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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Dsw Capital Plc | LSE:DSW | London | Ordinary Share | GB00BNG9H550 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 50.00 | 45.00 | 55.00 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Account,audit,bookkeep Svcs | 2.71M | 485k | 0.0221 | 22.62 | 10.96M |
From Apr 2022 to Apr 2024
TIDMDSW
RNS Number : 1688I
DSW Capital PLC
01 December 2022
1 December 2022
DSW CAPITAL PLC
("DSW Capital", "DSW" or the "Group")
(AIM: DSW)
Half Year Results
Heightened profile following IPO helped to drive network growth
DSW Capital, a profitable, fast growing, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, is pleased to announce its half year results for the six-month period ended 30 September 2022 ("H1 23" or the "Period").
The Group has delivered a strong performance in the Period with network revenue rising to GBP9.8m, up 34.5% compared to the same period in the prior year (H1 22: GBP7.3m), and is currently on track to deliver results for the year ended 31 March 2023 ("FY23") in line with market expectations.
Financial highlights
Hot Features
Premium
-- Network Revenue up 34.5% at GBP9.8m (H1 22: GBP7.3m)
-- Total income from licensees up 40.4% at GBP1.6m (H1 22:
GBP1.2m)
-- Adjusted Pre-Tax Profit GBP0.9m (H1 22: GBP0.8m)
-- Statutory Profit before tax GBP0.6m (H1 22: GBP0.7m)
-- Strong operating cash conversion of 85.1% with GBP4.6m
cash at period end
-- Strong balance sheet with Net Assets of GBP7.8m (H1 22:
GBP2.7m)
-- Interim dividend of 1.76p per share
Operational highlights
-- Fee Earners at the Period end increased to 93 (HY 22: 81),
up 14.8% YoY, demonstrating the attractiveness of the licence
model and the network's heightened profile following IPO,
which are negating wider challenges in the recruitment
market
-- Presence in Scotland expanded with two new offices, Edinburgh
and Glasgow, and three new partners
-- Additional partner welcomed to the Wealth Planning service
line post Period end in October 2022
-- The Group has also entered into a commercial support arrangement
with Freelands Finance Ltd, an Investor Relations Advisory
business. Working in collaboration with this business is
expected to provide a source of referral opportunities
to the DSW Network
-- Named by Experian* as the 10(th) most active corporate
finance adviser in the UK in the first half of 2022, compared
to 13(th) in the first half of 2021
-- Shortlisted for a number of awards, including 'Best Newcomer
Award' at the AIM Awards 2022 and 'Flotation of the Year'
at the Insider North West Dealmakers Awards 2022
Current trading and outlook
-- Demand for the DSW Network's services, which are primarily
SME focused, remains strong and the Business Recovery team
is continuing to see an increase in activity
-- Fee Earners at 31 October 2022 increased to 97, as teams
continue to recruit high calibre candidates
-- Opportunity for organic and acquisition driven growth remains
significant and the Directors remain confident in the strength
and resilience of the Group's business model
-- Currently on track to meet market expectations for FY23
* Experian Market IQ: H1 2022 Report
James Dow, Chief Executive Officer, said:
"Activity in the Network's primary market, the SME sector, has remained strong to date and resilient to the many economic challenges facing the UK. Whilst a downturn is likely to affect corporate finance and transaction services within the Network, we would expect some of that to be offset by an increase in the demand for insolvency, restructuring, and debt advisory services, for which we are already seeing strong demand as corporate distress levels rise.
We continue to seek to grow the Group through diversification with the addition and expansion of new service lines and to recruit professionals in other disciplines to reduce the M&A weighting of our licence fees."
Definitions
Network Revenue is defined as total revenue earned by licensees, as opposed to total revenue reported by the Company
Adjusted Pre-Tax Profit is defined as profit before tax adjusted to add back the items not considered part of underlying trading including share-based payment expense and IPO costs. It is a non-GAAP metric used by management and is not an IFRS disclosure.
