Pensions  

Embark Group eyes IPO for 2020

Embark Group eyes IPO for 2020

Embark Group has seen its total assets under administration increase 42 per cent to £11.5bn during 2017, as the group edges closer towards listing on the stock exchange in the coming 18 months.

Embark saw its total revenue increase by 59 per cent to £29.2m during the year to December 2017, and an increase of 31 per cent in its clients numbers to 114,000.

The firm is continuing to look at acquisitions that are available in the sector ahead of a planned IPO in 2020, it said.

Group CEO Phil Smith said: "Timing wise we do not have a fixed timeline, however [the IPO] would likely be 15-18 months away, for example the start of 2020.

"Our financial results are now beginning to show both the pace at which we are building Embark, and the underlying enterprise value we are creating in a sector which remains both ripe for change, and fast growing. We have excellent people, excellent partnerships, and a solid foundation for the next five years of accelerated growth." 

He added: "If we did take the business to IPO, it would be Embark Group as a whole."

Embark is a self-invested personal pension (Sipp) and small self-administered scheme (Ssas) provider, which also houses the Rowanmoor brand.

It was recently reported that Rowanmoor saw Sipp scheme numbers increase 27 per cent to 6,728 in 2017.

Another subsidiary, Embark Services, meanwhile reversed its post-tax loss of £1.9m in 2016 to a trading surplus (after tax) of £0.9m last year.

David Etherington, group chairman of Embark, said: "2017 saw the end of phase 1 of our project, transforming our foundation acquisition from a small, paper based administration business, to being part of a large, digitally led, and multi-channel retirement savings specialist.

"Seeing Embark go from concept to scale inside five years is something we are very proud of."

rosie.quigley@ft.com