Thomas, Carroll reports profits of £1.1m.

Welsh broker Thomas, Carroll has defied the soft market to record a 138% increase in profits last year.

The company reported pre-tax profits of more than £1.1m in 2007. Turnover rose 14.8% to £3.75m, from £3.27m in 2006, according to documents filed with Companies House.

The Caerphilly-based company, part of Thomas, Carroll Group, is one of the largest brokers in Wales.

It is understood to be focusing on organic growth rather than acquisitions.

Reports last year said the broker had moved into what it described as phase three of its growth strategy, which includes increasing staff numbers by more than 50%.

Under the strategy, it would target teams that it believed could add value, rather than purchasing businesses where the potential value was less clear.

But the company said it would consider acquisitions of suitable quality.

Last year the group expanded into health and safety and employment law services by acquiring the senior management team of Willis Health and Safety.

The broker employs about 70 people.