World’s leading scrap supplier Sims Limited has announced an underlying EBIT of AUD 756.1 million in FY22, 95.6% higher compared to FY21. Sims Group CEO & Managing Director, Mr Alistair Field said “FY22 was a very strong year. We worked hard to promote a safe and healthy working environment at Sims. As a result, in FY22 we continued to deliver improved safety metrics for the group. We had the lowest ever total recordable injury frequency rate, a sign that we have embedded a safety culture across the organization. I am proud that we delivered the strongest Underlying EBIT result on record and significant trading margin and volume increases. We made significant progress on our business strategy: successfully completed several strategic acquisitions, continued to deploy enhancement technologies in ferrous and non-ferrous, and opened new feeder yards in the metal business. In Sims Lifecycle Services, we launched new service offerings and invested in engineering and technology to continue driving innovation and build capacity to scale up operations quickly when the supply chain challenges ease.”Sales revenue of AUD 9,264.4 million, up 56.6% from the prior corresponding periodStatutory EBIT of AUD 773.6 million, up 146.4% million from the prior corresponding periodUnderlying EBIT of AUD 756.1 million, up 95.6% million from the prior corresponding periodNorth America Metal delivered the largest FY22 Underlying EBIT improvement within the Group compared to FY21. EBIT improved by 114.2% to AUD 293.4 million due to higher volumes and trading margins. The competitive advantages provided by having dedicated deep-water ports with access to bulk trade, combined with disciplined buying practices, drove a 55.0% increase in total trading margin.Underlying EBIT for Australia and New Zealand Metal was AUD 186.9 million during FY22, representing an increase of 80.4% over the prior corresponding period. These gains were supported by sales revenue growth from increased average sales prices and a trading margin increase of 34.9%. Proprietary sales volumes were slightly below the prior year due to flow-on impacts from COVID, including intermittent lockdowns across the region and supply chain constraints. Additionally, the closure of several Queensland sites in May and June 2022 due to floods resulted in 50,000 tonnes of intake being unprocessed at year-end. This inventory was sold in FY22 and is anticipated to be processed and shipped in early 1H FY23.Underlying EBIT for the UK increased by 52.7% to $69.8 million in FY22 compared to the prior corresponding period due to higher volume and margin improvement. This increase was attributed to higher proprietary ferrous sales volumes and average selling prices. Favourable market conditions and disciplined management of the buy & sell spread resulted in a 23.9% improvement in trading margin in FY22 compared to FY21.Underlying EBIT for Sims Lifecycle Services was AUD 16.3 million in FY22 compared to A$21.8 million in FY21. The fall was primarily due to a 30% decline in the prices of resold units, as COVID lockdowns in China reduced manufacturing activity.Founded in 1917, Sims Limited is a global leader in metal recycling and electronics recovery, and an emerging leader in the municipal recycling and the renewable energy industries. Over 4,000 employees operate from more than 200 facilities across 15 countries.