Thomas Carroll Group, an independent insurance and wealth management company, has announced an 11% increase in turnover for the financial year ending December 31, 2022.
According to a news release, the group’s turnover rose from £12.9 million in 2021 to £14.3 million in 2022, with pre-tax profits reaching £1.7 million.
During this period, Thomas Carroll Group made significant investments, primarily focusing on IT infrastructure and recruitment.
The employee-owned business welcomed 12 new members to its commercial and IT teams. Additionally, 19 qualifying colleagues joined the Thomas Carroll Employee Benefit Trust, which provides employees with shares in the company.
It also awarded its employees three pay raises throughout the year to mitigate the impact of rising living costs.
Moreover, Thomas Carroll Group continued to invest in its insurtech arm, TCi Futures, which was launched in 2021 to drive innovation in both the broker and embedded insurance markets. The venture started delivering revenue streams in 2022 and further bolstered its leadership by appointing Lee Griffin, the founder of Go.Compare, as a non-executive director.
As part of its commitment to sustainability, the group also reported on its carbon and energy usage as part of its financial results. In 2022, it reduced its carbon intensity ratio by 10%, achieving a reduction from 0.2 tCO2e per full-time equivalent (FTE) employee in 2021 to 0.18 tCO2e per FTE in 2022.
Rhys Thomas (pictured), CEO of Thomas Carroll Group, expressed his satisfaction with the company’s performance in 2022, given the challenging business environment created by the aftermath of the pandemic, the impact of Brexit on UK trade, increasing inflation, and the cost-of-living crisis.
Thomas also made note of how the company secured places on the Best Places to Work Listings, calling the recognition a testament to their “enduring independent, family ethos.”
“We were named as the fifth best company to work for in the insurance sector, the 19th best Welsh company to work for and the 57th best mid-sized company in the UK to work for,” said Thomas. “These achievements reflect our ongoing aim to be acknowledged as one of the best companies to work for in the UK.”
Meanwhile, Thomas Carroll Group finance director Sarah Edwards commented on the significant investments made by the company in its IT systems and key teams during the previous year.
“This planned expenditure will ensure the group is fit for the future with the right people and technology in place,” said Edwards. “Our aim is to make sure that Thomas Carroll Group is in the best possible position to deliver long term, sustainable profitable growth for future generations.”
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