Earnings release
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Burford 29 March 2022 BURFORD CAPITAL REPORTS FULL YEAR 2021 RESULTS ; RECORD LEVELS OF BALANCE SHEET DEPLOYMENTS Burford Capital Limited , the leading global finance and asset management firm focused on law , today announces its financial results for the year ended December 31 , 2021.¹ The Burford Capital 2021 Annual Report , including financial statements ( the " 2021 Annual Report " ) , is available at the following link : http://www.rns-pdf.londonstockexchange.com/rns/4070G 1-2022-3-29.pdf or at Burford's website www.burfordcapital.com/shareholders . In addition , a new financial data supplement , as well as Burford's inaugural Sustainability Report for 2021 , are available on our website at the same URL . Hugh Steven Wilson , Chairman of Burford Capital , commented : “ Burford turned in an excellent 2021. This may seem odd to say as we report the first loss in our history , but that is a matter of timing . We wrote significant new core legal finance business in 2021. Even in an era of slower case progress , we generated significantly more cash than needed to cover all of our expenses . Burford ended the year with substantial liquidity and strong access to capital , and we recently announced our latest $ 360 million private fund . " Christopher Bogart , Chief Executive Officer of Burford Capital , commented : " We are delighted with our strong new business performance in 2021. To write more than $ 1 billion of new commitments during a pandemic is a significant achievement . We deployed more capital than ever before from our balance sheet into assets with the potential to generate our highest returns and profits , auguring favorably for future capital provision income . Though it was a slower year for realized gains , contributing to our 2021 loss , there were few adverse developments to cause either realized or unrealized losses and the portfolio remains well positioned . The slow pace we are experiencing is a timing issue , not one affecting our view of the ultimate realizable value of the portfolio and its potential to create significant shareholder value , and no client has discontinued a single matter due to these delays . We are optimistic about the portfolio's future potential . " 1 All figures in this announcement are audited and presented on a consolidated basis in accordance with the generally accepted accounting principles in the United States ( " US GAAP " ) , unless otherwise stated . Definitions , reconciliations and information additional to those set forth in this announcement are available on the Burford Capital website and in the 2021 Annual Report .