Cash conversion is calculated as cash generated by operations divided by operating cash flows before movements in working capital
Total income from licensees represents statutory revenue plus share of results in associates
Online investor presentation
An online investor presentation and Q&A will be hosted by the management team today at 1pm. To participate, please register with PI World at: https://bit.ly/DSW_HY23 .
Enquiries:
DSW Capital
James Dow, Chief Executive Officer Tel: +44 (0) 1928 378
Nicole Burstow, Chief Financial Officer 029
Tel: +44 (0) 1928 378
039
Shore Capital (Nominated Adviser & Tel: +44 (0) 20 7408
Broker) 4090
James Thomas / John More / Mark Percy
Guy Wiehahn (Corporate Broking)
Belvedere Communications dsw@belvederepr.com
Cat Valentine Tel: +44 (0) 7715 769
Keeley Clarke 078
Tel: +44 (0) 7967 816
525
About DSW Capital
DSW Capital, owner of the Dow Schofield Watts brand, is a profitable, fast growing, mid-market, challenger professional services network with a cash generative business model and scalable platform for growth. Originally established in 2002, by three KPMG alumni, DSW is one of the first platform models disrupting the traditional model of accounting professional services firms. DSW operates licensing arrangements with 20 licensee businesses with 97 fee earners, across seven offices in England and three in Scotland. These trade primarily under the Dow Schofield Watts brand.
DSW's vision is for the DSW Network to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses. Through a licensing model, DSW gives professionals the autonomy and flexibility to fulfil their potential. Being part of the DSW Network brings support benefits in recruitment, funding and infrastructure. DSW's challenger model attracts experienced, senior professionals, predominantly with a "Big 4" accounting firm background, who want to launch their own businesses and recognise the value of the Dow Schofield Watts brand and the synergies which come from being part of the DSW Network.
DSW aims to scale its agile model through organic growth, geographical expansion, additional service lines and investing in "Break Outs" (existing teams in larger firms). The Directors are targeting high margin, complementary, niche service lines with a strong synergistic fit with the existing DSW Network.
CHIEF EXECUTIVE OFFICER'S STATEMENT
I am pleased to report that the Group traded strongly in the Period under review to deliver a positive set of results, which were in line with the Board's expectations. The Board would like to thank all our network Partners and Employees for their hard work and commitment to the DSW brand.
Network Revenue rose to GBP9.8m, an increase of 34.5% compared to the same period in the prior year (H1 22: GBP7.3m), as the Group benefitted from its heightened profile following IPO. This generated a 40.4% increase in Total Income from Licensees in the Period of GBP1.6m (H1 22: GBP1.2m), more than covering the additional costs of the Group's AIM listing, with Adjusted Pre-Tax Profit rising by 12.5% to GBP0.9m (H1 22: GBP0.8m).
The largest increase in costs can be attributed to the costs of being listed, including professional fees, AIM Listing fees and PR. Further costs are a result of investment in central infrastructure and an increased share based-payment expense. We are generally protected from the impact of wage and cost inflation as our licensee partners bear most of these risks.
Vision and strategy
DSW Capital is the owner of the Dow Schofield Watts brand, which is the predominant brand it licences to licensee businesses. Our vision is to become the most sought-after destination for ambitious, entrepreneurial professionals to start and develop their own businesses. We aim to scale the business through organic growth, new service lines and geographic locations, and investing in "Break Outs" (existing teams in larger firms).
We further executed on our strategy in the Period. Fee earners within our 20 licensed businesses rose by five in the Period to 93 at 30 September 2022, as the Group continued to benefit from its heightened profile following flotation (Fee earners at IPO: 82), and investment in a central recruitment resource. The growth in fee earners in the first half of the year was organic, underpinned by the continuous work of our existing partners, supported by our central team, to develop and build their own businesses through the recruitment of additional partners and fee earners.
As at 31 October 2022, the number of fee earners has increased to 97, bringing the increase in heads since IPO to 15, or 18.3%. Since the Period end, we have also seen the launch of our new Wealth Planning business, which will work with the existing network to further enhance our multi-disciplinary offering.
