Turnover up but profits slip at Thomas Carroll
Thomas Carroll Group grew turnover by 11.2% in 2022, but increased expenses and investment spending knocked profits lower.
Group turnover, which came in at £14.31m, includes insurance broking, an independent financial advice division, and a health and safety and employment segment.
Broking revenue, which is the bulk of the business, rose year-on-year by 12.9% to £11.79m, according to a filing at Companies House.
Increased spendThe group’s profit after tax fell from £1.67m in 2021 to £1.41m, impacted by administrative expenses rising by almost £1.85m to £12.25m.
Last year, we invested heavily in our IT
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