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Platform challenger sees loss increase as client numbers edge up

Data-Corporate-Finance-Business-Pen-Graph-Growth-700x450.jpgEmbark Group’s platform saw its loss increase to £1.3m in 2017 from £90,000 the year before.

Accounts filed to Companies House show the business, Embark Investment Services, grew its revenue in the 12 months ended 31 December 2017 to £1.4m from £1.1m in 2016.

Total client numbers on the platform increased by 9,403 to 67,419, which the business says was mainly driven by ISA products.

Embark launched its “low-cost” wrap platform in November last year but it had been live for some time with white label partners and its existing book of business having already been moved onto the platform.

In a separate statement today relating to Embark Group’s 2017 results, the company says it is “well-placed” to consider a stock market float in the “medium-term”.

The group, which also includes Sipp and SSAS administrator Rowanmoor, fund research firm The Adviser Centre and discretionary fund manager research provider Discus, reported a 42 per cent increase in assets under administration to £11.5bn.

Revenue increased 59 per cent to £29.2m.

Commenting on the group results, chief executive Phil Smith says: “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.”

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