Steadfast presents 1H23 results

Kelly said the IBA acquisition and other network broker initiatives, like the trapped capital project, “are performing in line with expectations.”

More than $200 million in capacity for future projects

Steadfast reported impressive underling EBITA (Earnings before interest, taxes, and amortization) growth of 22.5% to $188.6 million.

“The Group has $227 million of available capacity to fund future corporate activity, with significant headroom in its debt covenants,” said the market release, issued before the morning’s full presentation to investors.

GWP (gross written premium) was up 14.7% to $5.6 billion. The firm’s underwriting agencies generated $1 billion of GWP, up almost 19%, said the release.

The firm’s board declared a fully franked interim dividend of 6.0 cps (cents per share), up 15.4% period-on-period.

Long serving director retires

The firm also announced the retirement of Anne O’Driscoll as a director after 10 years with Steadfast

“The board and management of Steadfast Group have been very fortunate to have had a person of Anne’s calibre for the past 10 years as Steadfast grew from a market capitalisation of $535 million to $5.8 billion,” said chair Frank O’Halloran.

The company’s trapped capital initiative was launched in 2021 and involves Steadfast approaching network brokers about realising any capital built up in their businesses.

Steadfast was established in 1996 and its broker network operates across Australia, New Zealand and also Asia and London. The Group’s network has more than 420 brokerages and about 30 underwriting agencies.