The Embark Group (‘Embark’) is pleased to announce the financial results for Embark Pensions, the division that includes each of its bespoke pension subsidiaries, namely Embark Services Limited (‘ESL’), EBS Pensions Limited (‘EBSL’), Rowanmoor Personal Pensions Limited (‘RPPL’), and Rowanmoor Executive Pensions Limited (‘REPL’).
Solid progress was again made in 2019. Highlights included:
- Material growth in digital business, marginally offset by a controlled decline in complex pension products, resulting in a peer-beating net increase in scheme numbers of 3,824 for the year (up 13.9%). The segment now operates pensions on behalf of 59.5k self-investing clients.
- Revenues increased 6.8% to £29.8m for the full year, strongly driven by positive momentum across our B2B digital distribution client base, which offset revenue reductions from our reduced exposure to the more complex segment of the market, which typically yields large fees per scheme.
Paul Downing, Chief Executive of Embark Pensions, commented:
2019 was another solid year for the pension segment of the business... Our diversification strategy continues to be a primary driver of our performance and we are delighted to see ourselves materially outperforming.
By Embark Group
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