DSW Capital (DSW) Full Year 2024 results presentation - July 2024

James Dow, CEO and Pete Fendall, COO & Interim CFO, present the group's results for the year ended 31 March 2024, followed by Q&A. James Dow, CEO 00:16 - Introduction 01:54 - Overview of DSW 02:57 - Investment case Pete Fendall, COO & Interim CFO 04:10 - Current service lines 06:38 - The DSW license model 12:00 - Central initiatives 13:47 - FY24 highlights 16:15 - Income statement 17:56 - Balance sheet 18:50 - Cash flow James Dow, CEO 19:58 - Network KPI's 22:07 - Growth Opportunities 24:11 - Target acquisition service lines Pete Fendall, COO & Interim CFO 26:15 - Recruitment stats 27:38 - ESG James Dow, CEO 29:44 - Summary & outlook 32:06 - Q&A 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 operates licensing arrangements with 25 licensee businesses with 107 fee earners, eleven 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.