If the Shru fits...

DSW's newish CEO has big boots to fill, but it hasn't been today's results announcement which has been keeping her awake at night

Hello Rainmakers,

This morning DSW Capital released the first set of results since Shru Morris took over as CEO, stepping into the big shoes of founder James Dow.

The headline numbers are that DSW says it has successfully reduced its dependency on lumpy fees from advising on deals as income from its legal business lifted revenues and profits.

The Daresbury-headquartered firm posted revenues of £4.8m and pre-tax profits of £1.3m in the year to 2025, the first results overseen by newly appointed CEO Shru Morris.

The business enjoyed “exceptional levels” of M&A activity which generated c.£3.0m of supernormal network revenue in October 2024, with M&A activity levels returning to more normal levels post the Autumn Budget through to the year end.

The DSW network, of which DSW Capital owns the brands, saw revenue increase by 62% to £25.8m (2024: £16m).

The £6.3m purchase of DR Solicitors has brought a “highly scalable, cash generative and profitable legal platform” to the group.

In this context it’s a reminder why Morris seemed quite chilled when she gave an in-depth interview to us as those results were being prepared.

It isn’t the share price that occasionally keeps Shru Morris awake at night.