Australian metals and data centre equipment recycling group Sims Ltd saw profits drop and underlying earnings plunge after what CEO Stephen Mikkelsen described as "a challenging and disappointing half year for significant parts of the group". In the six months ended 31 December 2023, Sims's consolidated sales revenue rose 7 per cent against the prior-year half to AUD4.11bn, equivalent to about €2.49bn. However, compressed margins, persistent inflationary pressure and a difficult trading environment had led to a "modest" result in earnings before interest and tax (Ebit) of AUD164m, essentially on par with the prior year (€98.5m, AUD1 = €0.61).
Mr Mikkelsen reported that there had been "storng interest" in Sims's UK Metal business, which is the subject of an ongoing strategic review.
Read the full article, covering Sims' presentation of its half-year results and the strategy adjustments it plans to make in changes in the global scrap markets in the past year...