The Group remains focused on attracting "breakout" teams to augment its organic growth and also the acquisition of licence fees. We are in constant dialogue to encourage teams to join DSW and are confident that our efforts will begin to bear fruit in the second half of the current financial year. Our geographical expansion in Scotland continued with the opening of a Glasgow and an Edinburgh office earlier in the period, strengthening our presence in the region and serving as a platform for further growth.
DSW's achievements and capabilities remain most noticeable in its original core service disciplines of corporate finance and due diligence. Our prominence and progression in M&A were highlighted, once again, by Experian, which marked DSW as the 10(th) Most Active Corporate Finance Advisor in the UK in the first half of 2022* compared to 13(th) for the first half of 2021.
Dividend
We maintain a robust cash position with strong cash generation and are pleased to declare an interim dividend of 1.76p per share.
Current trading and outlook
Activity in the network's primary market, the SME sector, has remained strong to date and resilient to the many economic challenges facing the UK. Whilst we continue to seek to grow the business through diversification with the addition and expansion of new service lines, corporate finance and due diligence currently comprise most of our network activity. As such, we are not immune from a downturn in M&A activity, should this begin to impact the SME marketplace.
The Directors are mindful of the current economic uncertainty and the impact this may have on M&A activity. However, whilst a downturn might affect corporate finance and transaction services within the Network, we would expect some of that to be offset by an increase the demand for insolvency, restructuring, and debt advisory services, for which we are already seeing strong demand as corporate distress levels rise.
We remain confident in the strength and resilience of our business model and short-term macro challenges should give rise to long-term opportunities, as our candidate pool of new partners and employees is fuelled as much by personal dissatisfaction as it is by significant opportunity.
With trading remaining strong, the Board believes the Group is currently on track to deliver FY23 results in line with market expectations.
James Dow
Chief Executive Officer
30 November 2022
INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Six months Six months
ended 30 Sept ended 30 Sept
2022 2021
Note GBP'000 GBP'000
Continuing operations
Revenue 5 1,509 1,119
Gross profit 1,509 1,119
Share of results of
associates 124 44
Share of results of
jointly controlled
entity - 17
Administrative expenses (1,075) (525)
Operating profit 558 655
Adjusted operating
profit(1) 872 850
IPO Expenses - (92)
Share based payments
expense (314) (103)
------------------------------- ----- --------------- ---------------
Operating profit 558 655
Finance income 43 42
Impairment of loans - -
due from associated
undertakings
Finance costs (13) (46)
Profit before tax 588 651
Income tax (170) (135)
Profit for the half-year 418 516
Total comprehensive
income for the half-year
attributable to owners
of the Company 418 516
=============== ===============
Earnings per share
From continuing operations
Basic 3 GBP0.02 GBP0.27
Diluted 3 GBP0.02 GBP0.27
=============== ===============
Adjusted operating profit, which is defined as operating
(1) profit adjusted for items not considered part of underlying
trading, including IPO costs and share based payments,
is a non GAAP metric used by management and is not an
IFRS disclosure
INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 Sept As at 31 March
Note 2022 2022
GBP'000 GBP'000
Non-current assets
Intangible assets 770 794
Property, plant and equipment 470 525
Investments 922 922
Investments in associates 187 290
Interests in jointly
controlled entities 31 23
Prepayments and Accrued
Income 7 170 175
Deferred Tax asset 4 4
-------------- ---------------
2,554 2,733
-------------- ---------------
Current assets
Trade receivables 7 895 832
Prepayments and Accrued
Income 7 393 362
Other receivables 7 451 369
Cash and bank balances 4,567 4,722
6,306 6,285
Total assets 8,860 9,018
============== ===============
Current liabilities
Trade payables 86 86
Other taxation 228 210
