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Hornbuckle owner returns to profit as Sipp clients increase

Embark Services returned to profit in 2017 as it reported an increase in self-invested personal pension clients.

Embark Services is a subsidiary of Embark Group that trades under the Hornbuckle and Embark brands.

The business reported pre-tax profit for the year ending 31 December 2017 of £136,000 compared with a loss in 2016 of £2.4m.

Trading profit for the year was £900,000 after tax adjustments, reversing a post-tax loss of £1.9m in 2016.

Accounts published on Companies House show total client numbers grew from 11,686 in 2016 to 13,245 in 2017.

Sipp clients increased from 9,986 at the end of 2016 to 11,565 at the end of 2017. Small self-administered schemes client numbers dropped from 439 in 2016 to 385 in 2017.

According to the accounts, group Sipps and bespoke Sipps are expected to grow between 2 and 3 per cent net in 2018.

The report explains how the company is changing from a paper-based provider to a digital business.

It says the use of FNZ platform technology alongside sharing support services with Embark Group has cut operating costs.

Embark Group officially announced the launch of its wrap platform, which uses FNZ technology, in November last year.

Embark Group chief executive Phil Smith says: “We are very pleased with the progressive performance improvements and underlying growth at Embark Services. It remains a cornerstone of the Embark strategy and is proving itself as a leading provider of digital pension administration in the UK.”

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