Thomas Carroll Group, the independent insurance, risk and insurtech business headquartered in Caerphilly, has reported a 4% increase in revenue for the financial year ending December 2025, reaching £16.2m compared to £15.6m in 2024. The growth was driven entirely by organic expansion.
Profit decline reflects strategic investment
Pre-tax profit decreased from £1.6m to £1.3m, a drop attributed to increased expenditure on people, infrastructure and growth initiatives, alongside inflationary cost pressures. Despite the lower profit, the group maintained a strong balance sheet, underscoring its financial resilience and capacity for continued strategic investment.
Headcount rises to 186
The average number of employees grew to 186 in 2025 from 176 in 2024, demonstrating ongoing recruitment to support growth and service delivery. The business, which has operated as an employee ownership trust since 2023, expanded its regional footprint and operational capacity during the year, strengthening its ability to serve clients across the UK.
Expansion into South West England and London
Thomas Carroll progressed its entry into the South West of England marketplace with the opening of a Bristol office in May 2025, accompanied by significant recruitment. Capacity at the Bristol office was increased during the year to support further expansion, while in London, additional recruitment necessitated a move to larger premises.
CEO comments on strategy
Chief executive Rhys Thomas said: “These figures demonstrate that investment in people remains central to our strategy. We continue to prioritise capability development, retention and succession planning, recognising that the quality of advice we provide and the experience our clients receive are directly linked to our people.”
He added: “Operationally, we maintain a strong focus on efficiency, governance and regulatory compliance, ensuring our processes and controls evolve alongside the scale and complexity of the business.”
“While profit before tax reduced during the year, this reflects a deliberate and significant investment programme that has been fully supported by our employee ownership trust structure. We are attractive to talented people because of the certainty of our future, our independence and our ability to remain in control of our own destiny.”
“The growth we have achieved across our regional offices, together with our continued investment in innovation, positions us strongly for the future. These results reinforce our commitment to sustainable growth and a long-term focus, further strengthened by our transition to employee ownership.”