Other payables 61 54
Accruals and Deferred
Income 70 163
Current tax liabilities 170 63
Lease liability 85 83
-------------- ---------------
700 659
-------------- ---------------
Net current assets 5,606 5,626
-------------- ---------------
Lease liability 259 302
Dilapidation provision 73 72
332 374
-------------- ---------------
Total liabilities 1,032 1,033
Net assets 7,828 7,985
Equity
Share capital 55 54
Share premium 5,280 5,280
Share-based payment reserve 1,488 1,174
Retained earnings 1,005 1,477
Total Equity attributable
to owners of the Company 7,828 7,985
The interim statements were approved and authorised for issue by the Board of Directors on 30 November 2022 and were signed on its behalf by:
James Dow
Chief Executive Officer
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Share-based payments
Share capital Share premium reserve Retained earnings Total equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------- ------------------------ ------------------ -------------
Balance at 01 April 2021 2 - 7 2,203 2,212
Profit for the half-year - - - 604 604
Dividends - - - (127) (127)
Share-based payments - - 103 - 103
-------------- -------------- ------------------------ ------------------ -------------
Balance at 30 Sept 2021 2 - 110 2,680 2,792
-------------- -------------- ------------------------ ------------------ -------------
Loss for the half-year - - - (938) (938)
Dividends - - - (253) (253)
Share-based payments - - 1,064 - 1,064
Issue of shares in
period 52 5,280 - (12) 5,320
-------------- -------------- ------------------------ ------------------ -------------
Balance at 1 April 2022 54 5,280 1,174 1,477 7,985
-------------- -------------- ------------------------ ------------------ -------------
Profit for the half-year - - - 418 418
Dividends - - - (890) (890)
Share-based payments(1) - - 314 - 314
Issue of shares in
period 1 - - - 1
-------------- -------------- ------------------------ ------------------ -------------
Balance at 30 Sept 2022 55 5,280 1,488 1,005 7,828
-------------- -------------- ------------------------ ------------------ -------------
SBP issued within six month period from 01 April 2022
(1) - 30 September 2022
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS
Six months Six months
ended 30 Sept ended 30 Sept
2022 2021
Note GBP'000 GBP'000
Profit for the half-year 418 516
Adjustments for:
Income tax expense 170 135
Net interest (income)/expense (30) 4
Depreciation of property,
plant and equipment 69 18
Amortisation of intangible
assets 23 19
Bonus shares / LTIP awards 1 -
Share-based payment expense 314 103
Operating cash flows before
movements in working capital 965 795
(Increase)/decrease in trade
and other receivables (171) 450
Increase/(decrease) in trade
and other payables (68) (63)
(Increase)/decrease in amounts
owed from associates in
relation to profit share 95 (44)
Cash generated by operations 821 1,138
Income taxes paid (63) (257)
--------------- ---------------
Net cash from operating
activities 758 881
--------------- ---------------
Investing activities
Purchases of property, plant
and equipment (14) (15)
Net cash used in investing
activities (14) (15)
--------------- ---------------
Financing activities
Dividends paid 6 (890) (127)
Finance lease payments (51) -
Interest received 42 16
Repayments of loans and
borrowings - (195)
Proceeds from loans and - -
borrowings
Proceeds from issue of ordinary - -
shares net of share issue
costs
Net cash used in financing
activities (899) (306)
---------------
Net increase/(decrease)
in cash and cash equivalents (155) 560
Cash and cash equivalents
at beginning of half-year 4,722 609
Cash and cash equivalents
at end of half-year 4,567 1,169
=============== ===============
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL INFORMATION
1. General Information
The Company was incorporated as DSW Capital Limited on 23 March 2010 under the Companies Act 2006 (Registration number: 07200401). The Company was re-registered as DSW Capital plc on 26 October 2021. The Company is incorporated and domiciled in England and Wales. The principal activity of the Company and its subsidiary, DSW Services LLP, (together referred to as the 'Group') is the licensing of the Dow Schofield Watts brand and associated brand names for use in the professional services sector.
