NEW YORK, Nov. 1, 2021 /PRNewswire/ -- Sims Limited, a global leader in metal recycling and data center IT circularity, and an emerging leader in municipal recycling and renewable energy, released its fiscal year 2021 Annual Report that highlights the company's strong and sustained recovery after a previously challenging year. The annual report is available to view or download on the company's website, www.simsltd.com.
Although the global COVID-19 pandemic continued to put pressure on operating conditions, Sims Limited finished the year with an underlying EBIT of A$386.6 million – up 768 percent over the prior year – made good progress on its strategic growth plan, and delivered strong safety results.
"I am pleased to share that despite the challenges the past year has presented, we are making great progress toward accomplishing our five-year strategic growth plan," stated Geoffrey Brunsdon, chairman and independent non-executive director. "The company not only experienced growth through acquisitions, increased our market share, and made progress on new site development, but Sims Limited has also remained steady and well-positioned with a strong balance sheet and lower cost base as compared to fiscal year 2019, thereby enabling the company to capitalize on opportunities when and if presented."
"After an underwhelming fiscal year 2020, the recovery that the second half of the fiscal year 2021 presented was welcomed," stated Alistair Field, group chief executive officer and managing director. "The underlying EBIT we reported this past fiscal year was A$444.5 million higher than FY20, and more importantly, an indication of the trajectory of the business."
In 2019, Sims Limited unveiled a multi-year strategic growth plan setting targets to grow the business and expand into new environmental adjacencies. Targets have been set to achieve 15 percent return on growth projects requiring capital and environmental, social and governance benefits. Progress has been made in all areas, specifically include:
Increased number of repurposed cloud infrastructure units from 1.6 million to 2.1 million in FY21 vs FY20 (up 31 percent)
24 percent forecasted growth in Sims Metal North America non-ferrous retail volumes as a result of the Alumisource Corporation acquisition
Forecasted growth in Sydney's rapidly growing southwest market through the acquisition of an existing purpose-built recycling facility
Received planning development approval for the Sims Resource Renewal pilot facility at Rocklea in Queensland, Australia, with operations anticipated to begin the first half of calendar year 2022
Preparation for the intent to produce hydrogen as a waste by-product at Sims Resource Renewal's planned Campbellfield facility in Victoria, Australia, based on commercial demonstration results and financial analysis
Safety remains a core value at Sims Limited, and in FY21 the company reached new safety milestones, noting the lowest recordable injury frequency rate in the company's history of 1.2 injuries per 200,000 hours. Additionally, the company experienced the lowest number of lost-time incidents and critical risk incidents.
Support of the circular economy to effectively create a world without waste to preserve our planet remains a priority to Sims Limited, and as the company's purpose, it is infused into every aspect of the business.
About Sims Limited Founded in 1917, Sims Limited is a global leader in metal recycling and electronics recovery, and an emerging leader in the municipal recycling and renewable energy industries. Our 3,880 employees operate from more than 260 facilities across 15 countries. The Company's ordinary shares are listed on the Australian Securities Exchange (ASX: SGM) and its American Depositary Shares are quoted on the Over-the-Counter market in the United States (USOTC: SMSMY). Our purpose, create a world without waste to preserve our planet, is what drives us to constantly innovate and offer new solutions in the circular economy for consumers, businesses, governments and communities around the world. For more information, visit www.simsltd.com.