iSelect nosedives on profit miss
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Freshy-listed iSelect (ISU) has slumped to a record low of $1.50 after missing its first official guidance when it reported its full-year results yesterday.
The online health insurance comparison business tumbled as much as 13.6% in morning trade before parring back its fall to 7.4% to $1.50 at 1300 AEST.
Investors shied away from the stock after it was revealed revenue lifted 5.5% to $118 million in the 12 months to June, while net profit increased 3.4% to $13.4 million.
In it's prospectus issued to the market in June, the company had forecast for revenue of $121.6 million and net profit of $14.5 million.
The results, which were also short of analyst forecasts for net income of $14.1 million, mark the second hitch for the company since it slid 15% when it first listed.
No dividend was paid, with the company using the capital to pursue growth opportunities in its new businesses.
iSelect maintained its 2013 calendar year guidance for earnings before interest, tax, depreciation and amortisation (EBITDA) of $30 million.
 2013-08-30 13-55-57.png?itok=gDcFp7Ih "iSelect nosedives on profit miss")
Source: Bloomberg
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