Steadfast Group reported a 22.7% increase in underlying EBITA to $528.5 million in FY24 compared to $430.7 million in FY23.
Underlying net profit after tax rose 21.8%, reaching $252.2 million from $207 million. Steadfast Group attributed the positive results to both organic and acquisition growth.
The company's diluted earnings per share also witnessed a significant increase of 16.2% to 23.4 cents per share, up from 20.2 cents in FY23.
Steadfast Group completed EPS accretive acquisitions worth $457.8 million during FY24.
The group aims to target $300 million in acquisitions for FY25, funded by debt and free cash flow.
"Diluted EPS growth driven by organic and acquisition growth," stated Steadfast Group's investor presentation.
Underlying EBITA for Steadfast Broking grew 19.6%, driven by the ongoing hardening of insurance premium rates and a solid volume increase.
Similarly, Steadfast Underwriting Agencies saw an 18.9% rise in underlying EBITA, underpinned by both price and volume growth.
Steadfast Network brokers also saw a 12.1% increase in gross written premium, bringing the total to $13 billion for FY24.
Steadfast continued its investment strategy by completing 48 earnings-accretive acquisitions at a total cost of $457.8 million, including the purchase of ISU Group in the US.
The acquisition contributes to Steadfast's international expansion and future growth plans.
The board declared a final dividend of 10.35 cents per share, a 15% increase and fully franked, taking the total dividend for FY24 to 17.1 cents per share, up 14% from FY23.
The final dividend is payable on Sept. 24.
Robert Kelly, CEO of Steadfast Group, said, "These strong results demonstrate our continued growth and ability to deliver value to our shareholders."
Steadfast has issued its FY25 guidance, with anticipated underlying EBITA between $590 million to $600 million and underlying NPAT ranging from $290 million to $300 million.