9 Feb 2010

Tower looking to buy

12:38 pm on 9 February 2010

Tower, says trading in the first three months of this financial year is slightly ahead of the same quarter last year.

The listed insurer last year posted a profit of $50 million for the year ending September, up 23% on a year earlier.

Chairman Tony Gibbs told the company's annual meeting in Auckland on Tuesday that the board is on target to post a similar result this year.

But, he said the board is still cautious about the economic outlook, so it will continue to take a conservative approach, by sticking to the basics.

Mr Gibbs said Tower is actively looking for acquisitions for all three of its its divisions and has more than $100 million to spend.