Debtor finance company Scottish Pacific has issued a market update, advising shareholders that it has experienced lower than expected levels of borrowing during the first four months of the financial year and expected earnings to be down.Scottish Pacific said larger clients were borrowing less than expected and revenue was down on its previous forecast by 7.5 per cent.The company had forecast net profit of A$31.8 million for the year to June 2017. That figure has now been trimmed by 3.1 per cent to $30.8 million.Scottish Pacific chief executive Peter Langham said in a statement: "These lower levels of borrowing appear to be the result of certain dynamics amongst a small number of our larger clients. We have not seen a general softening in borrowing across our broader client base. The impacted clients are still active."Langham said that on the positive side, the company had received limit increase requests worth $57 million in recent months."The volume of new client wins is good and the pipeline remains strong," he said.Scottish Pacific was listed on the Australian Securities Exchange in July, raising $293 million from its initial public offering and listing with a market capitalisation of $445 million.In August its reported pro forma net profit of $23 million - about $1 million ahead of the prospectus forecast.