EBS Pensions has reported an 18% increase in client numbers and a significant increase in profitability in 2017 under new owners the Embark Group.

The Embark Group subsidiary, which trades under a range of white-label brands for its partners, has been undergoing major change following the sale of EBS by Charles Stanley to retirement provider the Embark Group a year ago.

Embark says that during its first six months trading under Embark, EBS “re-engineered” itself and boosted client numbers by 18%, taking its total SIPP and SSAS scheme numbers to a record 16,600.

This has helped increase trading profit from £30,000 to £330,000 after tax adjustments.

Analyst AKG has given the company a Financial Strength Rating of B (Strong), which was attained in early 2018.

Embark says EBS’s trading for 2018 continues to show progress, with client growth and work on its targeted cost programme moving ahead plus good overall profit performance in the year to date.

James Tomlin, director of EBS, said: “2017 was a key transitional year for EBS. Reporting a material growth in client numbers and profitability in a year of both ownership change and significant internal change, is very pleasing. Our foundation for 2018 performance is very strong.”

Phil Smith, group CEO of the Embark Group, said: “We are very pleased with the performance of EBS post our acquisition of the business from Charles Stanley last summer. It has outperformed our growth and profit expectations significantly. EBS is very well positioned for further growth looking forward in this highly positive market.”

Embark Group is a retirement solutions provider, active in SSAS, SIPP, investment wrap, fund research and employee benefits consulting. The group employs 445 people in eight businesses and has £11.7bn of assets under administration on behalf of 121,000 consumer clients.

EBS was one of the first companies in the UK to offer a SSAS, back in the 1970s. A SSAS from 1976 is still active.