Envirozel is an engineering company providing construction, fabrication and maintenance services to a range of industries, including oil, gas and water. Many of the company's clients operate in essential services industries and a significant proportion of revenues are derived from essential inspection, repair and maintenance work. While this provides some earnings stability, Envirozel's overall business has suffered from the deterioration in broader economic conditions. Consequently, the 2008-09 result will be well short of last year's profit of about $5 million. This represented earnings per share of 2.4¢. Envirozel's share price has fallen from a high of 62¢ in 2008 to a recent low of less than 10¢. But there has been some interesting institutional activity in the past month, as MMC Contrarian sparked some heavy selling leading into the end of the financial year and Thorney Investment Group's TIGA Trading emerged as a substantial shareholder with a stake of 7.78 per cent. Thorney is known for its success in snaring bottom of the cycle stocks at cheap prices. Significantly, Envirozel's management anticipates that the company's operations should recover substantially by mid-2010. And chairman Max Findlay, who oversaw many years of strong growth as managing director of Programmed Maintenance Services, acquired 1 million shares at the end of June.