Scrap recycler Sims Metal Management has raised its annual turnover by 2 per cent to AUD9bn in its 2011/12 fiscal year. The group’s global electrical and electronic equipment recycling operations accomplished sales of AUD1bn for the first time, representing 29 per cent growth, chief executive officer Daniel W. Dienst commented at the presentation of Sims’ annual report on Thursday.
The group’s results in the year ended 30 June were adversely affect by non-cash goodwill impairment charges and difficult trading conditions, in particular in its traditional metals recycling business. Sims Metal Management posted a net loss of AUD521m (ca. €450m) for the year, confirming preliminary figures published in a market update released last week. One year before, the group had recorded a net profit of AUD192m.