The microstructure, texture and mechanical properties have been studied in PM2000 compressed via dynamic plastic deformation to a strain of 2.1. It is found that dynamic plastic deformation results in a duplex 〈111〉 + 〈100〉 fibre texture and refines the initial microstructure by nanoscale lamellae, which substantially increases the strength of the material, but decreases its thermal stability. In the as-deformed microstructure, the stored energy density is found to be higher in 〈111〉-oriented regions than in 〈100〉-oriented regions. Recovery during annealing at 715 °C reduces the energy stored in the deformed microstructure. This reduction is more pronounced in the 〈111〉-oriented regions. Orientation-dependent recrystallisation takes place in the recovered microstructure, leading to strengthening of the 〈111〉 fibre texture component at the expense of the 〈100〉 fibre texture component.