Thomas Carroll’s 2019 Report and Accounts have been published following another successful trading year. The core insurance broking business Thomas, Carroll (Brokers) Ltd, including the wholly owned subsidiary Thomas Carroll Brokers Swansea Ltd, have delivered another year of sustainable, profitable growth against a backdrop of continued investment across the business.
Across these two businesses alone, income has grown 8.7% to in excess of £7.8m and profit before tax increased 35.9% to £990,298 from £728,958 in 2018. Through investment, expenditure has modestly increased 5.9% with growth in employee numbers, expansion of office space in Newport and London premises and a full refurbishment of the Caerphilly HQ to create a new modern and more comfortable working environment.
Through decades of thoughtful investment, Thomas Carroll is well equipped with substantial cash reserves, a quality team, a healthy reputation and no exposure to any particular client sector. The board remain confident but not complacent that not only will they withstand the current COVID-19 crisis but emerge stronger and will continue to drive organic growth and profit through 2020 trading.
The board have also offered special mention to past Chairman John Moore MBE who retired at the end of 2019 having given over 30 passionate years to Thomas Carroll. John has built solid foundations and equipped the current and future leadership team well for the next exciting chapter in the Group’s history.
Thomas Carroll Brokers Managing Director Gareth Cotty commented:
“We are delighted that once again, Thomas Carroll continues to deliver profitable growth whilst continuing to invest in our people and working environment and, it’s this strategy that continues to pay dividends, delivering 96% retention of renewable income and over £1.3m in new business.
Building the team through recruitment and developing our people remains core to our business and has allowed us to once again deliver organic growth whilst increasing profit and maintaining our Best Companies status. Creating a professional, rewarding and enjoyable environment for our teams is reflected in our continued strong retention and new business performance.
In a competitive market and the uncertainty through 2019 of the impact of Brexit on our clients’ business, this is a remarkable achievement from the team.”
Thomas Carroll Group Chief Executive Rhys Thomas commented:
“Our consolidated Group, including our insurance broking, risk management and financial services divisions have increased turnover by 7.6% to over £11.2m and profit before tax of 26.7% to in excess of £1.7m.
Our philosophy of reinvesting profits back into the business has and will continue. The Employee Benefit trust has invited another 10 colleagues to join in 2019 with group dividends paid to all qualifying employees. We have also further invested in an improved IT infrastructure, additional learning and development opportunities, further modern marketing methods and continued our share acquisition and distribution from cash reserves, all with the aim of our continued and long term independently owned future growth.
Against the backdrop of our continued growth and success, we have made a number of key new appointments in 2020 across our business and are always looking for ambitious, talented individuals to join our team.”