Steadfast Group (SDF) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners, confirmation of quorum, and addresses from the Chair and CEO outlining the meeting's focus and resolutions.

• All directors, key executives, and the auditor from KPMG were present, with the agenda covering performance review, strategy, voting, and shareholder questions.

Financial performance review

• Underlying net profit after tax rose 21.8% to AUD 252.2 million for FY24, with underlying EPS up 16.2%.

• Statutory net profit was AUD 228 million, up from AUD 189.2 million in FY23.

• Underlying revenue increased 18.9% to AUD 1.7 billion, and underlying EBITDA/EBITA rose 22.7% to AUD 528.5 million.

• Steadfast Network GWP grew 12.1% to AUD 13 billion; Underwriting Agencies GWP up 13.4% to AUD 2.3 billion.

• FY25 Q1 unaudited results showed underlying revenue up 14%, EBITDA/EBITA up 18%, and NPAT up 23.3% year-on-year.

Dividend announcements

• Fully franked final dividend of AUD 10.35 cents per share paid on 24 September 2024.

• Total FY24 dividends were AUD 17.17 cents per share, up 14% from FY23, with a payout ratio of 75% of underlying NPAT.