
Anticipating a profit dip in realised and unrealised gains, the firm had a tumultuous 2019 after its value plunged by roughly half following the much-publicised short-selling attack by Muddy Waters in August. The attack also prompted a securities class action lawsuit against Burford in New York, which was dismissed in December.
The litigation funder is currently investigating claims of market manipulation and suspicious trading against Muddy Waters.
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