KPC PEEL HUNT buy 4% stake (17.35 million shares)in ELEMENTIS the chemical maker on behalf of mystery client has sparked a buying spree. This purchase followed at 12 million purchase a few minutes earlier and it has been all buy of this share since. Is this a share that is about to bounce.

Elementis on course to grow operating profit

StockMarketWire.com

Elementis performed in line with expectations in three months to the end of September and saw a continuation of the trends experienced across the first half of the year.

The group said specialty products performed well and in line with expectations:

- Coatings saw a good sales performance across all regions versus last year, however higher raw material costs impacted profit growth.

- Personal Care continued to benefit from increased penetration of the group''s hectorite based products across categories and geographies. The integration of SummitReheis remained on track with synergies well underpinned, and the group continued to implement pricing responses to recover raw material cost inflation. Elementis said it was creating a personal care business of scale.

- Energy has remained strong, reflecting higher activity levels and market share gains. Momentum in the business remained extremely positive.

The group said chromium was on track to deliver full year improvement

It said: 'Chromium has continued to perform well and in line with the trends experienced across the first half of the year.

'Despite unplanned production outages at our Castle Hayne and Corpus Christi facilities during the third quarter we continue to expect an improved full year outcome versus 2016.'

The group said that as previously indicated, the favourable first half conditions in Surfactants had not continued.

It said the sale process for the business was progressing well and it continued to expect resolution in early 2018.

Chief executive Paul Waterman said: 'Elementis has delivered another good revenue performance in the third quarter and overall trading is on track.

'Trends remain similar to those reported in the first half of the year and we remain on course to grow operating profit across all three segments in 2017.

'Going forward, we continue to see significant potential for Elementis as we implement our Reignite Growth strategy.'

Initial target hit.

Stop to 290p

FINANCIAL SUMMARY



















2017



2016





%Change

Revenue



$782.7m



$616.6m





+27%

Profit for the year



$117.6m



$68.1m





+73%

Basic earnings per share◊



25.4c



14.7c





+73%



Total revenue◊∆





$830.3m





$659.5m







+26%

Adjusted operating profit◊∆



$128.1m



$97.0m†





+32%

Adjusted profit before tax◊∆



$115.2m



$92.5m†





+25%

Adjusted diluted earnings per share◊∆



19.5c



17.4c†





+12%

Adjusted operating cash flow∆



$107.1m



$96.0m





+12%

Net (debt)/cash



$(291.1)m



$77.5m





n/s

Dividend per share



8.80c



8.45c





+4%

Apologies for layout above, no idea why this happens just copied and pasted the important paragraphs from this mornings RNS :0(

Elementis plc

AGM Trading Statement

Solid start to the year, confident of further progress in 2018

Elementis has made a good start to the year and is confident of making further financial and strategic progress in 2018.

Solid business performance

· In Personal Care our hectorite based products for the cosmetics market continue to experience growth across new product categories and geographies. Performance in anti-perspirant active ingredients has improved following pricing actions taken in 2017.



· In Coatings performance benefited from growth in EMEA and the Americas, and a steady performance in Asia.



· Energy has remained solid. As expected, growth has moderated against strong comparatives, with good performance in the US and rest of the world, and lower industry activity levels in Canada.



· Chromium continues to deliver resilient performance but exceptional weather conditions at our Castle Hayne plant constrained output in the first quarter. Production has since recovered and we continue to expect full year performance to be in line with 2017.

Sustained cash generation and robust financial platform

Elementis' strong free cash generation continued in Q1 and net debt reduced from the year end, assisted by the completion of the disposal of our Surfactants business in March. Our financial platform is robust and supportive of future growth and continued shareholder value creation.



Commenting on the performance, CEO, Paul Waterman said,

"Elementis has had a solid start to the year and we are confident of delivering continued progress in 2018, in line with our previous expectations."



Enquiries

Elementis plc

James Curran, Investor Relations Tel: 020 7067 2994



Tulchan

Martin Robinson Tel: 020 7353 4200