DSW Capital

DSW · AIM · Financial Services · mcap £11m · 45.5p 2 open situations →

DSW Capital runs a network of licensed professional-services businesses, mainly corporate finance and due diligence, and takes a share of their fees. It has added a legal arm through DR Solicitors and is launching DSW Legal.

Target	Promise	Said	Status
2024
FY24	FY24 adjusted pre-tax profit of £1.1m-£1.4m	9 Nov 2023	✗ Missed · target changed
	How it developed 9 Nov 2023 Said “FY24 profit guidance £1.1m-£1.4m as M&A activity normalises” 15 Feb 2024 ↻ Changed / dropped “As a result of these changes, and given the Group's H2 weighting, we now anticipate FY 24 adjusted pre-tax profit to be in the range of £0.6m to £0.7m.” 2 Jul 2024 ↻ Changed / dropped “Adjusted pre-tax profit of £0.5m (FY23: £1.4m), reflecting lower levels of activity and continuing investment for future growth and expansion” Result Cut in February 2024 to £0.6-0.7m; FY24 adjusted pre-tax profit came in at £0.5m. “As a result of these changes, and given the Group's H2 weighting, we now anticipate FY 24 adjusted pre-tax profit to be in the range of £0.6m to £0.7m.”15 Feb 2024 · Trading Update “Adjusted pre-tax profit of £0.5m (FY23: £1.4m), reflecting lower levels of activity and continuing investment for future growth and expansion”2 Jul 2024 · Audited Final Results
FY24	Maintain FY24 total dividend at 3.76p	27 Nov 2023	✗ Missed · target changed
	“The Board intends to maintain the total dividend payable for the year at 3.76p (FY23: 3.76p). In line with the Group's stated dividend policy, one third will be paid at the interim. The maintenance of the dividend at last year's level demonstrates our confidence in the medium-term prospects of the Group and we intend to maintain our progressive dividend policy.” How it developed 27 Nov 2023 Said “The Board intends to maintain the total dividend payable for the year at 3.76p (FY23: 3.76p).” 15 May 2024 ↻ Changed / dropped “has taken the decision to propose a reduced final dividend of 0.75p (FY23: 2.0p), giving a total dividend for FY24 of 2.0p (FY23: 3.76p).” 2 Jul 2024 ↻ Changed / dropped “has taken the decision to propose a reduced final ordinary dividend for the year ended 31 March 2024 of 0.75 pence per share, giving a total dividend for...” Result Final dividend cut to 0.75p in May 2024; FY24 total dividend was 2.00p. “has taken the decision to propose a reduced final dividend of 0.75p (FY23: 2.0p), giving a total dividend for FY24 of 2.0p (FY23: 3.76p).”15 May 2024 · Trading Update and Notice of Final Results “has taken the decision to propose a reduced final ordinary dividend for the year ended 31 March 2024 of 0.75 pence per share, giving a total dividend for the year ended 31 March 2024 of 2.0 pence per share.”2 Jul 2024 · Audited Final Results
2025
FY25	FY25 network revenue c.£23.0m and adjusted pre-tax profit c.£1.45m	7 Nov 2024	✓ Kept
	How it developed 7 Nov 2024 Said “FY25 Consolidated Network Revenue (guidance) c.£23.0m; Adjusted Pre-Tax Profit (guidance) c.£1.45m” 25 Nov 2024 ✓ Kept “FY25 consolidated network revenue is expected to be c.£23.0m (FY24: £16.0m) - a 43.8% increase on prior year” Result FY25 network revenue £25.8m, ahead of expectations; adjusted PBT £1.4m, roughly in line. “FY25 consolidated network revenue is expected to be c.£23.0m (FY24: £16.0m) - a 43.8% increase on prior year”25 Nov 2024 · Half-year Results
1 Apr 2025	Shrutisha Morris becomes Chief Executive on 1 April 2025	25 Nov 2024	✓ Kept
	“as of 1 April 2025, Shru will become Chief Executive of DSW Capital” How it developed 25 Nov 2024 Said “as of 1 April 2025, Shru will become Chief Executive of DSW Capital” 24 Nov 2025 ✓ Kept “It is an honour to lead this business, as I have since April 2025, and to succeed James Dow, Executive Director and Co-Founder of a pioneering brand that...” Result Later announcements continue the planned transition; James Dow moves to non-executive director from January 2026. “It is an honour to lead this business, as I have since April 2025, and to succeed James Dow, Executive Director and Co-Founder of a pioneering brand that supports entrepreneurship and offers a viable and distinguished alternative for top-quality professionals in the UK.”24 Nov 2025 · Half-year Results “From 1 January 2026, James will transition to the role of Non-Executive Director.”24 Nov 2025 · Half-year Results
2026
FY26	Reduce M&A dependency from 67% of revenue to around a third in FY26	7 Nov 2024	⏱ Overdue – no update
	“Group's dependency on M&A expected to reduce to around a third in FY26 following a full year's contribution from DR Solicitors” Also stated 15 May 2025 · 8 Jul 2025 How it developed 7 Nov 2024 Said “reducing our reliance on M&A significantly (from 67% of revenue to about a third)” 15 May 2025 Said “with a further substantial reduction to around a third expected in FY26 following a full year's contribution from DR Solicitors” 8 Jul 2025 Said “Group's dependency on M&A expected to reduce to around a third in FY26 following a full year's contribution from DR Solicitors” Status so far The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
FY26	FY26 total income c.£6.2m, adjusted EBITDA c.£1.6m, adjusted PBT c.£1.3m (revised guidance)	16 Mar 2026	✓ Kept
	How it developed 16 Mar 2026 Said “Total Income guidance c.£6.2m; Adjusted EBITDA guidance c.£1.6m; Adjusted profit before tax guidance c.£1.3m” 28 Jul 2026 ✓ Kept “Total income (£'000) \| 6,266 \| 4,965 \| 2,431” Result FY26 revenue £6.17m, adjusted EBITDA £1.67m, adjusted PBT £1.31m, in line with revised expectations. “Total income (£'000) \| 6,266 \| 4,965 \| 2,431”28 Jul 2026 · Audited Final Results “Adjusted EBITDA (£'000) \| 1,667 \| 1,787 \| 626”28 Jul 2026 · Audited Final Results
Today · 20 Oct 2026
2027
FY27	Launch DSW Legal and expand it into a national legal platform	15 May 2026	◐ Partly on track
	“expand DSW Legal into a national legal platform” Also stated 28 Jul 2026 How it developed 15 May 2026 Said “This new platform will offer top legal talent an attractive alternative career path, enabling them to build their own business under a recognised brand,...” 28 Jul 2026 Said “expand DSW Legal into a national legal platform” Status so far First licensee, Apex Employment Solicitors, joined in October 2026; national expansion not yet shown. 1 Oct 2026 · DSW Legal welcomes first licensee
2029
2029-10	Apex to grow to over 10 senior associates within three years	1 Oct 2026	… In progress
	“The firm aims to grow to over 10 senior associates within three years.” Status so far Not yet due.