Business
Trading Update & Notice of Results
DSW Capital PLC expects Network Revenue for the year ended 31 March 2026 to be £22.8m, with Total Income from Licensees at £6.3m, and Adjusted EBITDA around £1.6m, reflecting a challenging M&A environment partially offset by the growth of DR Solicitors. The company maintains strong cash reserves of £2.0m and net cash of £0.2m, with robust operating cashflow conversion of approximately 105%. Despite external factors impacting M&A and recruitment, DSW Capital is investing in growth and diversification, including the appointment of a new Managing Director for DSW Legal and DR Solicitors to drive platform integration and expansion. The Group plans to announce its final results for FY26 on 28 July 2026. Disclaimer*
About this update from Dsw Capital Plc
[{"type":"text","content":"\n\n \n15 May 2026\nDSW CAPITAL PLC\n(\"DSW Capital\", \"DSW\" or the \"Group\")\n(AIM: DSW)\n \nTrading Update and Notice of Results\n \nFurther to the statement issued on 16 March 2026, the board of DSW Capital, a profitable, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts and DR Solicitors brands, today announces further details of the Group's performance in the year ended 31 March 2026 (\"FY26\" or the \"Year\").\n \nNetwork Revenue is expected to be in line with revised expectations at £22.8m (FY25: £25.8m). As previously announced, this includes a full year of DR Solicitors, acquired in November 2024, which achieved double-digit growth of c.11%, on an annualised basis. This growth, however, was partially offset by lower M&A activity in the DSW Network. Total Income from Licensees for FY26 is also expected to be in line with revised expectations at £6.3m (FY25: £5.0m). Adjusted EBITDA is likely to be in line with revised market expectations at c.£1.6m, with Adjusted Profit Before Tax of c.£1.4m.\n \nCash reserves remain strong, with cash of £2.0m and net cash of £0.2m at 31 March 2026. This follows a £1.0m repayment of the £3.0m Oak North Bank revolving credit facility (fully drawn to help fund the acquisition of DR Solicitors) and dividend payments totalling £0.8m across the Year. Operating cashflow remains strong, with cash generated from operations of £1.8m, giving an operating cash conversion of c.105%.\n \nWhile the Iran war has had an impact on M&A activity and recruitment, the Board remains confident in the Group's long-term prospects and continues to invest in growth and further revenue diversification through the recruitment of additional Fee Earners, expanding DR Solicitors' market share, and appointing consultants capable of originating work for the newly established DSW Legal division.\n \nWe have appointed a new Managing Director of DSW Legal and DR Solicitors, James Mallender. James will spearhead the next phase of platform growth and integration, to create a single, cohesive advisory platform under the DSW brand.\n \nNotice of Results\n \nThe Group's final results for FY26 are expected to be announced on 28 July 2026.\n ...