Independence Group lifts profit to $29m

Nickel miner Independence Group has eclipsed its annual net profit forecast, mainly due to higher prices for the metal.

Net profit for the 12 months to June 30 was $28.7 million, up 78 per cent, while revenue totalled $116.6 million, up 17 per cent.

The net profit after tax was $600,000 higher than the unaudited figure in the company's June quarterly report.

In its preliminary final report released today Independence Group said the increase was due to the effect of higher nickel prices prevailing since June 30.

Independence Group will pay a fully franked dividend of 3 cents per share.