Embark Pensions, which includes EBS Pensions and Rowanmoor, saw a near 14% increase in client numbers in 2019 but a 6% decline in net operating profit, according to annual results.

The Embark Group division says the companies are in transition from being full SIPP and SSAS administrators to becoming pensions specialist across the “self-invested spectrum”, using digital technologies.

The acquisitive firm has ruled out buying any SIPP or SSAS firms for the time being.

Key highlights from the 2019 results were:

•  Net increase in scheme numbers of 3,824 for the year (up 13.9%). The group now operates pensions on behalf of 59,500 self-investing clients, it says 

•  Revenues up 6.8% to £29.8m for the full year but reduced exposure to the “more complex part of the market”

•  Net operating profit at £2.32m, down 6.1% on 2018  

•  A 10-year partnership with Delta Financial, a provider of technology to the bespoke SIPP and SSAS market.

The company, which has grown rapidly through acquisition, said the 2019 performance year was the first since 2015 when growth was 100% organic.

Embark says trading for Q1 continues to show similar progression with strong underlying client growth and profit performance, the firm said. There was no indication of very recent impact of the Coronavirus outbreak.

Paul Downing, chief executive of Embark Pensions, said: “2019 was another solid year for our pension businesses in a market that continues to be full of change. Our diversification strategy continues to be a primary driver of our performance and we are delighted to see ourselves materially outperforming our close peer group in this regard.”

Embark Group has more than £34bn in assets under administration on behalf of 360,000 clients.