Carroll Thomas post strong revenue growth while increasing its headcount

In its last financial year it increased its presence outside of Wales in the south west of England and London

Independent insurance, risk and insurtech business Thomas Carroll Group is continuing to drive revenues and its headcount.

In its financial to the end of December, 2025 the Caerphilly-based business saw revenues rise 4% from £15.6m in 2024 to more than £16.2m. This was driven by organic growth. Profit before tax reduced from £1.6m to £1.3m as a result of increased expenditure driven by continued investment in people, infrastructure and growth initiatives, alongside inflationary cost pressures.

The group maintained a strong balance sheet, underlining its financial resilience and enabling continued investment in strategic growth initiatives.

The average number of employees increased to 186 in 2025 from 176 in 2024, proving continued recruitment to support growth and service delivery across the group.

During the year, the business, which has operated as an employee ownership trust since 2023, expanded its regional footprint and operational capacity, strengthening its ability to support clients across the UK.

The group progressed its entry into the south west of England marketplace through the opening of its Bristol office in May 2025, alongside significant recruitment activity to support growth. At its Bristol office capacity was increased during the year to support expansion, while in

London further recruitment led to a move into larger premises.

Chief executive of Thomas Carroll, 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.

“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.”