Posts Tagged ‘iSelect’

iSelect to miss revenue target, CEO resigns

Monday, November 4th, 2013
Photo credit; Dan DeChiaro on Flickr

Photo credit; Dan DeChiaro on Flickr

Australian online comparison company iSelect Ltd said recently it would miss its revenue target for the first half of fiscal year 2014 and revealed that its chief executive, Matt McCann, who had been with iSelect for six years, had resigned just four months after taking the firm public.

iSelect has lost almost 30 percent or about A$120 million ($113.56 million) of its market value since its June listing as earnings missed prospectus projections, raising doubts about the firm’s management of its initial public offering.

“They missed the mark in terms of expectations. There are issues around the whole IPO process – over-promised and under-delivered,” said Peter Esho, chief market analyst at Invast Financial Services.

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iSelect debuts, stumbles on ASX

Wednesday, June 26th, 2013

iSelect, an Australian online insurance comparison company, made the opposite of a splash when it listed on the Australian Securities Exchange recently. It started at A$1.85 per share but fell and closed at A$1.56 per share, losing 15.7 percent of its market capitalisation of A$479.3 million in the process.

Reasons given for iSelect’s poor performance were that its technology was “not groundbreaking” and it already has strong competition in its field with even more competition possible.

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