Thomas Carroll Group saw its profits and turnover increase in the financial year ending 31 December 2024 – its full first year as an employee ownership trust.
The Caerphilly-headquartered independent insurance, risk, wealth management and insurtech Group saw profits go from £454,000 in 2023 to £2.14 million in 2024.
The increase has been largely supported by an exceptional, non-recurring tax credit in this financial year, which it received as a result of its transition into employee ownership. Excluding the tax credit, the Group’s profit before tax rose 76% year-on-year to £1.65 million. It also saw turnover increase by 7.1%, from £14.58 million in 2023, to £15.61 million in 2024.
Rhys Thomas, Chief Executive Officer of Thomas Carroll Group, said:
“The increase in both our turnover and profit represents our operational strength, financial resilience and careful cost management. It also demonstrates the strategic investment we have made in our future as an employee-led organisation, that puts clients at the forefront of everything we do.”
One of the key milestones of 2024 was the launch of a dedicated Sales and Operations Board. The Boards were created to ensure that its client first service ethos aligns with the needs of the business, as well as improving internal efficiencies and accountability.
The Group has also attracted talented executives from competitors around Wales, London and the southwest of England to join its ranks.
Rhys continued:
“Our 2024 results speak for themselves and highlight our long-term commitment to independence, sustainable growth, and shared success – creating lasting value for our clients, our people, and the communities we serve.
“Community is key for us at Thomas Carroll and throughout 2024 our charitable endeavours have escalated. We have supported national charities, local food banks, community groups and clubs through fundraising and donations. The Thomas Carroll Charitable Trust directly helped six people in 2024 through immediate impact tangible giving. This support ranged from providing intensive physiotherapy to offering a bed for someone who had recently turned his life around. We are delighted to have supported each and every individual and look forward to continuing this support throughout 2025 and beyond.
“It was our first full year operating as an EOT and throughout the year, we have remained focused on executing our strategic priorities, which centre on client excellence, regional expansion, strong financial governance, and investing in people and operational capability.”
Sarah Edwards, Group Finance Director at Thomas Carroll Group, added:
“We recognise that the tax credit received this year is a one-off, directly linked to our transition to becoming employee-owned. However, our ambition is to maintain this level of profitability, while also honouring our commitment to self-fund the journey into employee ownership. It will be a challenge, but it’s one we fully embrace as part of building a sustainable, independent future owned by our people.
“The Group delivered strong financial results in 2024, reflecting disciplined management, effective execution of our growth strategy, and a sustained market demand for our services. This will continue into 2025 with a more regional focus. One standout development this year has been the opening of a new regional office in Bristol. This investment will enhance our local market presence and enable us to build deeper relationships with businesses across the south west of England.”
