Rowanmoor reports 366% increase in pre-tax profitability

We are pleased to announce the financial results for our subsidiary, Rowanmoor Personal Pensions Limited (‘Rowanmoor’), which trades as a specialist SIPP administration business alongside our portfolio of SIPP service providers.

During 2018 Rowanmoor has progressively evolved its operations with a continued focus on its two primary products: a Full SIPP and Family Pension Trust (FPT). Looking forward, the Rowanmoor business continues to have an appetite for organic growth and views Bespoke/Full SIPP services as a long-term viable service offering across multiple distribution channels. However, refocusing the product line in the context of the sector during 2018 has led to client numbers remaining unchanged year-on-year.

Our continued drive to integrate and align operating methods across the Embark Group has greatly aided an improvement in the cost of operations. This, coupled with the provision of central support services now coming from Embark, has driven significant margin improvement. This has resulted in a pre-tax trading profit of £0.77m, up from £0.17m for the same period in 2017.

The underlying transition of the business, its forward prospects, and solid balance sheet, further supports the AKG Financial Strength Rating of B (Strong) attained in 2017.

David King, Managing Director of Rowanmoor, said

“Being part of large specialist pension and platform business has enabled material improvement in our operations, cost base and service delivery over the course of 2018. We are very pleased to report strong profit growth and our continued desire to reinvest for future business growth, in what remains a highly attractive SIPP market long-term.”

Phil Smith, Group CEO of the Embark Group, said

“The market for complex SIPPs is both exceptionally competitive and in a point of turmoil at this time. To report such solid numbers is a testament to the focus of the Rowanmoor team. As we continue to leverage our Group strengths into Rowanmoor its financial performance will come on in leaps and bounds - such as we are seeing here.”

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