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Dow Schofield Watts (DSW) Capital has reported a 32% increase in network revenue to £10.3m for the six months to 30 September 2025, supported by the first full half-year contribution from DR Solicitors and growth across its licencee businesses.
The business advisory platform behind Dow Schofield Watts and DR Solicitors also saw its adjusted EBITDA rise to £0.7m, up from £0.1m a year earlier.
Cash conversion remained strong, with £2.2m held at the period end after a £1m loan repayment. The board declared an interim dividend of 1.2p per share.
During the period, the acquisition of DR Solicitors has broadened its operations and helped reduce its reliance on mergers and acquisitions revenue, which accounted for 32% of fee generation in the period, down from 67% a year earlier.
Fee earner numbers rose 29% year on year to 144 across 24 businesses, including 49 partners. DR Solicitors increased consultant numbers by 30% to 26. The group said this growth in headcount reflects the continued appeal of its licencee model.
Additionally, Dow Schofield Watts has launched a Pathway to Partner programme aimed at directors seeking to establish their own practice. To support recruitment, DSW Capital appointed Holly Payne as head of recruitment in August.
Looking ahead, the board said that trading remains resilient and in line with expectations, noting that results are typically second-half weighted.
It added that the business is now more diversified, with reduced dependence on M&A activity, and remains focused on expanding fee earner numbers and delivering sustainable growth.
Shru Morris, chief executive, said: “These results are a strong indication that we’re delivering on exactly that, growing both our revenue and the size of our platform. With the integration of DR Solicitors already enhancing the breadth of our services and driving further growth, we’re certainly not slowing down as a true challenger in the professional services market.
“As we move further into the second half of our financial year, it’s clear we’re still facing economic headwinds and geo-political uncertainty. However, I’m confident that, with the right people, we’re best placed to meet these head on and succeed.”
