‘Favourable market’ boosts Sims UK results

Sims Metal recorded a 60% annual increase in its UK revenues in the 2021/22 financial year, driven by “favourable market conditions”.

In the UK, Sims operates more than 40 metals recycling sites

It its results published this morning, Sims said its UK metals sales revenue stood at $1.59 billion (£1.32 billion), up from $993 million in the previous quarter.

Sims has posted strong results since the pandemic, as the market has bounced back

Earnings before interest and tax (EBIT) in its UK metals division stood at $69.8 million (£57.3 million) in FY22, up from compared to $45.7 million in FY21.

This is despite operating costs rising by 18% driven by workforce pressures, exchange rates and inflation.

‘Board’

The strong results continue from those published in February 2022 for its UK division for the first half of the financial year, as the company continues to bounce back from the pandemic (see letsrecycle.com story).

Across the board, Sims recorded sales revenue of $9.6 billion, up 56.6%, and statutory EBIT of $773.6 million, up 146%.

Alistair Field, Sims managing director, said: “I am proud that we delivered the strongest underlying EBIT result on record and significant trading margin and volume increases.

“I am particularly proud of how our teams managed the inflationary pressures and market volatility, working across all market segments to protect margins while maintaining high safety standards. This result could not have been achieved without the hard work and support of all Sims employees.”

UK

Founded in Australia in 1917, Sims specialises in ferrous and non-ferrous metals recycling, post-consumer electronic goods recycling, and municipal waste recycling.

The company’s nearly 4,000 employees operate from more than 200 facilities across 15 countries.

In the UK, Sims operates more than 40 metals recycling sites.

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