DSW Capital PLC on Tuesday said its new financial year has started in line with expectations as it touted optimism for its long-term prospects.

The Warrington, England-based financial advisor that provides advisory services in areas such as corporate finance and due diligence said pretax profit fell to £207,000 in the financial year ended March 31 from £715,000 a year prior.

Revenue edged down 15% to £2.3 million from £2.7 million.

Administrative expenses remained flat at £2.4 million.

DSW Capital proposed a final dividend of 0.75 pence per share, bringing the total payout to 2.00p, a 47% decrease from 3.76p paid a year prior.

Looking ahead, the company was upbeat, noting that the new financial year has started in line with expectations. Chair Heather Lauder said: ‘While recognising that economic conditions remain volatile, I am confident in the group’s ability to continue to deliver on its growth strategy. As a board, we firmly believe that DSW is an attractive alternative to the Big 4 accounting firms, which enables talented professionals to achieve their potential and provide a bespoke, personalised service.’

DSW Capital highlighted it started the new financial year with 25 licensees ‘and a record number of fee earners and partners, creating a strong platform for when market conditions return’.

Chief Executive Officer James Dow said: ‘We are confident in the strength of our business model to continue to attract fee earners, and we have a strong balance sheet to support that. We remain confident that our considerable efforts to both acquire licence fees and recruit teams will continue to bear fruit.’

DSW Capital shares jumped 10% to 55.00 pence each on Tuesday afternoon in London.

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