iSelect has defended its prospectus forecasts and disclosure, after criticism that its recent profit missed the prediction made in the document.

The company, which listed in June, reported a profit of $13.4 million for the year to June 30, below its prospectus forecast of $14.5 million.

But iSelect told the Australian Securities Exchange the “headline” prospectus profit did not contain an estimated $1.1 million of expenses related to its initial public offering, as explained in the document.

When $1.5 million of expenses were included in the actual result, the profit was on target, according to the company.

iSelect also says it was not required to disclose a minority shareholding held by an iSelect director in NIA, which operates the private health insurer health.com.au.

It says it is immaterial that NIA CEO Andy Sheats and iSelect CEO Matt McCann are brothers-in-law.

iSelect has a distribution agreement with health.com.au and a financial agreement to defer fees owed by NIA to iSelect for some time.