EBS Pensions Limited, a subsidiary company of Embark Group, has reported a 18 per cent increase in its client numbers in its 2017 results.
The subsidiary reported that its self-invested personal pensions (Sipp) and its small, self-administered schemes (Ssas) reached a record high of 16,600 during 2017 due to a growth in its net client base.
The results follow the transition period following Embark's acquisition of EBS from rival firm Charles Stanley for £2m upfront, with more payments to be made at later dates.
The acquisition of EBS saw Embark at the time creating a financial services group with £10.8bn assets and 100,000 clients.
During the first six months of trading, EBS saw growth in its customer base as well as SIPP and SSAS schemes.
This resulted in a trading profit of £0.33m, after tax adjustments, during 2017 which was a material increase from the £0.03m post-tax performance reported in 2016.
James Tomlin, director of EBS, said the results in 2017 mean that the company has a “strong” foundation for performance during this financial year.
He commented: "2017 was a key transitional year for EBS.
“Reporting a material growth in client numbers and profitability, in a year of both ownership change and significant internal change, is very pleasing. Our foundation for 2018 performance is very strong.”
During the beginning of 2018, Embark was given a financial strength rating of B from ratings agency AKG due to its capital cover ratio within its schemes.
EBS figures suggest 2018 is showing a similar progression, with underlying client growth, good overall profit performance over the year to date and progression on its targeted cost synergy programme.
Phil Smith, group chief executive of the Embark Group, said: “We are very pleased with the performance of EBS post our acquisition of the business from Charles Stanley last summer.
“It has outperformed our growth and profit expectations significantly. EBS is very well positioned for further growth looking forward in this highly positive market.”