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Thomas Carroll Reports Record Financial Year

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The Thomas Carroll Group has reported a record financial year, with turnover topping £12m and pre-tax profit of over £2m for the first time in the business’ 50 year history.

The independent insurance, risk and wealth management group saw turnover grow by 10.4%, from £11.7m in 2020 to £12.9m at year ending 31 December 2021. Pre-tax profits increased by 5.9% from £1.9m in 2020 to just over £2m in 2021.

Despite the continuing challenges of the pandemic, the Group remained committed to reinvestment and the 2021 financial year saw Thomas Carroll appoint 20 new members of staff and acquire DG Insurance Services to support its expansion plans in West Wales – a move that took its income in the region to over £1m.

There were also investments in new business reported. In response to the growing presence of disruptive technology in the risk market, Thomas Carroll launched a new subsidiary in 2021 – innovative insuretech business TCi Futures Ltd – with the aim of protecting and futureproofing the business.

Thomas Carroll reported its energy and carbon data across the Group for the first time in the financial year ending 31 December 2021. It recorded a carbon intensity ratio of 0.2 tCO2e per full-time equivalent (FTE) employee. This base year figure will be used to set carbon reduction targets, drive new eco measures and assess environmental performance, alongside financial performance, in future years.

Rhys Thomas, Chief Executive at Thomas Carroll Group, said:

“Despite the impact of COVID, the group has performed well and continued to grow thanks to our hard-working and dedicated team. We remain committed to reinvesting profit into quality people, and we saw several internal promotions, as well as many new appointments, this year as a result.

“We continue to prioritise our people and took a proactive approach to wellbeing, embracing home working as well as rewarding our team’s efforts, and reflecting the business’ strong financial performance, with a ‘pandemic bonus’ for every employee.

“We are especially proud to see our client retention at a record high of 96%. Our teams strive to maintain strong, longstanding relationships with our clients, providing the highest level of expertise and technical knowledge.

“Our aim is to continue to be recognised as one of the best companies to work for in the UK. As we celebrate our 50th year in business in 2022, we look forward to driving the business even further forward and continuing in our success as a leading independent financial services specialist.”

Sarah Edwards, Finance Director at Thomas Carroll Group, added:

“The directors remain committed to our independent future and in 2021 they reaffirmed this long-term objective by consolidating the trade of each subsidiary into one company. This should be achieved by the end of 2022 and we have already seen real benefit to this decision in our short and medium term investment decisions. It looks set to be another successful financial year for the Group.”

The Thomas Carroll Group is one of the UK’s leading independent commercial and personal insurance brokers. With over 175 employees, the group also includes a health and safety consultancy, financial wealth management, employee benefit, and employment law teams. It has offices across Wales including Caerphilly, Swansea, Newport, and Haverfordwest, as well as English offices in Hereford and London.