The address of the Company's registered office is:
7400 Daresbury Park
Daresbury
Warrington
WA4 4BS
2. Basis of preparation
This condensed consolidated interim financial information for the 6 months to 30 September 2022 has been prepared in accordance with IAS 34 'Interim financial reporting' and also in accordance with the measurement and recognition principles of UK adopted international accounting standards. It does not include all of the information required for full annual financial statements and should be read in conjunction with the Annual Report and Accounts for the year ended 31 March 2022. This condensed consolidated interim financial information does not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. The Interim Report has not been audited or reviewed in accordance with the International Standard on Review Engagement 2410 issued by the Auditing Practices Board.
The interim condensed consolidated financial information is presented in the Group's functional currency of Pounds Sterling and all values are rounded to the nearest thousand (GBP'000) except when otherwise indicated.
Significant Accounting Policies
The accounting policies used in the preparation of the interim financial information for the six months ended 30 September 2022 are in accordance with the recognition and measurement criteria of UK Adopted International Accounting Standards and are consistent with those which were adopted in the annual statutory financial statements for the year ending 31 March 2022.
Use of estimates and judgements
There have been no material revisions to the nature of estimates and judgements of amounts reported in prior periods.
Going concern
The interim financial information has been prepared on a going concern basis as the Directors have reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The Group has no debt, GBP4.6m cash at 30 September 2022, is strongly cash generative, and has a strong trading performance. The Group's forecasts and projections show that the Group has sufficient resources for both current and anticipated cash requirements.
Accounting Developments
There have been no new standards or interpretations, relevant to the Group's operations, applied in the interim financial information for the first time.
Adjusted PBT
Adjusted PBT is utilised as a key performance indication for the Group and is calculated as follows:
Six months Six months
ended ended
30 September 30 September
2022 2021
GBP'000 GBP'000
Profit before tax 588 651
Share based payments 314 103
IPO costs - 92
-------------- --------------
Adjusted PBT 902 846
============== ==============
3. Earnings per share
From continuing operations
The calculation of the basic and diluted earnings per share is based on the following data:
Six months Six months
ended 30 September ended 30 September
2022 2021
Earnings GBP'000 GBP'000
Earnings for the purposes of basic
earnings per share being net profit
attributable to owners of the
Company 418 516
Effect of dilutive potential ordinary - -
shares:
Earnings for the purposes of diluted
earnings per share 418 516
Six months Six months
ended 30 September ended 30 September
2022 2021
Number of shares
Weighted average number of ordinary
shares for the purposes of basic
earnings per share 21,065,045 1,900,000
Effect of dilutive potential ordinary
shares:
Share Options 509,629 -
Weighted average number of ordinary
shares for the purposes of diluted
earnings per share 21,574,674 1,900,000
From continuing operations
Six months Six months
ended 30 September ended 30 September
2022 2021
Earnings GBP GBP
Basic earnings per share 0.02 0.27
--------------------
Diluted earnings per share 0.02 0.27
==================== ====================
Adjusted earnings per share is included as an Alternative Performance Measure ('APM') and is not presented in accordance with IAS 33. It has been calculated using adjusted earnings calculated as profit after tax but before:
-- Share-based payments expense; -- IPO costs; and -- The tax effect of the above items
The calculation of adjusted basic and adjusted diluted earnings per share is based on:
Six months Six months
ended 30 September ended 30 September
2022 2021
GBP'000 GBP'000
Profit after tax on continuing
operations 418 516
Adjusted for:
Share-based payment expense 314 103
IPO Costs 92
Tax effect of adjustments above - -
Adjusted earnings for the purposes
of adjusted basic and adjusted
diluted earnings per share 732 711
Six months Six months
ended 30 September ended 30 September
2022 2021
Earnings GBP GBP
Adjusted basic earnings per share 0.03 0.37
--------------------
Adjusted diluted earnings per
share 0.03 0.37
==================== ====================
Shares held in trust are issued shares that are owned by the Group's employee benefit trusts for future issue to employees as part of share incentive schemes. The future exercise of the share awards and options is the dilutive effect of share awards granted to employees that have not yet vested.
Shares held in trust are deducted from the weighted average number of shares for basic earnings per share. For its adjusted basic measure, the group uses the weighted average number of ordinary shares.
