Steadfast lifts first quarter profit, reaffirms guidance
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The news: Insurance broker Steadfast Group has reported a lift in first-quarter net profit and revenue and reaffirmed its full-year guidance.
The numbers: Underlying profit after tax for the first quarter was up 23.3%, while underlying revenue rose 14% from a year ago.
The company has reaffirmed FY25 guidance for underlying earnings in the $590 million to $600 million range, while underlying net profit is expected to be between $290 million and $300 million.
The context: Managing director Robert Kelly told shareholders ahead of the company’s annual general meeting later on Friday that the group has had a strong start to the fiscal year and is well positioned, producing reliable organic and acquisition growth in Australia and international markets.
Acquisitions by Australia's largest strata insurance broker over the last two years include Sure Insurance, ISU Group, and Insurance Brands Australia.
The source: ASX announcement
