The metals and data centre hardware recycler Sims Limited reported a significant decline in profitability while revenue increased slightly in its 2023/24 business year. The group saw annual revenue rise 6 per cent on the previous year to AUD8.56bn in the twelve months ended 30 June, equivalent to about €5.2bn.
The increase primarily reflects a rise in the average sales prices in its ferrous and non-ferrous recycling business, which was partially offset by a decrease in volumes.
However, the revenue improvement was overshadowed by a substantial drop in earnings and profitability. The company's net result swung from a profit of AUD181m to a net loss of nearly AUD58m (ca. €35m) for the past financial year.
Stephen Mikkelsen, the CEO and managing director of the recycling group, noted that the result was better than had been expected when Sims issued its most recent trading update in May....
