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By Bronte Capital (Reporter)
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The hated bounce: Elementis edition

Friday, October 28, 2016 5:02
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This post is a cliche.

Elementis is a specialty chemical company which makes rheology modifiers (go on – look it up).

The company has two customer groups that are problematic – oil drillers and ship painters.

They provide additives for oil drilling mud to allow difficult drilling. And they supply additives to paints to change their technical characteristics – which have their most profitable use in painting ships.

Both shipping and oil drilling have been difficult.

The company has had six straight profit warnings. Elementis never became unprofitable – just less profitable.

Today Elementis put out an utterly uneventful trading update.

And the stock rose ten percent.

When you have had six profit warnings no news is good news.



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