Shares are bumping along near their 12-month lows; Courtaulds' stock market valuation has fallen to around £1.6bn. Courtaulds has looked vulnerable for some time. In the past few months Courtaulds has slumped from 487.5p to 384p, off 4.5p yesterday.
Interim figures devastated Courtaulds. Profits fell £4m to £64m, prompting estimates for this year and next to be cut. The group's massive investment in wonder fibre, Tencel, is beginning to pay off but other parts of the business are struggling.