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Caerphilly-based insurance and risk management firm Thomas Carroll has reported a 4% rise in turnover, despite pre-tax profits falling by £300,000.

The company, based on Crescent Road, saw its turnover increase from £15.6 million in 2024 to more than £16.2 million in 2025.

However, profit before tax fell from £1.6 million to £1.3 million over the same period. Management blamed the dip on rising inflationary costs and heavy investment in regional expansion, including new offices in Bristol and London.

The average number of employees across the group grew from 176 to 186 during the year.

Thomas Carroll became an employee-owned company in 2023, when it handed over the reins to its employees as part of an Employee Ownership Trust (EOT).

Chief executive Rhys Thomas said the drop in profit was expected.

He said: “While profit before tax reduced during the year, this reflects a deliberate and significant investment programme.

“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.”

Mr Thomas added: “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.”