Daresbury-based professional services firm, DSW Capital, said trading in the six month period to September 30, 2025, has remained resilient and in line with management expectations.
The group, which includes the Dow Schofield Watts and the DR Solicitors brands, said adjusted EBITDA rose significantly to £700,000, compared with £100,000 in the previous period, reflecting a full six-month contribution from DR Solicitors, acquitted in November, 2024.
Network revenue increased by 32% to £10.3m, driven by the DR Solicitors acquisition and growth within existing DSW licensee businesses.
The number of fee earners using the DR Solicitors platform increased to 26 at the half year end, up from 20 on acquisition.
Fee earners increased from eight to 144, at September 30, 2024, against 136 at March 31, 2025.
Cash conversion was strong, with cash at September 30, 2025, of £2.2m, after a £1m loan repayment.
The group said its financial results are typically weighted towards the second half of the year. While the business is currently trading well, the board said it is mindful of the well-documented geo-political and economic uncertainties, particularly in relation to the forthcoming Autumn Budget.
CEO, Shru Morris, said: “Firstly, I would like to thank all our licensees for their continued commitment to DSW and their contribution to a good set of results.
“We are encouraged by the group’s performance in the first half of the year, which demonstrates the resilience, scalability, and potential of our platform.”
She added: “The integration of DR Solicitors is progressing well. We continue to experience strong demand for our services across key sectors, with annual consultant growth exceeding 30 per cent and the recruitment of a new corporate legal team specialising in Dental and Pharmacy work.
“Whilst we, as a board, are ever mindful of the potential for market disruption which may result from the current geo-political and economic uncertainty, we are confident in the prospects for our businesses and our strategy to build shareholder value over the long term.”
She said: “Our focus remains firmly on driving sustainable growth, expanding our network of fee earners, and delivering results for all our stakeholders. We look forward to providing a full update on the group’s progress and ambitions at the half year results later this month.”
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ConvaTec wound care
New products have driven broad-based growth during the past ten months at Deeside-based wound treatment medtech, Convatec, which will help the group deliver its annual targets, it said in a trading update today (November 13).
During the period to October 31, 2025, the group reported year-to-date organic growth.
This means the business is on track to deliver its 2025 financial targets, while for 2026 it expects another year of double-digit adjusted EPS growth and further adjusted operating margin expansion, irrespective of the regulatory outcome for its InnovaMatrix product. It said this will be driven by 5-7% organic growth in non-InnovaMatrix sales which, in the reporting period, represented three per cent of group revenues.
Advanced Wound Care was mid-single digit excluding InnovaMatrix. There was strong growth in North America, as ConvaFoam continued to gain share, and in global emerging markets. In Europe growth is building with new product launches.
Ostomy Care growth was mid-single digit. There was good growth in North America and Europe, supported by new patient starts in the Home Services Group, and in global emerging markets. Esteem BodyT continued to perform strongly.
Growth in Continence Care was mid-to-high-single digit. Further growth in patient volumes in Home Services Group in North America was driven by excellent customer service, and continued strong growth in Europe and global emerging markets. The new compact catheter, GentleCath Air for Women, continued to perform well.
And Infusion Care experienced double-digit growth. The group continued to diversify customers and applications, and saw faster growth from new customers, products and therapies, particularly Neria Guard for AbbVie’s treatment of Parkinson’s Disease.
As at October 31, 2025, the group had repurchased $202m of its $300m share buyback programme, while on October 2, 2025, it issued its first investment grade bond of $500m.
On October 27 the group reported the passing of its former CEO, Karim Bitar, and the board, today, thanked stakeholders for sharing many kind words of condolence.
Convatec confirmed the appointment of Jonny Mason as CEO on November 6, and he said today: “New product launches delivered strong sales growth, offsetting market headwinds and demonstrating the resilience of our business.
“We saw broad-based growth across our chronic care categories, together with further benefits of our ongoing simplification and productivity initiatives.
“Our commitment to patient care has never been stronger, with over 10,000 talented colleagues improving the lives of millions of people globally who rely on our trusted medical solutions every day.
“We are well-positioned to deliver our financial targets again this year, and beyond.”
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Revenue at United Utilities has surged by 21% in the six months to the end of September to £1.3bn.
Louise Beardmore, Chief Executive Officer, said: “We have achieved strong operational and financial performance in the first half of 2026, delivering for customers, communities, and the environment. Our transformative plan to invest over £13 billion in the North West over the next five years is on track with our supply chain fully mobilised, boosting economic growth and supporting 30,000 jobs across United Utilities and the supply chain.
“Our investment is delivering better environmental performance and improved infrastructure right across the region. Work is underway to deliver a new aqueduct safeguarding water supplies for over two million customers in Manchester, and we’re making good progress tackling spills from storm overflows. Despite a drier spring and early summer, the resilience of our team and our assets, together with the support of customers using water wisely, has helped us keep taps flowing and the environment protected. Our integrated network has allowed us to move water to where it is needed most, avoiding restrictions on water usage. On top of this, we remain focused on driving down leakage, with levels of find and fix 30% higher than this time last year.
“On storm overflows, we have a clear strategy of targeted interventions at hundreds of sites. Overall, spills are down c.40% year-to-date, around 10,000 of which are directly due to our actions. We’re making significant progress towards our long-term target of cutting them by 60% in the decade to 2030.
“We have been driving improvements for customers too: we are one of the few companies to have hit all targets on customer service; and have earned rewards across our regulator’s three key ‘customer experience’ measures. Recognising many households in the North West are facing financial challenges, we’ve doubled affordability support for customers, helping more than 400,000 customers with their bills this year.”