Sims Limited (SMSMY) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you, and good morning, good afternoon, or good evening, depending on where you're dialling in from. Today we are here to present the full year results for FY24. Presenting with me today is Warwick Ransom, our CFO. Rob Thompson, our Global Chief Commercial Officer, is also here with me, and Warwick. The presentation has been lodged with the ASX, along with the results release. First up, I will run through an overview of the results, take a look at where the market is at, and then focus on the progress we have made in implementing our business strategy, particularly in North America. Warwick will then take us through the financials. At the end, I will return to talk about the outlook, after which we will have Q&A. I will turn straight to slide five, which covers an overview of the results. There is no doubt when you look at the year-on-year comparison of the results, it was a difficult year. Warwick is going to dissect the results in some detail in later slides, so let me just make three overall comments. Firstly, it is a better result than we thought when we updated the market in early May. If you recall at that time, we were seeing a weaker second half from ANZ and SAR, and a somewhat better second half from UK and North America. ANZ, in fact, delivered a very similar second half, which was great, and UK and NAM delivered their improvements. Accordingly, underlying EBIT came in around $43 million, whereas we were originally thinking more $20 million to $25 million. So overall, it was an encouraging second-half performance from the metal business. Secondly, sales volumes for the full year were down by 1.7%, despite being up a little at the half-year, and we also had the benefit of a full six months of volumes in the second half from Baltimore Scrap. This volume ...