Steadfast Group has set higher earnings targets for this financial year after revenue crossed the $1 billion mark for the first time and CEO Robert Kelly says he intends to lead the business until at least the end of December 31 next year, as outlined in his contract.

The broking network is aiming for underlying earnings before interest, tax, depreciation and amortisation (EBITA) of $400-420 million and underlying net profit after tax of $190-202 million.

Last week Steadfast announced 2021/22 underlying EBITA surged 29.5% to $340.4 million from a year earlier, driven by organic growth of 13.3% and acquisition growth of 16.2% and underlying net profit after tax went up 29.3% to $169 million.

Underlying revenues exceeded $1 billion, growing 26.2% to $1.14 billion.

Steadfast Broking achieved a 23.6% rise in EBITA to $269.7 million, as net revenue went up 21.6% to $716.1 million.

Steadfast Underwriting Agencies posted a 22.5% increase in EBITA to $146.4 million, supported in part by the continued rise in premiums.

Mr Kelly says COO Samantha Hollman will take up a new role at the end of February as Steadfast International CEO, looking after the group’s businesses including New Zealand, Singapore, London and Hamburg-based Unison Steadfast.

A new COO will start on March 1, he says. More details are expected to be provided at Steadfast’s upcoming AGM.

As for himself, Mr Kelly signals he intends to run the business until at least December 31 next year as per his contract terms.

“In terms of my contract with Steadfast I’ve given a confirmation to the ASX and with the support of my board that I would not give notice before December 31 2023,” Mr Kelly told insuranceNEWS.com.au.

“I have to give 12 months’ notice so if on December 31 2023 I resign I have to be here till December 31 2024,” he said, adding “none of that’s planned”.