Joe Moran was in fine form this week when he presented the first decent set of figures from IWP for some time. Whether IWP's improvement will be reflected in increased demand for the shares, however, remains to be seen.

The IWP business is never going to be an exciting one but, having refocused its business over the past few years, there are encouraging signs that the remaining toiletries, distribution and household products business will generate decent growth over the next couple of years.

Current forecasts put IWP on a forward earnings multiple of around six - hardly expensive. But a prospective dividend yield of 5 per cent at a price of €2 might be a more compelling reason to buy the shares at their current levels. Current Account could think of worse places to put your money.