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42.50 0.60 (1.50%)

Bid:

40.00

Ask:

45.00

Spread: 5.00 (12.50%)

Market Cap: £10.20m

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IN BRIEF: DSW Capital promotes deputy to CEO; swings to interim profit

Mon, 25th Nov 2024 11:46

DSW Capital PLC - Warrington, England-based professional services via Dow Schofield Watts and DR Solicitors brands - Promotes Deputy Chief Executive Officer Shru Morris to CEO-designate. Morris, who joined DSW in August, will success James Dow on April 1. Dow co-founded DSW with Jon Schofield and Mark Watts back in 2002. DSW notes that Morris was involved in the "transformational" acquisition of DR Soliciters Ltd for GBP6.1 million, which completed last month. DSW also promotes Pete Fendall, currently chief operating officer & interim chief financial officer, to chief finance & operating officer.

The management announcement comes as DSW reports half-year results on Monday. Pretax profit is GBP101,000, swung from a loss of GBP63,000 a year before. Adjusted operating profit is GBP42,000, down from GBP95,000, while adjusted pretax profit is GBP200,000, unchanged. Revenue is flat at GBP1.1 million. DSW declares an interim dividend of 1.0 pence, which is one third of the intended total dividend for financial 2025 of 3.0p, up from 2.0p in financial 2024.

For all of financial 2025, adjusted pretax profit is expected to be GBP1.5 million, up from GBP500,000. "Momentum gained in September 2024 continued in October, generating exceptional levels of M&A activity as businesses looked to complete transactions ahead of the autumn [UK government] budget," DSW says.

Current stock price: 72.00 pence

12-month change: up 35%

By Tom Waite, Alliance News editor

Comments and questions to newsroom@alliancenews.com