Sims Group Limited Full Year Earnings Update

On 18 June 2008, the Company advised that its full year Earnings would exceed consensus Earnings of $314m by more than 10-15%, after having made allowance for any extraordinary expenses or other costs that may be recorded in connection with the Metal Management merger. Following that announcement, nine leading analysts updated their Earnings forecast for the year ending 30 June 2008 resulting in a revised consensus forecast of $364 million.

In the preparation of its audited accounts, the Company has determined that profit after tax will increase by approximately $32m due to a combination of a non-cash formation gain resulting from the AIFRS accounting for the commencement of the SA Recycling Joint Venture in Southern California and one-off costs associated with the Metal Management merger. read more

Source: Sims Group Limited