Bunford Capital H1 profits up 89%

4th Sep 2014 14:31

Pre-tax profit rose to $18.2m during the first-half compared to $9.7m last year. Income also rose by 40% to $27.4m against $19.5m in June last year. The company saw an 85% increase in income from the litigation portfolio and UK insurance income remain at $10.2m. However, cash and equivalents dropped to $15.3m from $27.3m. Bunford's chief executive Christopher Bogart said: "Burford's strong financial performance reflects not only the inherent demand in the market, but also our proven ability to meet that demand. "The innovative approach to the way in which we structure our investments enables us to recognise and capture the diversity of opportunities in corporate finance solutions, beyond traditional litigation funding." Shares were up 2.5% to 123p on Thursday at 14:26. JF