Embark now consists of six trading subsidiaries, each supported by a common shared services subsidiary.
The business has been under a period of transition from its origins as a full SIPP and SSAS administrator, to being a provider of digitally executed retirement services ranging from savings wrap through investment research to actuarial consulting.
The firm’s 2017 results showed assets under administration had increased 42% to 11.5bn, net profits also rose 48% and client numbers were boosted 31% to 114,000.
The firm says that across the year each pension subsidiary had “reported solid organic growth, productivity improvements, client service gains, and reductions in their relative risk environments.”
As in previous years, Embark was active inorganically during 2017.
This included the acquisition of EBS Pensions from Charles Stanley & Co, entering into a new joint venture partnership with Mazars under the brand ‘Vested’, and the disposal of its Chartered Financial Planning arm, ‘RCL’ to Mazars.
The firm said it was “well placed to consider an initial public offering of its equity in the medium term.”
David Etherington, group chairman, 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.”
Phil Smith, group chief executive, said: “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.”