Sims H1 2022/23 performance "resilient" in slowing economy

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Metals recycler Sims Ltd saw both revenues and earnings fall in the first half of its 2022/23 financial year, pulled lower by inflationary pressures and narrowing margins. Group CEO Alistair Field said, "Sims delivered a resilient performance during a period of margin compression, driven by lower steel prices as customer demand weakened." He noted that scrap supply had also tightened due to lower recycled metal prices, higher fuel prices, and lower scrap volumes from decelerating economic activity." As a result, Sims reported sales revenue of AUD3.831bn (ca. €2.49bn), down 10 per cent year-over-year. Statutory earnings before interest and tax were off by just more than half at AUD163m and net profit had tumbled by 60 per cent against the prior-year's first half to land at AUD101m.

Our full report including Sims Ltd's outlook can be read here...

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