Embark back in profit as client numbers rise 22%
The Embark Group, parent company of Embark Platform, Vested, Rowanmoor, EBS, Hornbuckle and other businesses, made a profit of £100,000 in 2018 – reversing previous losses – on the back of a 22% increase in client numbers to 140,000.
The company, which lost £1.6m the previous year, saw a 29% rise in assets under administration to £14.7bn, according to annual results for 2018.
Key figures were:
Net profit improved by £1.7m, reversing the previous year loss of £1.6m
Net client numbers increased 22% to 140,000
Revenues increased 9% to £31.8m
The company’s focus on digital delivery of services has helped reduce costs, it says.
The company says it has transformed from a ‘pure play’ full SIPP and SSAS administrator, to become a wider provider of “digitally-executed” retirement services. The group now spans a savings wrap, investment research, actuarial consulting and workplace savings.
Embark made a strategic acquisition during the year of the Option SIPP from Liberty SIPP in October 2018 and will continue to assess acquisition opportunities but will only move when it see “high quality, transformative deals.”
Phil Smith, group chief executive, Embark Group, said: “Our business model is starting to show fruition as we continue to demonstrate our ability to grow new business, acquire and integrate additional scale, and deliver solid consumer outcomes. We have leading propositions across SSAS, SIPP, Wrap and Employee Benefits Consulting now, and have become disruptors across these chosen channels.”
The group employs 480 in eight businesses. It now has £15.2bn in assets under administration on behalf of 147,000 consumer clients.