Metal recycler Sims Metal Management has posted an underlying net profit of A$68.8m (£39m), up on last year’s result of A$15.9m.
Group chief executive Galdino Claro said the full-year results were an improvement on the previous year “in the face of still challenging market conditions”.
He added: “While I am encouraged by the progress we’ve made, much work still needs to be done. Our stronger result was driven by solid contributions from our metals recycling businesses in Australasia and Europe, where recent investments and restructuring actions are translating into meaningfully improved earnings.
In June, the Sydney-based company said it would “reset and streamline” its Sims Recycling Solutions (SRS) business, including UK facilities, which specialises in the recycling of photocopiers and cathode ray tubes from computer monitors and televisions.
Three-month consultation on the SRS closures in the UK is due to end next week.
In Europe, earnings before interest and tax (Ebit) reached A$20m, up from a loss of A$19m last year.
“The improvement [in Europe] was driven by stronger earnings from UK Metals where previously undertaken restructuring actions have gained traction, providing a substantial positive impact on operational efficiency.
“These improvements were offset in part by continued losses from UK SRS, which necessitated our recent decision to materially exit that business.”