Tower shareholders missed a dividend again, despite the listed trans- Tasman financial services group achieving an annual trading profit of almost $43 million.

Tower yesterday reported a tough second half in New Zealand this year, with restructuring costs, big payouts on recent storms and poor returns on health insurance.

Tower's shares yesterday closed up 8c to 188c, after the result was released, but they were trading at 210c before the earnings downgrade three weeks ago.

Tower yesterday reported a trading profit of $42.7m, near the top of a revised range announced earlier this month. Analysts' average forecast net profit was $53.9m, and earnings before interest and tax of $49.3m.

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