Sims flags flat earnings in second quarter
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The news: Metals recycling firm Sims is expecting earnings in the second quarter to be in line with the first quarter as market challenges persist.
The numbers: The company reported earnings of $55 million for its metal businesses in Q1 FY25.
The context: Sims chief executive Stephen Mikkelsen told shareholders ahead of the company’s annual general meeting that trading across the metals business has remained strong despite persistent market challenges, particularly in Australia and New Zealand.
However, the North America metal business continued to demonstrate a steady recovery and is expected to maintain its trading margin percentage performance similar to the first quarter.
Earlier this year, Sims reported a full-year loss amid export market pressure and offloaded its UK recycling business and stake in another business.
The source: ASX announcement
