In a world where the battle cry is "big is mighty", Qualceram does not fit the mould. As a manufacturer of sanitary ware, from a plant in Arklow, it was one of the smallest companies to seek a full listing on the Dublin and London stock markets just over a year ago. But, so far, it has not put a foot wrong. It is the only Irish manufacturer of vitreous china bathroom suites. Being in a niche area, it operates inhouse training schemes for its craft workers and invests heavily in research and development.

Not content, it is now broadening its range so that it can offer the complete bathroom suite. This included an investment of £150,000 to £200,000 in a plant to produce a full range of wooden products. And it has completed a joint venture with the Turkish group, Eczacibasi, to manufacture a range of ceramic wall and floor tiles. That expansion is more daring, involving £2.5 million with Qualceram putting up £400,000 in equity capital.

Qualceram did not disappoint its shareholders this week, weighing in a 22 per cent increase in profits to £1 million at the half way stage, and a hike in the interim dividend from 1.0p to 1.1p. Further growth is on the cards.

So far, so good, but the tile market will prove to be far more competitive than sanitary ware.