**Summary**
DSW Capital PLC, a mid-market professional services platform owning the Dow Schofield Watts and DR Solicitors brands, released a trading update for the fiscal year ending 31 March 2026 (FY26). Despite double-digit growth at DR Solicitors and steady network trading, the outbreak of war with Iran has severely impacted UK M&A activity, leading to aborted or postponed deals in March—a critical month for completions. As a result, the company now expects reduced financial performance for FY26, with Total Income of £6.2m, Adjusted EBITDA of £1.6m, and Adjusted Profit Before Tax of £1.3m.
Cash reserves remain strong at £1.4m as of 28 February 2026, with net debt at £0.5m, following loan repayments and dividend payments. CEO Shru Morris emphasized the company’s strategic focus on diversification, highlighted by the successful acquisition and growth of DR Solicitors, which has reduced reliance on M&A. The company remains profitable and cash generative, with a strong pipeline of diversification opportunities. A full trading update will be announced in May 2026, in line with its usual timetable.
DSW Capital continues to pursue growth through attracting licensees, consultants, and new business, aiming to scale its agile model via organic growth, geographical expansion, and acquisitions. The company’s vision is to become a leading destination for entrepreneurial professionals, leveraging its licensing model and network synergies.