DSW Capital (DSW) Interim results 2024 presentation - November 23

DSW Capital CEO, James Dow, and Deputy CEO, Nicole Burstow present results for the six months to 30 September 2023, followed by Q&A. James Dow, CEO00:16 - Introduction02:19 - Investment case Nicole Burstow, Deputy CEO03:14 - Current service lines05:18 - Licensing model10:07 - Central initiatives13:01 - H1 FY24 highlights15:54 - Income statement18:02 - Balance sheet18:48 - Cashflow statement20:01 - KPI's James Dow, CEO22:16 - Growth opportunities23:40 - Service line targets25:42 - Recruitment pipeline27:01 - ESG27:33 - Summary and Outlook DSW Capital, owner of the Dow Schofield Watts brand, is a profitable, 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 now operates licensing arrangements with 25 licensee businesses with 106 fee earners, from 12 offices across the UK. 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.