The theoretical stress-strain behaviour of a composite with a brittle matrix in which the fibre-matrix bond remains intact after the matrix has cracked, is described. From a consideration of the maximum shear stress at the fibre-matrix interface, the extent of fibre debonding and the crack spacing in a partially debonded composite are derived. The energetics of cracking and the conditions leading to an enhanced matrix failure strain are then discussed and, finally, the crack spacing expected in composites containing fibres isotropically arranged in two or in three dimensions is derived for the case of very thin and hence very flexible fibres.