DSW Capital reports solid first half
By Josh White
Date: Monday 24 Nov 2025
(Sharecast News) - DSW Capital reported strong first-half growth on Monday, as higher fee earner numbers, the integration of DR Solicitors and continued expansion across its network lifted revenue and profitability.
The AIM-traded mid-market professional services platform said trading in the six months to 30 September was resilient and in line with expectations, reinforcing what it described as the scalability of its model.
Adjusted EBITDA rose to £0.7m from £0.1m a year earlier, reflecting a full six-month contribution from DR Solicitors, which was acquired in November last year.
Network revenue increased 32% to £10.3m, driven by growth within existing Dow Schofield Watts licensee businesses and the addition of DR Solicitors.
Cash conversion remained strong, with £2.2m on hand at period end after repaying £1m of its OakNorth Bank revolving credit facility.
Net assets stood at £10.2m, and the board declared an interim dividend of 1.2p per share, up from 1.0p.
The company said it continued to scale its fee-earner base, with numbers up 29% year on year to 144.
It highlighted a more balanced revenue mix following the DR Solicitors acquisition, with mergers and acquisitions contributing 32% of fee generation compared with 67% a year earlier.
DR Solicitors expanded further during the period, adding a corporate legal team specialising in dental and pharmacy work in October, while the number of fee earners using its platform rose to 26 from 20 at acquisition.
The group also appointed a head of recruitment in August to support future expansion.
DSW said its financial performance was typically second-half weighted and that it was now a more diversified and resilient business with reduced reliance on merger and acquisition activity.
It added that trading remained solid, although the board was mindful of geopolitical and economic uncertainties ahead of the UK Budget.
"We are encouraged by the group's performance in the first half of the year, which demonstrates the resilience, scalability, and potential of our platform," said chief executive Shru Morris.
"The integration of DR Solicitors has gone well.
"We continue to experience strong demand for our services across key sectors, with annual consultant growth exceeding 30 per cent and the recruitment of a new corporate legal team specialising in dental and pharmacy work.
"Whilst we, as a board, are ever mindful of the potential for market disruption which may result from the current geo-political and economic uncertainty, we are confident in the prospects for our businesses and our strategy to build shareholder value over the long term.
"Our focus remains firmly on driving sustainable growth, expanding our network of fee earners, and delivering results for all our stakeholders."
At 0900 GMT, shares in DSW Capital were flat at 50p.
Reporting by Josh White for Sharecast.com.
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