Steadfast says its first-quarter underlying net profit after tax rose 23.3% and it is on track to meet its full-year earnings guidance.

Unaudited figures show underlying earnings before interest tax and amortisation increasing 18% from a year earlier and revenue up 14%, the company said at the annual general meeting on Friday.

The company reaffirmed guidance for full-year underlying net profit of $290-$300 million.

Steadfast said it has sold its 2.1% holding in building services company Johns Lyng Group and a review of its strata-focused subsidiary businesses is continuing amid sector-wide attention on remuneration and potential conflicts of interest following recent ABC reports.

“The ongoing review is led by senior group executives who are relatively new to Steadfast and therefore bring a fresh perspective, and includes an external consultant,” chairman Frank O’Halloran said.

An initial internal review, started after the completion of a strata inquiry commissioned by Steadfast, found no evidence of incentives being channelled between Steadfast-related entities or of non-compliance with regulatory or legislative obligations, the company reported.

CEO Robert Kelly said an ABC description of Steadfast as a “major” Johns Lyng shareholder was “a ridiculous” statement given it owned 2.1%, but it made sense to bring the capital back to Steadfast as it pursues expansion opportunities in other parts of the world.

“Our strategy of expanding our business outside Australasia is gaining momentum, albeit on a careful and considered approach,” he said.

The international division is focusing on developing network capability in US-based ISU Steadfast and the potential for small acquisitions while the company gains a comprehensive understanding of that market’s intricacies, Mr Kelly told the meeting.

The number of network members increased by a net 13 in the past 12 months, up from 220 at the time of acquisition, he said.

“We are also looking at opportunities to expand our small London office, as the demands for placement of business into the Lloyd’s market from our expanding network have increased rapidly over the past few years,” he said.

Mr Kelly told the meeting Steadfast continues to work with the Australian Competition and Consumer Commission on the impacts of proposed legislation related to acquisition assessments and approvals.

“The bill, if passed, will align Australia with other international jurisdictions and will provide timelines for ACCC approval on mergers and acquisitions by making it transparent to advise of various levels of acquisitions,” he said.