Sims Metal reports 20.5% revenue increase over fiscal 2021
In August 2021, Sims Metal reported its results for fiscal 2021 (year-end June). The company experienced a 20.5% increase in revenue from fiscal 2020 figures, with revenue reaching AU$5.9 billion in fiscal 2021. This growth was attributed to increase in metal prices in the wake of the COVID-19 (coronavirus) pandemic, in addition to growing sales volumes. The company also returned to profitability, with EBIT reaching AU$314.0 million, after a AU$239.1 million loss in fiscal 2020.
Balance Sheet|Discontinued ActivityIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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