Dsw Capital Plc · LSE:DSW
Dsw Capital — FY2025 Earnings Presentation
28 slides from Dsw Capital's earnings presentation, July 2025
Slide 1: DSW Capital plc Full Year Results FY25
DSW Capital plc Full Year Results FY25 July 2025
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 James Dow Pete Fendall Chief Executive Officer Executive Director Chief Finance & Operating Officer Shru joined DSW in 2024, bringing experience in James established DSW in 2002. James stepped Pete joined DSW in 2021 to support its IPO, and M&A, fin
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: Overview of DSW
Overview of DSW Insert logo here • Award winning business advisory platform, operating under the Joined AIM Dec 21 ‘Dow Schofield Watts’ and ‘DR Solicitors’ brands. • 136 licenced fee earners (“FE”) predominantly trading under the DSW and DR Solicitors brands in 12 locations across the UK. • DSW ear
Slide 6: The DSW Licence Model
The DSW Licence Model Insert logo here 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. Licen
Slide 7: The DR Consultant Model
The DR Consultant Model Insert logo here Empowering professionals to deliver quality legal work Fee share Consultant • Client work Clients • Training • Centralised systems and processes • Legal support Dow Schofield Watts 7
Slide 8: Current Service Lines
Current Service Lines Insert logo here FE - 70 FE - 29 FE - 21 Deal Advisory Business Recovery Legal FE - 10 FE - 6 Investment Tax Dow Schofield Watts 8
Slide 9: FY25 Performance Highlights
FY25 Performance Highlights Insert logo here • Network Revenue of £25.8m (FY24: £16.0m) – 62% increase YoY Network Revenue (£m) • Total Income* increased by 108% to £5.0m (FY24: £2.4m) 25.8 • Adjusted EBITDA+ increased by 186% to £1.8m, reflecting 18.3 18.3 supernormal Network Revenue in October 202
Slide 10: FY25 Performance Highlights
FY25 Performance Highlights Insert logo here Free cash flow* • Platform model remains capital light and 1,600 32% 37% 1,377k 40% highly cash generative 1,400 35% 29% 28% 1,200 1,104k 30% 897k 25% • FY25 benefitting from significant 1,000 794k 20% 800 investment in FY24 - New Licensees 15% £'000 600
Slide 11: FY25 Income Statement
FY25 Income Statement Insert logo here £000s Mar-25 Mar-24 Key Highlights Portfolio Income 25,844 15,975 • Record M&A activity driven by ‘Beat the budget’ generated c.£3.0m of ‘super-normal’ revenue Licence Income 3.238 2,183 • Profit share income increased by 21.4% due to increased Profit Share Inc
Slide 12: FY25 Balance Sheet
FY25 Balance Sheet Insert logo here £000s Mar-25 Mar-24 £000s Mar-25 Mar-24 Non-current assets Net current assets 3,792 4,278 Intangible assets 6,952 696 Non-current liabilities Property, plant and equipment 297 363 Bank loan 2,771 - Lease receivable 31 82 Deferred tax provision 649 - Investments 1,
Slide 13: Cash Flow Statement
Cash Flow Statement Insert logo here £000s Mar-25 Mar-24 £000s Mar-25 Mar-24 Cash flows from operating activities Operating cash conversion* (%) 113% 14% Profit for the year 984 84 Operating cash conversion before 104% 100% Adjustments for tax, interest, non-cash items 778 541 loans movements with l
Slide 14: Network KPIs
Network KPIs Insert logo here Fee Earners 136 LTM Portfolio Revenue vs. Fee Earners 30 160 27.1% YOY growth 140 25 Number of Fee Earners LTM Portfolio Revenue 120 20 Network £25.8M 100 15 80 Revenue 10 60 61.8% YOY growth 40 5 20 - FY21 FY22 FY23 FY24 FY25 0 14.5% 1:1.7 Partner to Employee Average L
Slide 15: 2030 vision
2030 vision Insert logo here Empowering pioneers to build and grow their own business Strengthening Optimising our Our Brand Platform Accelerating Unlock our Growth Potential Dow Schofield Watts 15
Slide 16: Opportunities for growth
Opportunities for growth Insert logo here New Licensees Acquisition of licence fees Organic Acquisitions growth Collaborations Dow Schofield Watts 16
Slide 17: Target Service Lines
Target Service Lines Insert logo here High margin, high growth, niche professional services where there is a strong synergistic fit. Existing service lines in new locations Tax-related services Niche legal services Consultancy Dow Schofield Watts 17
Slide 18: Recruitment Strategy
Recruitment Strategy Insert logo here Start Scale Succession Start-up with confidence Realise ambitions Realise value We provide funding that We’re there to empower teams We support established firms enables ambitious and individuals as they scale, in realising value and exiting on professionals to
Slide 19: Outlook
Outlook Insert logo here Solid Start to Trading performance to date is in line with expectations, reflecting continued robust FY26 performance Stronger, More We enter FY26 in a significantly stronger position, underpinned by legal platform Resilient Business investment diversifying our capability an
Slide 20: Questions
Questions 20
Slide 21: Appendices
Appendices 21
Slide 22: Investment Case
Investment Case Insert logo here Capital light Scalable and innovative platform model Large market ripe for disruption High Quality of Earnings Continued strong growth in FEs Being on AIM is important. It has: • increased our profile to partner candidates; • provided capital for the acquisition of l
Slide 23: Current Service Lines
Current Service Lines Insert logo here Corporate Business Legal Financial Business Finance Recovery Services Due Diligence Planning FE = 41 FE = 26 FE = 21 FE = 18 FE = 7 Tax Venture Capital Debt Equity ABL Risk Fractional Advisory Funding Advisory Finance Management Support* FE = 6 FE = 6 FE = 4 FE
Slide 24: 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 mark
Slide 25: Summary Investment Thesis
Summary Investment Thesis Insert logo here Why invest? Robust, recurring income stream. Predictable cost base with low operational gearing. Capital light. Scalable platform model. Significant opportunity for organic and acquisition driven growth. Cash backed profits which have supported 10.98 pence
Slide 26: The accountancy profession is ready for something new…..
The accountancy profession is ready for something new….. The “Big 4” are under significant pressure to restructure DSW Differentiators: Partners also continue to benefit from: International Being part of A direct link 100% Central network - Greater a multi- Pandea between fees operational infrastruc
Slide 27: Timeline of the Business
Timeline of the Business Insert logo here DSW Network has grown steadily to a team of 136 FE working in 10 service lines (15 May 2025) Dow Schofield Watts 27
Slide 28: Contact Us
Contact Us Burscough Cardiff Cheadle Daresbury Guildford Leeds 702 Merlin Business Park The Maltings The Camlee Group 7400 Daresbury Park Weybourne House Cubo, 3rd Floor Ringtail Rd E Tyndall St Eden Point Daresbury Hitherbury Close 6 Wellington Place Burscough Cardiff Three Acres Ln Warrington Guil