Steadfast has posted above-forecast earnings in its first profit report as an Australian Securities Exchange-listed company.

On a pro forma basis net profit for the year to June 30 was $28.1 million, exceeding the initial public offering (IPO) prospectus prediction of $27.2 million.

On a statutory basis the company posted a $13.4 million loss, including IPO costs. The prospectus flagged a loss before tax of $15.7 million.

Gross written premium placed by the 280 Steadfast brokers grew 10% to $4 billion, exceeding the 6% growth rate for Australian commercial gross earned premium, the company says.

“They give us scale that is difficult to replicate,” CEO Robert Kelly said. “This, together with our successful listing, places us in a very attractive position for new brokers wanting to join the Steadfast network.”

The company is “bedding down” its recent acquisitions and will be in a better position to consider further expansion later this year, he says.

Acquisition plans will focus on brokers, underwriting agencies and ancillary businesses that can help reduce costs.

In the broker sector future acquisitions may include businesses in the Steadfast network, the company says. There are also at least 300 non-aligned brokers in the Australian market.

Steadfast’s outlook for the current fiscal year is unchanged from prospectus forecasts, with revenue of $152 million and earnings before interest, tax and amortisation of $60.6 million.