Sims’ Global Electronics Recycling Business EBIT at $26 Million in Fiscal 2019

SEATTLE (Scrap Monster): Rye, New York-headquartered Sims Metal Management Ltd. Reported robust EBIT of $230 million and underlying NPAT of nearly $162 million in fiscal 2019 ended June 30^th.

The sales revenue for the fiscal totalled $6,640 million, 3% higher when compared with the sales revenue in the previous fiscal year. The sales volume remained stable despite drop in metal prices. The EBIT of $230 million were lower when compared with $275 million in fiscal year 2018. The market conditions continued to remain challenging. However, all operating divisions of the company except North American business delivered better second-half performance, due to notable investments in latest technology.

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The Sims North American business delivered an EBIT of $100 million in fiscal 2019, as compared with $105 million in the prior fiscal. The EBIT for Australia New Zealand Metals business surged higher from $97 million to $107 million year-on-year. Meantime, the underlying EBIT for Sims’ UK Metals business dropped from $35 million in fiscal 2018 to $20 million in 2019.

The Sims’ Global Electronics Recycling business recorded an EBIT of $26 million in 2019, marginally lower from $31 million a year before.

Commenting on the result, Alistair Field, CEO and Managing Director noted that the year has been challenging not only for Sims alone but also for recycling companies across the globe. The progress made in advancing its growth strategy in FY19 will provide a strong foundation for making further headway in future years, he added.