The world’s largest scrap metal recycler, Sims Metal Management, has posted a 51.6 lift in full year profit on the back of a vastly improved performance by its ferrous (iron) division.

Net profit rose to $192.1 million for the 12 months to June 30 from $126.7 million in the prior year, the Sydney-based company announced on Friday.

It sharply lifted second half net profit, up 190 per cent on the first half, with about two-thirds of earnings generated in the second half of the financial year.

In the first half, Sims struggled with a sluggish economic recovery in North America and scarcity of scrap.

Sims shares were up 47 cents at $15.29 on Friday.

Revenue increased 18.7 per cent to $8.85 billion.

“This was accomplished through stronger shipments that grew 10 per cent year on year,” Sims chief executive Daniel Dienst said in a teleconference on Friday.

Profit on an underlying basis, was $182 million, up from $147 in the previous year.

Mr Dienst said the results were pleasing.

“Given the uncertain global economic conditions that pervaded during fiscal 2011, we are somewhat pleased with our results and, in particular, with our solid performance in the second half,” he said.

Sims also announced a board re-shuffle on Friday, which included appointing Australian Industry Group chief executive Heather Ridout as a non-executive director.

The company had made four acquisitions in Europe and another six “tuck-in” acquisitions for the metals recycling business in all regions, Mr Dienst said.

However, Sims didn’t provide specific guidance for the current financial year, following recent global economic turmoil.

By the end of the fiscal year, its scrap intake had improved across all regions (overall by seven per cent) with the growth most notable in North America.

Scrap intake in North America increased 8.7 per cent and earnings before interest and tax (EBIT) was up 51 per cent to $121 million.

Sales revenue for North America was up 19 per cent to $6 billion, for Australasia it was up 12 per cent to $1.4 billion, and Europe sales revenue was up 25 per cent to $1.5 billion.

Total scrap intake and shipments were 14.3 million tonnes and 14.2 million tonnes, respectively.

The company declared a final dividend of 35 cents per share (43 per cent franked) with a total dividend of 47 cents per share.