Good result in these testing times imo from all the strengthening, streamlining and growing of the business. It’s nice to see Tower taking some steps forward with this guidance update to 30 Sep year just ended. Even with the Christchurch earthquake residual and one-off multi-policy error correction mentioned they’ve improved on expected NPAT, and the gross written premiums are now heading towards the half billion NZD mark.
Maintaining 5.5c per share dividend at these current price levels (even with forex conversion) isn’t so bad. Hopefully in the fin year ahead (just commenced) they will surprise us further with growth revenue and further cost control and the dividend policy might reflect this in 12 mths time.
TWR Price at posting:
55.5¢ Sentiment: Hold Disclosure: Held
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