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MLP cuts full-year profit forecast

German IFA giant MLP which has 40 RIs in London, have revised its full year profit forecasts after recently published half-year results revealed investigations into the company&#39s accounting practices &#39caused great unrest&#39.

Allegations of creative accounting by a German online magazine in May and a subsequent raid of its head office by the German public prosecutor over speculation of its re-insurance practices prompted the firms share price to fall from euro 60 before the scandals to around euro15 now.

Despite forecasting a fall in profits to euro100m from over euro150.7m last year, MLP says it aims to return to its original growth path by the start of 2003.

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