Coronavirus sees Burford Capital delay annual results
13 Mar 2020
AIM-listed Burford Capital is the first listed company to cite the current coronavirus epidemic as the reason for delaying publication of its annual results
13 Mar 2020
The finance and investment management firm, which focuses on litigation, said in a statement that the impact of the virus on staff availability meant that it anticipated a delay of ‘two or three weeks’. It has yet to announce a firm date for its results, but said it did not expect the delay to extend beyond Easter.
Burford said its finance team is predominantly based in its New York office which has been closed because of the outbreak. Two employees described as ‘key to our results process’ have had to self-isolate at home, and the company reported third-party dependencies, ranging from auditors to printers to graphic designers, who are also affected by the coronavirus.
One of Burford's executives' brothers is under quarantine due to an outbreak in a New York suburb linked to a lawyer who worked in Manhattan.
Christopher Bogart, Burford's CEO, 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.’