IBC Advanced Alloys Corporation vertically integrated manufacturer of rare metals based alloys and advanced cast and forged products has released its audited financial results for the year ended June 30th 2011.

Fiscal 2011 Financial Highlights
1. Sales increased to USD 20.45 million up 37% compared to fiscal 2010;
2. Gross profit increased 87% compared to fiscal 2010 on increased sales and improved operating practices;
3. Loss for the year was USD 4.6 million up 13% from fiscal 2010 reflecting both business expansion and significant unusual charges such as plant relocation expense and
4. Cash and cash equivalents at June 30th 2011 were USD 7.51 million.

Mr Simon Anderson CFO of IBC said that “Over the last four years, IBC has developed and implemented an advanced alloys business to support its mine to market business strategy. Our fiscal 2011 revenue growth is clear proof that IBC’s vertically integrated model is sound and that the business has a strong foundation.”

He said that “We have successfully integrated our operating facilities, introduced a range of new high performance alloys and begun business development efforts into several new markets. While the company as a whole is not yet profitable, we were very encouraged by our 2011 financial performance and expected the increased costs in fiscal 2011 which relate to the expansion and upgrading of our manufacturing base to support future revenue growth.”