DEVELOPMENT BANK OF WALES PUBLIC LIMITED COMPANY
Owned by the Welsh Government, the public limited company provides debt and equity finance to regional businesses and property developers, while also managing specialist financial products and operating subsidiaries including FW Capital and Angels Invest Wales.
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Cash
£1.1B
+1.2% vs 2024
Net assets
£380M
+6.5% vs 2024
Employees
283
+0.7% vs 2024
Profit before tax
£22M
-45.3% vs 2024
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
3 officer resignations in last 12 months
Multiple officers have left the board recently — see the People section for who.
Net assets
2-year trend · vs Financials median
Accounts
2-year trend · Δ = latest vs prior filed period · latest reflected 2025-03-31
| Metric | Trend | 2024-03-31 | 2025-03-31 | Δ vs prior |
|---|---|---|---|---|
| Turnover | £32,153,000 | £38,750,000 | +20.5% | |
| Operating profit | £44,619,000 | £3,647,000 | -91.8% | |
| Profit before tax | £40,776,000 | £22,310,000 | -45.3% | |
| Net profit | £37,964,000 | £18,992,000 | -50% | |
| Cash | £1,127,495,000 | £1,140,648,000 | +1.2% | |
| Total assets less current liabilities | £1,743,526,000 | £1,784,872,000 | +2.4% | |
| Net assets | £356,361,000 | £379,566,000 | +6.5% | |
| Equity | £356,361,000 | £379,566,000 | +6.5% | |
| Average employees | 281 | 283 | +0.7% | |
| Wages | £16,860,000 | £17,495,000 | +3.8% | |
| Directors' remuneration | £744,000 | £775,000 | +4.2% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2024-03-31 | 2025-03-31 |
|---|---|---|---|
| Operating margin | 138.8% | 9.4% | |
| Net margin | 118.1% | 49.0% | |
| Return on capital employed | 2.6% | 0.2% | |
| Gearing (liabilities / total assets) | 80.6% | 80.1% | |
| Current ratio | 12.44x | 10.38x | |
| Interest cover | 15.01x | 0.53x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 1 time since incorporation
- DEVELOPMENT BANK OF WALES PUBLIC LIMITED COMPANY 2017-10-06 → present
- FINANCE WALES PUBLIC LIMITED COMPANY 2000-08-18 → 2017-10-06
Audit & accounting basis
- Accounting basis
- IFRS
- Reporting scope
- Consolidated group
- Auditor
- Forvis Mazars LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“The Directors, at the time of approving the financial statements, have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future, which reflects a period of at least 12 months from the date of approval of the financial statements and have concluded that there are no material uncertainties relating to going concern.”
Group structure
- DEVELOPMENT BANK OF WALES PUBLIC LIMITED COMPANY · parent
- DBW Holdings Limited 100%
- DBW Services Limited 100%
- DBW Managers Limited 100%
- 1st Choice Auto Body Group UK Ltd 100%
- Afferent Medical Solutions Ltd 100%
- Against International Ltd 100%
Significant events
- “2024/25 saw our team help 502 businesses to create and safeguard 6,185 jobs across Wales, with debt and equity funding totalling £152 million.”
