DSW Capital reports record growth in latest financial results

Network Revenue rose by 62% to £25.8 million, the highest in the Group’s history and significantly ahead of expectations. The performance was driven by strong operational momentum, a surge in M&A activity in late 2024, and the successful acquisition and integration of DR Solicitors, which has materially enhanced DSW Capital’s platform and service offering.

Completed in November 2024, the acquisition delivered immediate value, contributing positively to the Group’s profitability in FY25 and supporting a 27% rise in the number of fee earners across the business. Headcount grew from 107 to 136, while average revenue per fee earner rose significantly, underscoring the scalability and productivity of DSW Capital’s model.

Alongside its financial and operational performance, DSW Capital continued to invest in its future, launching a technology enablement strategy focused on AI, automation and digital integration to drive efficiencies and enhance client delivery. This approach reflects the Group’s commitment to evolving the traditional professional services model through innovation and agility.

FY25 also marked a planned leadership transition, with Shru Morris stepping into the role of Chief Executive Officer on 1 April 2025. Pete Fendall was promoted to Chief Finance and Operating Officer, and co-founder James Dow continues to play an active strategic role as Executive Director.

Shru Morris, CEO at DSW Capital, commented: “Despite a challenging macroeconomic backdrop, this has been a defining year for us. We’ve strengthened our platform, diversified our offering, and delivered record performance. The integration of DR Solicitors has given us a powerful entry point into the legal sector, and our focus on supporting ambitious professionals through our challenger model continues to set us apart. We’re entering FY26 with real momentum and a clear strategy for growth.

Looking ahead, we expect organic growth to continue, driven by the growth of our existing businesses, and a more focused approach to expanding our mid-market presence, alongside welcoming additional licensees across financial and legal services. We’re creating the conditions for entrepreneurial professionals to thrive, and I’m confident in our ability to keep evolving the business, delivering long-term value, and empowering pioneers to start up, scale and succeed”.

Shru Morris