Correction: Levelling the table: Forecasting stars wide of the mark

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The Independent Online
Management Today is correcting a table of analysts forecasts attributed to the magazine in last week's Independent on Sunday, following a number of complaints. The table attempted to rank the performance of top analysts by comparing their forecasts with actual profits reported by companies.

Warburg Securities and Hoare Govett have asked us to point out that the forecasts of Unilever's profits attributed to the firms referred to 1992, and not 1991 as stated in the table and an accompanying article, headlined Forecasting stars wide of the mark. It was therefore incorrect to state that Warburg's forecast for last year was the 10th least accurate of the 14 firms that research the sector.

It was also incorrect to attribute the worst forecast of any firm to Hoare Govett. In fact Hoare Govett's forecast of Uniliver's profits for 1991 was relatively close to the actual outcome. Henry Cooke Lumsden was incorrectly placed as the worst forecaster of Racal's profits. Its forecast of pounds 148m for 1991 included the profits of Racal Telecom, which was since demerged.

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