Financial services group Thomas Carroll has posted a rise in profits and revenues in its first full trading year as an employee-owned trust business.
The Caerphilly-headquartered independent insurance, risk, wealth management and insurtech group saw profits rise from £454,000 in 2023 to £2.14m in 2024 (to December end).
The increase was 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.
However, after the tax credit, the group’s profit before tax still rose 76% year-on-year to £1.65m. It also saw turnover increase by 7.1%, from £14.58m in 2023, to £15.61m in 2024.
Its chief executive, Rhys Thomas, 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.”
Last year the group launched dedicated sales and operations boards, as well as being bolstered with a string of senior results. The group is upbeat on the trading out for this year and beyond and recently invested in a new office in Bristol to support expansion into the south-west of England marketplace.
Mr Thomas added: “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.”
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Sarah Edwards, group finance director, said: “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.”
As wellas its Caerphilly HQ and new Bristol office, the group also has offices in Swansea, Newport and Haverfordwest, Hereford and London. It employs 180.