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Sims Group - Australia's Dynamic Recycler
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Sims Group has grown dramatically since its foundation in 1917. It is a major recycler of scrap metals, is now the world's largest producer of ferrous scrap metal for the steel industry and is also the world's biggest electronics recycling company.
It is that last business, called Sims Recycling Solutions, that is sparking great investor attention for its enormous growth prospects.
Already the company is handling more than 25 million computers, monitors, televisions, refrigerators, toner cartridges and other appliances each year.
Not only individual investors and funds (including many ethical funds) are interested; even a giant global corporation like Japan's Mitsui can see the huge potential in this business, and it has taken a (friendly) 20 per cent equity stake in Sims.
For Sims Group as a whole, its business is highly leveraged to international scrap metal prices, as well as to a plethora of other factors like exchange rates and shipping fees. In its financial year to June 2007 it saw turnover jump 48 per cent to A$5.55 billion (US$5.20 billion), with after-tax profit up 29 per cent to A$254 million.
Sims Recycling Solutions achieved its fourth year of significant growth, with a 79 per cent surge in revenues to A$450 million, and EBIT up 82 per cent to A$67 million.
During the financial year the company opened new electronics recycling facilities in Belgium and Sweden and it expanded its British facilities. It also acquired three major new electronics recycling companies in Germany and the United States.
Since July last year Sims Recycling has continued to expand, with further big rises in sales and profits in the December 2007 half - though just 10 per cent of total company turnover, it represented a quarter of company EBIT - and new acquisitions in Canada and the UK.
April 19th, 2008
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