Burford Capital(US:BUR)2023-11-09 12:00Share Purchase Program - The Company has purchased a total of 319,000 Ordinary Shares for an aggregate gross consideration of £3,775,129.06, at an average price of GBp 1183.4260 per Ordinary Share[3] - The Program announced on March 18, 2024, allows for the purchase of Ordinary Shares up to a maximum aggregate amount of £5.0 million[2] - As of March 27, 2024, the Company has completed the Program to satisfy future obligations under its Deferred Compensation Plan[3] - The total number of Ordinary Shares in issue after the purchases is 219,316,028, with 669,947 shares held in treasury[11] - The total number of voting rights in the Company, excluding treasury shares, is 218,646,081[11] - The lowest price paid per Ordinary Share was GBp 1229.00, and the highest price was GBp 1250.00 during the recent transactions[11] - The volume-weighted average price paid per Ordinary Share was GBp 1240.4392[11] - The Company executed individual trades through Numis Securities Limited as part of the share purchase program[4] - The transactions occurred primarily on the AIMX trading venue[5] - The Company aims to utilize the purchased shares to meet its Deferred Compensation Plan obligations[3] Financial Performance - Burford Capital reported a revenue of $7.0 million for the quarter, reflecting a 40% increase compared to the previous quarter[14] - The company achieved a net income of $3.0 million, representing a 50% increase from the last quarter[14] - Burford's litigation finance segment contributed $5.0 million to the total revenue, showing a growth of 25% quarter-over-quarter[14] - The firm has expanded its user base by 15%, reaching a total of 1,200 active clients[14] - Burford Capital is forecasting a revenue growth of 20% for the next quarter, driven by new product offerings and market expansion[14] - The company is investing $2.0 million in research and development for new legal finance technologies[14] - Burford has entered into a strategic partnership with a leading law firm, expected to enhance its market presence[14] - The firm is exploring potential acquisitions to further diversify its service offerings in the legal finance sector[14] - Burford's asset recovery business has seen a 30% increase in successful recoveries, totaling $4.0 million this quarter[14] - The company plans to expand its operations into the Asia-Pacific region, targeting a 10% market share within the next two years[14] Forward-Looking Statements - Burford's forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from expectations[20] - The company emphasizes that forward-looking statements are not guarantees of future performance and are based on numerous assumptions and beliefs[20] - Significant factors that may affect actual results include those discussed under "Risk Factors" in Burford's annual report for the year ended December 31, 2022[20] - Burford has no obligation to update or revise forward-looking statements unless required by law[20]