Dsw Capital Plc · LSE:DSW
Dsw Capital — FY2026 Earnings Presentation
25 slides from Dsw Capital's earnings presentation, July 2026
Slide 1: DSW Capital plc FY26 Results
DSW Capital plc FY26 Results July 2026
Slide 2: Disclaimer
Disclaimer Insert logo here The following presentation, including a hard copy of these slides/the talks given by the presenters, the information communicated during any delivery of the presentation and any question and answer session and any document or material distributed at or in connection with
Slide 3: Today's Presenters
Today’s Presenters Executive Directors Shru Morris Pete Fendall Chief Executive Officer Chief Finance & Operating Officer She joined Dow Schofield Watts in 2024, Pete joined DSW Capital in September 2021 to bringing experience in M&A, financial due support with the IPO, and joined the board in dilig
Slide 4: Our Vision: Empowering pioneers to build and grow their own business
Our Vision: Empowering pioneers to build and grow their own business
Slide 5: Summary
Summary Insert logo here Proposition Growth Opportunity • Business advisory • Growth driven through • A profitable, highly cash platform firm finance recruitment of high-calibre generative business and legal professionals partners • A progressive dividend to deliver exceptional • Ability to scale th
Slide 6: The DSW Licence Model
The DSW Licence Model Empowering pioneers to build and grow their own business We recruit highly skilled professionals (typically “Big 4”) in focussed niches of expertise to run their own business and provide services to small to mid market corporates and their owner managers. Dow Schofield Watts 6
Slide 7: The DSW Platform
The DSW Platform Insert logo here Dow Schofield Watts
Slide 8: Routes into DSW
Routes into DSW Insert logo here Associate Path Partner Path Employee Consultant Start Scale Succession Join one of the Work in specialist Launch a new Bring a team and Sell a business and expert teams and area of law with DR business on the grow faster, with transition into DSW learn from the best
Slide 9: What differentiates DSW
What differentiates DSW Insert logo here Capital light Scalable and innovative platform model Large market ripe for disruption High Quality of Earnings Strong growth in Fee Earners • Established, scalable advisory platform with proven growth model • Strategically positioned to capitalise on shifts i
Slide 10: The DSW Network at a glance
The DSW Network at a glance Insert logo here 7th fastest 5.9 FE growing legal 26% 135 Platform* YoY Revenue Growth per business Fee Earners New DSW 31 DR Fee £163k Legal Brand Fees per FE Earners Forecast Revenue Pandea network with 68 offices in 45 Partners 37 Award 36 countries Nominations 400+ pr
Slide 11: Financial Highlights
Financial Highlights Insert logo here (11.9)% 26.0% 14.5% £163k Network Revenue1 Growth Total Income2 Growth Average Effective Licence LTM Revenue per Fee Fee3 % Earner FY26: £22.8m FY26: £6.1m FY25: 14.5% FY25: £214k FY25: £25.8 m FY25: £5.0m FY24: 15.4% FY24: £153k £1.7m 27.0% 109% 3.2 p Adjusted
Slide 12: Summary Income Statement
Summary Income Statement Insert logo here £’000 Mar-26 Mar-25 Network Income 22,776 25,844 Diversified Revenue Portfolio Network Income Growth% (11.9)% FY26 FY25 Revenue 6,172 4,854 Revenue Growth % 27.1% 23% 31% Cost of Sales (1,362) (582) 57% 55% Gross Profit 4,810 4,273 12% 11% Share of results f
Slide 13: Performance Highlights
Performance Highlights Insert logo here Network Revenue (£m) 25.8 22.8 No. of Fee Earners 136 135 5.9 19 27 18.3 18.3 97 107 Average FE per 15.3 16.0 18.1 12.5 88 Business 66 8.5 55 57 63 FY25: 5.2 fee earners 11.0 49 8.7 FY24: 4.3 fee earners 10.4 £1.8m 9.8 10.3 50 51 7.3 7.3 7.8 39 42 45 5.0 FY21
Slide 14: Central Initiatives
Central Initiatives Our initiatives this year have sought to Third annual DSW Investment in new strengthen the business model in three key Employee Conference Sales team in DR areas: Enhance our plug-in and play 1 platform. Tech enabled client onboarding in DR Recruited a new Head of Operations Enha
Slide 15: Opportunities for growth
Opportunities for growth Insert logo here New Licensees Acquisition of licence fees Organic Acquisitions growth Collaborations Dow Schofield Watts 15
Slide 16: Outlook
Outlook Insert logo here Resilient results Trading performance to date is in line with expectations, reflecting continued robust for FY26 performance Stronger, More High quality of earnings, and reduced dependency on M&A. Acquisition of Integer Resilient Business Advisory Limited bolstering capabili
Slide 17: Questions
Questions Questions 2020
Slide 18: Appendices
Appendices Appendices 2121
Slide 19: Current Service Lines
Current Service Lines Insert logo here FE - 64 FE - 27 FE - 31 Deal Advisory Business Recovery Legal FE - 11 FE - 2 Investment Tax Dow Schofield Watts 19
Slide 20: Reconciliation to Statutory PBT
Reconciliation to Statutory PBT Insert logo here Adjusted EBITDA, Adjusted Operating Profit and Adjusted PBT have all been adjusted to strip out non-underlying items such as Share-based payments and amortisation of intangible assets recognised on acquisition accounting. The reconciliation below has
Slide 21: Summary Balance Sheet
Summary Balance Sheet Insert logo here £000s Mar-26 Mar-25 £000s Mar-26 Mar-25 Non-current assets Net current assets 3,173 3,792 Intangible assets 6,568 6,952 Non-current liabilities Property, plant and equipment 177 297 Bank loan 1,846 2,771 Lease receivable - 31 Deferred tax provision 563 649 Inve
Slide 22: Summary Cashflow
Summary Cashflow Insert logo here £000s Mar-26 Mar-25 Cash flows from operating activities 78 Profit for the year 559 984 Adjustments for tax, interest, non-cash items 951 572 Operating cash flows before working capital 1,510 1,556 Working capital movements 311 475 Debtor Days Cash generated by oper
Slide 23: The DSW Licence Model
The DSW Licence Model Insert logo here Strengths to DSW Capital Strengths to the Licensee Strong perceptions of credentials and Recurring licence fees capability. Minimal exposure to property and employee Cross referrals and access to multidisciplinary costs. services. Easier recruitment, central ma
Slide 24: Glossary
Glossary Insert logo here (1) Network Revenue - Network Revenue is defined as total revenue earned by licensees and DR Solicitors, as opposed to total revenue reported by the Company. (2) Total income - Statutory Revenue from DSW licensees and DR Solicitors plus share of results of associates (3) Av
Slide 25: Contact Us
Contact Us Burscough Cardiff Cheadle Daresbury Leeds 702 Merlin Business Park The Maltings The Camlee Group 7400 Daresbury Park Cubo, 3rd Floor Ringtail Rd E Tyndall St Eden Point Daresbury 6 Wellington Place Burscough Cardiff Three Acres Ln Warrington Leeds Ormskirk CF24 5EA Cheadle Hulme WA4 4BS L