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European Nickel has turned last year's £4 million interim loss into a £2.5 million profit.

Delays in starting the AIM-listed company’s flagship Turkish nickel project at Caldeg, caused by delays in obtaining a tree-clearing permit, have brought frustration to European’s chief executive Simon Purkiss. But sales of nickel from other Turkish operations to a smelter in Greece added to interest on the company’s cash balances to produce a useful profit in the six months to March, as initial production lifted turnover from £360,000 to £2.9 million.

Chairman David Whitehead said European is now waiting for the required permit and for the outcome of Turkey’s elections on 22 July to see progress on Caldeg. In the meantime, the company is using its resources to develop mother projects.

At 48.5p, up 0.5p today, European’s shares value the company at £187 million.

European Nickel	AIM	£9m	2.34p	-0.06p
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