Steadfast says it will provide an update on its expected financial performance and impact of the coronavirus situation “when practical” after last week withdrawing guidance for the current fiscal year.

“Given the events that have unfolded during the month of March 2020 and the implications for numerous businesses and employees, the board of Steadfast considers it prudent to withdraw its guidance,” it said in a statement to the Australian Securities Exchange.

“In making this decision, the board notes that the general insurance sector will continue to provide the necessary insurance products that allow businesses to continue to trade and the community to protect their assets and that Steadfast Group as the largest insurance broker network in Australasia will continue to play a major role.”

The company said at the end of last month that its results would be at the top end of the guidance range for the year to June 30, reflecting a strong performance in the first half and in the two months to the end of February.

It forecast full-year underlying net profit after tax of $100-110 million and underlying earnings before interest, tax and amortisation (EBITA) of $215-225 million.

In the six months to December 31, underlying net profit after tax grew 39.1% to $53.2 million and EBITA increased 27.5% to $108.9 million.

Steadfast’s first half GWP jumped 32% to $3.9 billion, driven in part by contributions from the addition of Insurance Brokers Network Australia (IBNA) and other acquisitions.