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Steadfast gives more details on year-to-date performance

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Broking network Steadfast Group has provided further details on how its business performed so far in this financial year at a Macquarie Conference last week.

The broking arm, comprising of equity brokers and network - assuming 100% ownership – achieved underlying net revenue of $417.2 million in the nine months to March, up 8% from a year earlier.

Underlying earnings before interest, tax and amortisation (EBITA) surged 24% to $149.9 million.

For the Steadfast Underwriting Agencies arm, underlying net revenue grew 8.5% to $168.2 million and underlying EBITA climbed up 13.6% to $82.6 million.

“Performance for the nine months to March continues to be strong, principally driven through organic growth,” Steadfast says in its presentation materials for the conference.

Before last week’s conference, Steadfast announced another upward revision to its earnings guidance for this financial year.

Underlying EBITA is now projected at $259-266 million, up from $245-255 million previously while underlying net profit after tax is forecast at $127-132 million from $120-127 million.

The new forecast was based largely from the business’s strong performance in the nine-month period to March 31 with underlying revenue up 7.2% to $641.1 million and underlying EBITA rising 20.5% to $178.2 million.