Burford Capital delays its results blaming coronavirus disruption
Burford Capital today said it was delaying its financial results after disruption from the coronavirus outbreak.
The litigation funder said it had closed its New York office and was delaying its results by two-to-three weeks because of the disruption.
Burford said two of its finance staff, who are mainly based in its New York office, were self-isolating because of coronavirus.
It also said it had third-party suppliers such as auditors and graphic designers who had been affected by the crisis.
Burford said it expected its results to be consistent with previous guidance.
It also said it maintains a “significant amount of liquidity in the form of cash on its balance sheet”.
Chief executive Christopher Bogart said: “We regret the delay in the release of our 2019 results, but these are unprecedented circumstances and the health and safety of our team is our first priority.
“This is a rapidly evolving situation. Burford is acting on strong medical advice and following the lead of a number of other respected firms.”
London-listed Burford’s shares were down three per cent today at 388p.