Steadfast Group profits climb 17% in FY25
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The news: Insurance broker network Steadfast Group has delivered full-year net profit after tax of $295.5 million, 17.2% higher than the $228 million delivered in FY24, and beating analysts’ expectations.
The numbers: The market consensus estimate for full-year net profit was $271.6 million, according to Visible Alpha.
Underlying revenue came in at $1.83 billion, which was 8.9% higher than the $1.68 billion posted in FY24 and just behind the market consensus estimate of $1.85 billion.
A final dividend of 11.7 cents per share was declared, 14% up on last year’s 10.35 cents per share.
The context: The group also delivered underlying EBITDA growth of 11.9% to $591.4 million in FY25, which it says was driven by 8.8% of organic growth from underlying businesses and greater leverage of central group resources, as well as acquisition growth which contributed 3.31%.
Steadfast provided a FY26 guidance range of $650 million to $665 million for underlying EBITDA. It projects underlying net profit to reach between $315 million and $325 million in FY26.
Steadfast also announced its chair succession plan, appointing non-executive director Vicki Allen as the incoming chair, as well as appointing Michael Goodwin of Hiscox Group as new non-executive director.
What they said: Managing director and CEO Robert Kelly said: “FY25 continued our year-on-year record strong growth in revenue and profit, making it the 12th consecutive increase since listing in 2013. This has resulted in a shareholder, who participated in the Steadfast listing and continues to hold their shares, experiencing a totally shareholder return of 530.3% on their initial investment.”
The source: Steadfast Group results
