Burford Capital Limited (NYSE:BUR) Q2 2024 Earnings Conference Call August 8, 2024 7:00 AM ET

Company Participants

Christopher Bogart - Chief Executive Officer
Jonathan Molot - Chief Investment Officer
Jordan Licht - Chief Financial Officer

Conference Call Participants

Julian Roberts - Jefferies
Matthew Howlett - B. Riley
Alexander Bowers - Barenberg

Operator

Thank you for standing by. My name is Danica and I will be your conference operator today. At this time, I would like to welcome everyone to the Burford Capital Second Quarter 2024 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.

I would now like to turn the call over to Chris Bogard, Chief Executive Officer. Please go ahead.

Christopher Bogart

Thanks very much and hello everybody. Thank you all for joining us today. As usual, I'm joined by Jon Molot, the Chief Investment Officer and Jordan Licht, the Chief Financial Officer and all three of us will talk to some of the slides that have been posted in what we hope will be a relatively brief presentation and then we'll be happy to take whatever questions you might have.

Before turning to the numbers and the results, I was just sort of reflecting on the fact that the next time we talk to you in the fall, Burford will have turned 15 by that point. It's pretty interesting to reflect back on what was going on in 2009. I think I was actually on this day in 2009 sitting on Guernsey putting the business together.

Little did we know then that we would be launching what has become a $3 billion company and fundamentally changing the way that the legal industry operates economically. It's been a terrific 15-year ride. We're really thrilled with what we've been able to accomplish and we thank all of you for making that possible with your and your patient capital.

So turning to the second quarter and the report that we put out this morning, we're very pleased to report a strong quarter as to both portfolio activity and cash generation on the one hand and new business to continue to refill the portfolio on the other.

And I'm on slide four and that slide will just call out a few key points that I'll just talk on briefly. We were principally driven this quarter in terms of revenue and profits by strong capital provision income. In other words, the income that we generate from the core portfolio. That was up 237% from the comparable quarter in 2023, so a very strong showing.