Final Results

Smart(J.)&Co(Contractors) PLC
31 October 2005


J SMART & CO (CONTRACTORS) PLC AND SUBSIDIARY COMPANIES
ACCOUNTS FOR THE YEAR ENDED 31st JULY 2005
PRELIMINARY STATEMENT

The results of J Smart & Co (Contractors) PLC and its subsidiary companies for
the year ended 31st July 2005 are as follows:

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st JULY 2005

                                                          2005           2004
                                                         £'000          £'000
Turnover, as adjusted for the change in stocks
of finished goods and work in progress                  22,180         17,644
Own work capitalised                                        20          1,770
                                                       -------        -------
                                                        22,200         19,414
Other operating income                                   6,065          5,766
                                                       -------        -------
                                                        28,265         25,180
                                                       -------        -------

Operating Profit                                         4,968          4,540
Share of Operating Profit in Joint Ventures                407            375
                                                       -------        -------
                                                         5,375          4,915
Interest Payable/Receivable and Net Investment Income       83            (34)
                                                       -------        -------
Operating Profit before Exceptional Item                 5,458          4,881
                                                                  
Exceptional Item (Note (a))                                  -            405
                                                       -------        -------
Profit on ordinary activities before taxation            5,458          5,286

Tax on Profit on ordinary activities                     1,449          1,412
                                                       -------        -------
Group Profit on ordinary activities after taxation       4,009          3,874
Dividends (Note (b))

Interim paid 2.90p Nett (2004 - 2.90p)                     143            143
                                                           ---            ---
Proposed Final 9.50p Nett (2004 - 9.15p)                   468            450
                                                       -------        -------
Retained Profit for the Year                             3,398          3,281
                                                       -------        -------
Earnings per share (Note (c))                            39.77p         38.42p

Notes:

(a)    The exceptional item relates to profit on sale of land held for
       development.
(b)    Certain shareholders have waived their rights to the interim dividend and
       the proposed final dividend for 2005 aggregating £639,000.
(c)    There is no difference between the rate of earnings per share when
       calculated on the fully diluted or undiluted basis.


BALANCE SHEET AS AT 31st JULY 2005

                                                        2005              2004
                                                       £'000             £'000
FIXED ASSETS
Intangible assets                                          1                 1
Tangible assets                                       77,413            67,399
                                                     -------           -------
                                                      77,414            67,400
Investment in Joint Ventures:
Share of gross assets                                  6,877             6,087
Share of gross liabilities                            (3,705)           (3,609)
                                                     -------           -------
                                                      80,586            69,878
                                                     -------           -------
CURRENT ASSETS
Stocks and work in progress                            4,924             4,565
Debtors: Amounts falling due within one year           2,765             2,075
Debtors: Amounts falling due after one year            1,656             1,480
Investments                                            1,038               840
Cash at bank and in hand                               2,014                50
                                                     -------           -------
                                                      12,397             9,010

CREDITORS: Amounts falling due within one year         5,058             4,831
                                                     -------           -------

NET CURRENT ASSETS                                     7,339             4,179
                                                     -------           -------

TOTAL ASSETS LESS CURRENT LIABILITIES                 87,925            74,057

PROVISIONS FOR LIABILITIES AND CHARGES                   141               148
                                                     -------           -------
                                                      87,784            73,909
                                                     -------           -------

CAPITAL AND RESERVES
Called up share capital                                1,008             1,008
Revaluation reserve                                   37,157            26,751
Profit and Loss account                               49,619            46,150
                                                     -------           -------
SHAREHOLDERS' FUNDS                                   87,784            73,909
                                                     -------           -------


CASH FLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2005

                                                         2005             2004
                                                        £'000            £'000
OPERATING ACTIVITIES
Operating profit                                        4,968            4,540
Exceptional item                                            -              405
Depreciation                                              434              460
Gain on sale of tangible fixed assets                    (154)             (18)
Interest received on investments                          101               60
Dividends received                                         49               44
Proceeds of sale of investments                           114               37
Purchase of investments                                  (250)            (184)
(Increase)/Decrease in stocks and work in progress       (359)             635
(Increase)/Decrease in debtors                           (866)              18
Increase in creditors                                     110            1,422
                                                      -------          -------
NET CASH INFLOW FROM OPERATING ACTIVITIES               4,147            7,419

Interest received                                           5               11
Interest paid                                             (38)             (85)

Corporation tax paid                                   (1,299)          (1,738)

Purchase of tangible fixed assets                        (661)            (475)
Sales of tangible fixed assets                            455               55
Expenditure on own work capitalised                       (20)          (1,770)
Capitalisation of legal fees                              (32)             (14)

Dividends paid                                           (593)            (576)
                                                      -------          -------
MOVEMENTS IN NET FUNDS IN THE PERIOD                    1,964            2,827

MANAGEMENT OF LIQUID RESOURCES AND FINANCING
Term loan repaid                                            -           (3,000)
Hire purchase creditor repaid                               -               (2)
                                                      -------          -------
INCREASE/(DECREASE) IN CASH IN THE PERIOD               1,964             (175)
                                                      -------          -------

BY ORDER OF THE BOARD
Secretary
31st October 2005

Notes:

   1.  The foregoing financial statements are an abridged version of the
       Company's full consolidated accounts which have not yet been filed with
       the Registrar of Companies and which have not yet been reported on by the
       Company's auditors.
   2.  The Annual General Meeting will be held in Edinburgh on 15th December
       2005 and it is intended to pay the proposed final dividend, if approved,
       on 19th December 2005 to members on the register at close of business on
       2nd December 2005.




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