- “The Group recorded a £22.3 million profit before tax, compared with a £40.8 million profit before tax for the previous year. The reduction in profit before tax is primarily driven by a £7.4 million reduction in European Regional Development Fund (‘ERDF’) grant release and an £18.9 million increase in equity book fair value losses.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
10 active · 36 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| HITCHINGS, Elizabeth Anne | Secretary | 2022-12-01 | — | — |
| BRIDGELAND, Sally | Director | 2024-09-25 | Nov 1964 | British |
| EVANS, Iestyn David | Director | 2022-03-01 | Apr 1975 | British |
| JONES, Daniel Rhys | Director | 2020-03-01 | Nov 1983 | British |
| METHUEN-LEY, Kate Ann | Director | 2021-04-06 | Mar 1976 | British |
| OLDHAM, Paul | Director | 2025-07-17 | Feb 1964 | British |
| ROPAR, Annie | Director | 2025-07-01 | Apr 1972 | Canadian |
| STAZIKER, David James | Director | 2018-04-01 | Sep 1969 | British |
| THORLEY, Giles Alexander | Director | 2016-04-04 | Jun 1967 | British |
| WALKER, Dianne Gillian Davies | Director | 2022-03-01 | Mar 1965 | Welsh |
Show 36 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAVIES, Michael James | Secretary | 2005-06-24 | 2010-11-17 |
| INGHAM, Norman Leonard | Secretary | 2002-10-07 | 2005-06-24 |
| OATES, Judi May | Secretary | 2008-09-30 | 2022-12-01 |
| THOMAS, Roy John | Secretary | 2000-08-18 | 2002-10-04 |
| AKTERUZZAMAN, Mohammed | Director | 2001-01-16 | 2004-03-31 |
| ALLEN, John, Sir | Director | 2000-08-18 | 2001-01-16 |
| AMIRI, Iraj | Director | 2016-09-01 | 2025-08-31 |
| BALSOM, Susan Carol | Director | 2001-01-16 | 2002-01-31 |
| BELL, Carol, Dr | Director | 2014-10-01 | 2023-09-30 |
| BELLIS, Karen Margaret Rich | Director | 2001-01-16 | 2004-03-31 |
| BULLOCK, Gareth Richard | Director | 2015-09-23 | 2024-09-25 |
| CLAYTON, Jane Elizabeth | Director | 2006-06-01 | 2011-05-31 |
| DRURY, Sheila | Director | 2003-04-01 | 2003-09-10 |
| GREY, Ivar Andreas Robert John | Director | 2006-06-01 | 2016-09-30 |
| HOWES, Brian John | Director | 2001-01-16 | 2007-12-31 |
| JENKINS, Timothy Joseph | Director | 2004-04-01 | 2006-03-31 |
| JEYNES, Roger David | Director | 2016-11-01 | 2025-10-31 |
| JOHN, Ian Clive | Director | 2006-06-01 | 2016-11-30 |
| JOHNSON, Ian Roy | Director | 2008-03-15 | 2015-09-30 |
| JONES, Graham Michael Thelwall | Director | 2001-01-16 | 2011-05-31 |
| JONES, Sian Lloyd | Director | 2005-02-03 | 2015-09-30 |
| JONES, Trefor Glyn | Director | 2000-08-18 | 2005-03-31 |
| JONES-EVANS, Dylan, Professor | Director | 2001-01-16 | 2006-06-30 |
| KILLICK, Michael David | Director | 2006-06-01 | 2013-05-31 |
| LAMB, Robert Alun | Director | 2021-04-06 | 2025-09-09 |
| LLEWELLYN, Margaret Jennifer | Director | 2012-09-01 | 2021-08-31 |
| MORGAN, Robert Huw | Director | 2013-11-18 | 2022-11-17 |
| O'LEARY, Kevin Patrick | Director | 2010-11-17 | 2018-03-31 |
| OWEN, Michael | Director | 2015-10-01 | 2016-04-04 |
| RADCLIFFE, Peter Greig | Director | 2006-06-01 | 2011-05-31 |
| ROWLANDS, Christopher Paul | Director | 2010-04-01 | 2014-09-30 |
| THOMAS, Meirion | Director | 2001-01-16 | 2005-03-31 |
| WILLIAMS, David Brynle | Director | 2002-02-01 | 2004-12-31 |
| WILLOTT, William Brian, Dr | Director | 2000-08-18 | 2001-01-16 |
| WOODALL, Frederick Peter | Director | 2004-04-01 | 2008-02-26 |
| WRIGHT, Peter | Director | 2001-01-16 | 2004-12-01 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Welsh Ministers | Corporate entity | Shares 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 151 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-05-13 MA Memorandum articles
- 2025-05-13 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-11-03 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-26 | AA | accounts | Accounts with accounts type group | |
| 2025-09-11 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-01 | TM01 | officers | Termination director company with name termination date | |
| 2025-08-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-07-30 | RP04AP01 | officers | Second filing of director appointment with name | |
| 2025-07-17 | AP01 | officers | Appoint person director company with name date | |
| 2025-07-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-05-13 | MA | incorporation | Memorandum articles | |
| 2025-05-13 | RESOLUTIONS | resolution | Resolution | |
| 2024-10-01 | TM01 | officers | Termination director company with name termination date | |
| 2024-10-01 | AP01 | officers | Appoint person director company with name date | |
| 2024-09-25 | AA | accounts | Accounts with accounts type group | |
| 2024-08-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-13 | AA | accounts | Accounts with accounts type group | |
| 2023-10-03 | TM01 | officers | Termination director company with name termination date | |
| 2023-08-30 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-04-04 | AA | accounts | Accounts with accounts type group | |
| 2023-02-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2023-02-09 | MR04 | mortgage | Mortgage satisfy charge full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 8
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 3
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.