Burford Capital Outlines Upcoming Financial Reporting Changes
Burford Capital Announces Financial Reporting Changes
Burford Capital Limited, recognized globally as a leader in finance and asset management focusing on legal services, is set to unveil its financial results for the fourth quarter of the fiscal year 2024 (4Q24) and the full year 2024 (FY24). These results are scheduled for release on a specified date in early March 2025, at 7:00 AM Eastern Time.
In connection with this announcement, Burford is also preparing to share significant updates regarding its financial reporting framework. These modifications align with Burford's shift towards operating as a US domestic issuer starting from January 2025.
Investor Conference Call Scheduled
Burford plans to host a dedicated conference call for investors and analysts on the same day as the results release, at 10:00 AM Eastern Time. Participants are encouraged to pre-register to ensure quick access during the call. This proactive approach enhances the experience for stakeholders seeking insights into Burford's financial standing.
Enhanced Financial Reporting Framework
One of the key changes in Burford's reporting strategy is an enhancement of its 'Burford-only' reporting approach. This method specifically reflects the actual ownership of shareholders by eliminating the impacts of private fund entities that require consolidation under standard accounting practices. By adopting a refined reporting structure that utilizes segment reporting, Burford will distinguish between its two primary operational segments: 'Principal Finance' and 'Asset Management and Other Services.'
Principal Finance Segment
The 'Principal Finance' segment will illustrate the financial effects of Burford's legal finance portfolio, showcasing how the company's balance sheet directly influences its performance. This clarity offers stakeholders a better understanding of Burford's investment strategies and the returns they yield.
Asset Management and Other Services
The second segment, 'Asset Management and Other Services,' will highlight fee income generated from Burford's private funds and additional service-related operations. This dual-segment approach aims to provide a thorough overview of how Burford creates shareholder value across its diverse business offerings.
Transition to US Domestic Issuer
Effective from early 2025, Burford will transition from being classified as a foreign private issuer to operating as a US domestic issuer. This shift is primarily due to the increasing presence of US-based investors within the company's equity ownership. The implications of this change are significant, as Burford will now adhere to US securities regulations.
Among the changes, Burford will commence filing periodic reports on Forms 10-K and 10-Q, along with current reports on Form 8-K. Additionally, it will fulfill US proxy requirements related to annual shareholder meetings and adapt to shorter reporting timelines applicable to larger accelerated filers.
Resources and Further Information
To facilitate this transition, Burford plans to streamline its supplementary reporting documents, including the earnings presentation, which will be readily accessible via Burford's investor relations resources. Rather than offering extensive financial disclosures in press releases, Burford aims to focus on succinct updates that direct stakeholders to its comprehensive earnings reports.
Contact Information
For inquiries related to investor relations, individuals can respectively contact Josh Wood for the Americas and Rob Bailhache for EMEA and Asia. Each point of contact provides assistance to ensure that all stakeholder inquiries are addressed promptly and effectively. Additionally, Burford's Public Relations representative, David Helfenbein, is also available for press inquiries, highlighting the firm's commitment to open communication.
About Burford Capital
Burford Capital has established itself as a significant player in the global finance and asset management arena, particularly within the legal sector. It specializes in litigation finance, risk management, asset recovery, and various legal finance advisory services. With a presence on both the New York Stock Exchange (NYSE: BUR) and the London Stock Exchange (LSE: BUR), Burford collaborates with companies and law firms across the globe. Its strategic locations enhance its ability to cater to a diverse clientele.
Frequently Asked Questions
What are the upcoming changes to Burford's financial reporting?
Burford is enhancing its 'Burford-only' financial reporting framework and will implement segment reporting to provide clearer insights into its operations.
When will Burford release its FY24 and 4Q24 financial results?
The financial results are set to be released on a date in early March 2025.
How will Burford's status as a US domestic issuer affect its filings?
As a US domestic issuer, Burford will adhere to US securities regulations, including filing periodic reports and current reports on Forms 10-K, 10-Q, and 8-K.
What are the two segments in Burford's enhanced reporting?
The two reportable segments are 'Principal Finance' and 'Asset Management and Other Services'.
How can investors access the upcoming conference call?
Investors can pre-register for the conference call to ensure swift access on the day of the announcement.
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