Cardea Group 2021 with sales revenue multiplication and positive result

PRESS RELEASE

Cardea Group 2021 with sales revenue multiplication and positive result

- Sales revenues increase to USD 25.6 million, and EBITDA at USD 5.1 million

- Further significant improvement in profit expected for 2022

- Massive expansion of assets under management and a bulging pipeline

08 June 2022 – Frankfurt. The Cardea Group ("Cardea") announces a strong, growing and very profitable fiscal 2021. According to preliminary figures, revenue from continuing operations according to IFRS multiplied from USD 8.0 million in 2020 to USD 25.6 million in 2021. In the past fiscal year, Cardea focused its business activities entirely on asset management and related services. Assets under management surged accordingly from just over USD 300 million at the end of 2020 to just shy of USD 4.0 billion at the end of 2021. The fiscal year was characterised by the acquisition of numerous new independent asset management mandates as well as organic growth for the expansion of the Cardea platform. The number of employees at Cardea increased from 14 to the current 70. According to preliminary figures, EBITDA from continuing operations developed accordingly from USD -0.9 million in 2020 to USD +5.1 million in 2021, and the consolidated profit rose from USD -2.2 million in 2020 to USD +2.6 million in 2021. Since last year, Cardea has also been present on the capital market with a 7.25% corporate bond (ISIN DE000A3H2ZP5) through the acquisition of today's Cardea Europe AG.

Cardea has accelerated its high expansion dynamics in the current year. The current assets under management and assets under advisory amount to USD 19.5 billion. Large-volume and long-term mandates have contributed significantly to this growth. In addition, Cardea has recently significantly expanded its market position in Continental Europe through the strategic acquisition of Olympia Wealth Management. Cardea currently has a pipeline of potential management and advisory mandates of more than USD 10 billion in assets. For the current fiscal year, another very substantial increase in sales revenues and profits is planned.

Jordan Waring, Founder and CEO of the Cardea Group: "We are very satisfied with 2021, and the positive trend is continuing at an even faster pace this year. Our preliminary figures show that our focus on wealth management, our turnkey solutions and core advisory services was the right strategic move. We are growing extremely dynamically, and yet we are still very profitable and now have a high proportion of recurring revenues. We see numerous growth opportunities and are engaged in several strategic initiatives, including the opening of an office in Miami USA and several exciting acquisitions and partnerships. We are very positive for the rest of the year and beyond on this basis, as well as on the basis of recent mandate gains and our current market probing."

About Cardea

Cardea is a global asset management and wealth advisory firm with offices in Atlanta, London, Barcelona and Frankfurt and more than USD 19.5 billion of Assets under Management and Advisory. Through its subsidiaries, Cardea Capital Group and Cardea Capital Advisors, both SEC registered investment advisors, Cardea offers wealth management, institutional advisory, outsourced asset management platform services and advisory services to both financial advisors, institutional clients, family offices and individual investors.

Press contact

edicto GmbH
Axel Mühlhaus / Ralf Droz
Tel.: +49 (0) 69 90 55 05-54
Email: rdroz@edicto.de

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