Caerphilly-headquartered Thomas Carroll reports revenue and workforce growth

Caerphilly-headquartered independent insurance, risk and insurtech business Thomas Carroll has reported growth in both turnover and employee numbers for the year ended 31 December 2025, reflecting continued investment in expansion, infrastructure and innovation.

Turnover increased by 4% to more than £16.2 million in 2025, compared with £15.6 million in 2024. The company attributed the increase to organic growth across its regional offices and the continued delivery of its post-Employee Ownership Trust (EOT) strategy.

Profit before tax decreased from £1.6 million to £1.3 million during the year, reflecting increased investment in people, infrastructure and growth initiatives, alongside wider inflationary pressures.

The business said it continues to maintain a strong balance sheet, supporting ongoing strategic investment and innovation.

Thomas Carroll also expanded its workforce during the year, with average employee numbers increasing from 176 in 2024 to 186 in 2025 as recruitment continued to support growth and client service.

Operating as an Employee Ownership Trust since 2023, the business also strengthened its regional presence during 2025. This included opening a new Bristol office in May and increasing office capacity in the city to support further expansion. In London, continued recruitment resulted in a move to larger premises.

Despite its wider UK expansion, Thomas Carroll continues to be headquartered in Caerphilly, with offices across Wales in Swansea, Newport and Pembrokeshire alongside its wider UK network.

Rhys Thomas, Chief Executive of Thomas Carroll, 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.”