Thomas Carroll Group has this week reported a 2% growth in turnover, as well as pre-tax profits of nearly £1million in its FY 2023 results.
2023 was a landmark year for the Thomas Carroll Group – the Caerphilly-headquartered independent insurance, risk, wealth management and insurtech company celebrated its 50th year in business and also transitioned into employee ownership, via an employee ownership trust (EOT).
The move into employee ownership was taken to reinforce its continuing independence, as well as creating a clear succession plan for the Group.
In delivering the EOT, Thomas Carroll Group incurred a number of one-off additional expenses that are reflected in its financial performance, yet whilst the focus was firmly on delivering this milestone transition it still reported a 2% growth in turnover on 2022, achieving a pre-tax profit of £935,862.
In 2023, Thomas Carroll has also continued to invest in key personnel to achieve its ambitious growth plans. These appointments included a new Chief Operating Officer in David Whittaker, former Aon and Marsh UK Chief Operating Officer (COO), and Ian Price, Director of Confederation of British Industry (CBI) Wales, as a non-executive director.
The EOT also led to Group streamlining its board, nonetheless all Directors remain in the business and are playing critical roles in planning and delivering the business’ strategic growth plan.
Rhys Thomas, Chief Executive Officer of Thomas Carroll Group, said: “This was a historic year for Thomas Carroll Group, the move into an EOT has made us more ambitious and focussed on the future. Therefore, as well as ensuring we met our financial objectives, we also sought to invest in the structure of the business and put us in the right place for continued growth.
“These results are a testament to the hard work and dedication of the team we have here at Thomas Carroll Group, who believe in our vision for the business and the plans we have put in place to ensure that it remains at the forefront of our sector for decades to come.”
Sarah Edwards, Chief Finance Officer at Thomas Carroll Group, added: “2023 was a pivotal year in many ways, as well as becoming fully employee owned, we have made strategic investments in key areas such as technology, talent acquisition, and infrastructure development which were prioritised to drive our succession plan, long-term growth and competitiveness.”
