First-half results from personal care and household products group, IWP International, confirmed the crisis in Russia and eastern Europe had taken its toll. Having expected to sell £6.5£7.0 million worth of goods to Russia this year, the company now believes it won't sell more than £1£1.5 million.

But the impact was not as bad as some in the market had feared, offset as it was by the benefits of acquisitions, particularly of Jeyes last July. The company said the tougher trading conditions were affecting growth, but was confident full-year figures would continue to reflect this decade's achievement of unbroken profit growth. All this should help the share price recover from the drubbing it has taken and head back to the 300p level.

However, it is uncertain whether IWP will be able to deliver the 10 per cent growth in profits that shareholders have come to expect in recent years. Its decision to reorganise the personal care business in response to the downturn should yield cost savings. But whether this is enough to maintain profit growth at previous levels against the current backdrop is an open question.

One way to boost shareholder returns would be a buy-back, something chief executive, Mr Joe Moran, would not rule on earlier this week. However, given its debt levels following the Jeyes purchase and the investments in new plant and equipment in the personal care business, it is unlikely the company will have the cash for a market foray.