Shares in financial and insurance services company Steadfast Group jumped 6.07% yesterday to a near-two month high of $3.85 after it upgraded full-year guidance on the back of a strong first quarter.
The company told its annual meeting that it now expects underlying earnings to be between $245 million and $255 million, $10 million higher than previously announced.
After-tax profit is now expected to be between $120 million and $127 million, up from previous guidance of between $115 million and $122 million.
Steadfast has been one of only a handful of companies to provide earnings guidance for the June 30 year in recent months, let alone raise it.
“While there is uncertainty prevailing in the global economy, the trading conditions experienced in the last six months provide confidence as to the resilience of our insurance broking and underwriting agency business,” the company told shareholders in a brief statement on Wednesday.