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Transition to employee ownership has paid off
Western Mail
|July 02, 2025
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.
Chief executive Rhys Thomas said: “The increase in both our turnover and profit represents our operational strength, financial resilience and careful cost management.
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