by precision i weighed out a mass of compound to 4 d.p and used micropipettes for 1ml solvent. Everything noted was performed correctly and the instrument is fine.
Also, please carefully review the Wikipedia page I linked to, and/or check an analytical chemistry textbook. The definition you give above is
not the definition of precision. Precision means reproducibility -- that you've performed each dilution repeatedly, and each absorbance reading multiple times, and the results don't deviate from each other to whatever statistical standard you care (or are required) to apply.
What you want is accuracy, and you've noticed, by comparing two methods, that you don't have accuracy. Something is inaccurate -- your analytical method or system, or your calculation and dilution system, or the label on the jar.
Report to me
exactly, what numbers did you get? Notice: I ask for exactly, I don't ask for precisely -- the word 'precisely' might work grammatically, but that's not the way analytical chemists talk about their work.