CURRENT ACCOUNT: You don't have to be an optimist to work at IWP, but it must certainly help. Since the start of this year, the company has seen its share price plunge from €2.10 to 30 cents, making it the fourth-worst performing stock on the Dublin market after stars such as Elan.

Three years ago, IWP made pre-tax profits of €13.4 million in the first half. Results released earlier this week show that the equivalent number for 2002 is just shy of €5 million, and that was when a special charge of €65.3 million was excluded.

At such a valuation, the very best that might be said about IWP is that it is cheap. Even then, the brokers have failed to be convinced of its merit. Reducing its forecasts for the next two years, Merrion, for example, said that a "low degree of confidence" made it sensible to avoid the shares.

The company's problems have been clear over the past few months: among other things, a poorly performing Dutch operation has drained cash and the Polish market is not shaping up according to plan. On top of this, and perhaps more significantly, the personal care market is now increasingly led by prominent brands, a strategy in which IWP is not strong.

Crucially, NCB points out that this lack of competitive advantage could limit the company's appeal as a takeover target.

On the upside, operations can be expected to benefit from a rather radical management restructuring, led by energetic deputy chief executive, Mr Bernard Byrne. There is also the continued presence of chief executive Mr Joe Moran who has seen the company turn around before. In 1986, for example, IWP was in such a state after three years of losses that Mr Moran was almost forced to admit defeat and close shop. He refused to do so and his fortunes were subsequently transformed.

Beleaguered shareholders, of which Mr Moran is the second-largest, will be hoping that the trick can be repeated.