4. Profit for the year
Profit for the year has been arrived at after charging:
Six months Six months
ended 30 September ended 30 September
2022 2021
GBP'000 GBP'000
Depreciation of property, plant
and equipment 69 18
Amortisation 23 19
Employee pension 3 1
IPO costs - 92
5. Revenue
The disclosure of revenue by product line is consistent with the revenue information that is disclosed for each reportable segment under IFRS 8.
Disaggregation of revenue
Six months Six months
ended 30 September ended 30 September
2022 2021
GBP'000 GBP'000
External revenue by product line
License Fee Income 1,491 1,094
Profit Share Income 18 25
Total 1,509 1,119
====================
A further breakdown of revenue by reporting line is shown below:
Six months Six months
ended 30 September ended 30 September
2022 2021
GBP'000 GBP'000
External revenue by reporting
line
License fees attributable to Mergers
& Acquisitions (M&A) 1,142 769
License fees attributable to Other 349 325
Profit share attributable to M&A 18 23
Profit share attributable to Other - 2
-------------------- --------------------
Total Revenue by reporting line 1,509 1,119
-------------------- --------------------
Other income - -
-------------------- --------------------
Total Revenue 1,509 1,119
==================== ====================
6. Dividends
The final ordinary dividend for the year ended 31 March 2022 consisting of an interim catch up dividend of 0.56 pence per share and a final dividend of 3.66 pence per share as proposed in the 31 March 2022 financial statements and approved at the Group's AGM was paid on 30 September 2022.
In addition, since the end of the half-year the Directors have recommended the payment of an interim dividend of 1.76 pence per fully paid ordinary share. The dividend will be paid on 11 January 2023 to shareholders on the register on 16 December 2022 with the shares going ex-dividend on 15 December 2022. In accordance with IAS10 "Events after the Balance Sheet Date", these dividends have not been reflected in the Interim Report.
7. Trade and other receivables
Group Group
As at 30 September As at 31 March
2022 2022
GBP'000 GBP'000
Trade receivables 973 910
Loss allowance (78) (78)
-------------------- ----------------
895 832
Other receivables 753 686
Loss Allowance (302) (317)
-------------------- ----------------
451 369
Prepayments and Accrued
Income 655 629
Loss Allowance (92) (92)
-------------------- ----------------
563 537
==================== ================
1,909 1,738
==================== ================
Included in prepayments and accrued income are GBP170k (March 2022: GBP175k) due in greater than 1 year. Other receivables are made up from loans due from licensees and prepayments and accrued income relates to profit share due from licensees. Amounts due from subsidiary undertakings, in other receivables on the consolidated statement of financial position, are interest free and repayable on demand.
8. Related party transactions
Balances and transactions between the Company and its subsidiary, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its related parties are disclosed below.
Related parties are those licensees where the Company is a member of the related LLP or has significant influence over an entity either via voting rights or shareholding.
Revenue and Cost Recharges
Group entities entered into the following transactions with related parties who are not members of the Group. All entities other than DSW Investments 2 LLP are licensee businesses. DSW Investments 2 LLP is an entity owned by current shareholders.
Six months ended Six months ended
30 September 30 September
2022 2021
Revenue and Revenue and
Cost Recharges Cost Recharges
GBP'000 GBP'000
PHD Equity Partners - 5
PHD Industrial Holdings 137 83
DSW Investments 2 LLP 51 43
Other investments 320 300
Totals 508 431
================= =================
Other investments relate to routine and similar transactions which arose in the ordinary course of business, with DSW CF Leeds, DSW TS Leeds and DSW Business Recovery.
Amounts due from/to related parties
Group entities had the following balances, including loans to related parties, outstanding at year end with related parties who are not members of the Group:
As at 30 September As at 30 September
2022 2021
Amounts due Amounts due
from/(to) related from/(to) related
parties parties
GBP'000 GBP'000
PHD Equity Partners - 3
PHD Industrial Holdings 24 28
DSW Investments 2 LLP (32) -
Other investments 290 259
Totals 282 290
=================== ===================
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