iSelect revenue in the spotlight
The revenue "miss" by financial comparison website iSelect in its June 2013 full year is the subject of an investigation by the Australian Securities and Investments Commission.Last month, iSelect reported that revenue for the year to June 2013 was A$118 million, three per cent less than the company's prospectus had forecast. The company prepared this forecast only weeks before the end of the financial year.Net profit was $13.4 million, which was in line with the forecast.The Sydney Morning Herald reported that ASIC investigators have requisitioned company documents, including financial records, emails and meeting minutes, as part of an inquiry into the company's compliance with continuous disclosure and fund-raising laws.An ASIC notice, published by the SMH, states that iSelect is required to hand over all its records relating to the profit announcement on August 29.ASIC is also seeking the company's monthly management accounts and board reports, and the analysis of the prospectus' forecast.iSelect told the ASX it will "fully cooperate" with ASIC. It said it had received the requests on September 6.