Shares in building materials and DIY group, Grafton, have had an extraordinary run in the past year, with the price doubling after this week's big jump to £15. It's the usual story of companies exposed to the Irish building boom reaping the benefits and the results from Grafton later this month are expected to show just how well the group has done.

Company broker, Davy, is expecting a jump in full-year profits from £15.5 million to £17.4 million and earnings per share up from 75p to 91p. On a more basic level, the broker believes that shareholders will get a hefty increase in the dividend and have pencilled in a net payout of 22.8p a share, against 17.5p in 1996.

Grafton's half-year results showed a marginal fall in operating margins, but Davy is expecting a rebound in margins in the second half, with a 15 per cent increase in profits from the Irish operations. Add in the contribution from the British business, and group operating profits are expected to be up 25 per cent.