Interim Results

Smart(J.)&Co(Contractors) PLC
26 April 2001


J. SMART & CO. (CONTRACTORS) PLC.

CHAIRMAN'S REVIEW

INTERIM REPORT

Unaudited Group profits for the six months to 31st January 2001 amounted to £
1,680,000 compared with profits for the corresponding period last year of £
1,420,000.


Turnover for the six month period under review was more than the corresponding
period last year and the Board expects that turnover for the full year will be
more than last year.


INTERIM DIVIDEND


The Board announces an interim dividend of 2.80p per share (2000, 2.80p) to be
paid on 9th July 2001 to shareholders on the register at the close of business
on 15th June 2001. After waivers by members holding approximately 50% of the
shares the interim dividend will cost the Company £138,000.


OTHER MATTERS


It is with much regret that I report the sudden and untimely passing on New
Year's Eve of our Contracts Manager Mr Derek Slyth at the age of 57. Derek
served your Company for 42 years and with his own particular unswerving
dedication and sense of purpose contributed significantly to its prosperity. He
is greatly missed by all his colleagues.


FUTURE PROSPECTS


The volume of work in hand in contracting is less than last year although again
most of it has been obtained on a design and construct basis. The value of
private house sales is once more expected to be less than last year. We have
built no private dwellings for sale so far this year however several
developments are in view. We are currently carrying out a major refurbishment
and modernisation of the mechanical presses at our precast concrete
manufacturing subsidiary which, while impacting adversely on current
production, should improve efficiency in future years. On the commercial and
industrial property side steady progress is being maintained on our own and
joint venture developments.


Subject to unforeseen or exceptional circumstances, it is anticipated that
Group profits for the second half of the current year will be not less than the
profits for the first half of the year.



                                                                    J. M. SMART
26th April 2001                                                        Chairman




PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 31st JANUARY 2001
                                                6 months   6 months       year
                                               to 31-1-01 to 31-1-00 to 31-7-00

                                               (Unaudited) (Unaudited) (Audited)
                                                   £'000      £'000      £'000
TURNOVER                                           8,567      5,800     13,479
Own Work Capitalised                                 719      1,457      3,281
                                                   9,286      7,257     16,760
Other Operating Income                             2,172      1,872      3,891
                                                  11,458      9,129     20,651
OPERATING PROFIT                                   1,587      1,331      2,883
Share of operating profit in Joint Ventures           31         28         51
                                                   1,618      1,359      2,934
Interest payable/receivable and dividends             62         61        101
received
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                    1,680      1,420      3,035
TAXATION (Note 2)                                    504        426        268
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                     1,176        994      2,767
INTERIM DIVIDEND OF 2.80p PER
SHARE (2000, 2.80p) (Note 3)                         138        138        530
RETAINED PROFIT                                    1,038        856      2,237
EARNINGS PER SHARE                                 11.66p      9.86p     27.45p

Notes:
1.     The figures for the year to 31st July 2000 are abridged. Full accounts
       for that year have been filed with the Registrar of Companies and
       contain an Auditor's unqualified report.
2.     Taxation on ordinary activities is calculated as Corporation Tax at 30%
       (2000, 30%).
3.     Certain shareholders holding approximately 50% of the shares have waived
       their rights to the interim dividend and the dividends paid for the year
       to 31st July 2000. The interim dividend will be paid on 9th July 2001 to
       shareholders on the register at 15th June 2001.
4.     Copies of the interim report are being sent to all shareholders. Further
       copies are available for members of the public at the Company's
       registered office (28 Cramond Road South, Edinburgh EH4 6AB).


BALANCE SHEET AS AT 31st JANUARY 2001
                                                 6 months   6 months      year
                                                to 31-1-01 to 31-1-00        to
                                                                       31-7-00
                                               (Unaudited) (Unaudited)(Audited)
                                                    £'000       £'000     £'000
FIXED ASSETS
Intangible assets                                       1          1         1
Tangible assets                                    51,242     43,060    50,554
                                                   51,243     43,061    50,555
Investment in Joint Ventures:
Share of gross assets                               1,861        976     1,543
Share of gross liabilities                         (1,791)      (903)   (1,473)
                                                   51,313     43,134    50,625
CURRENT ASSETS
Stocks and work in progress                         2,917      5,089     3,293
Debtors: Amounts falling due within one year        2,211      1,418     2,212
Debtors: Amounts falling due after one year           645        630       635
Investments                                           985        663       898
Cash at bank and in hand                              168          1         1
                                                    6,926      7,801     7,039
CREDITORS: Amounts falling due within one year     (3,321)    (3,252)   (3,784)
NET CURRENT ASSETS                                  3,605      4,549     3,255
TOTAL ASSETS LESS CURRENT LIABILITIES              54,918     47,683    53,880
CREDITORS: Amounts falling due after more than       (400)      (800)     (400)
one year
PROVISIONS FOR LIABILITIES AND CHARGES                (32)       (32)      (32)
                                                   54,486     46,851    53,448
CAPITAL AND RESERVES
Called up share capital                             1,008      1,008     1,008
Revaluation reserve                                18,358     13,142    18,358
Profit and Loss account                            35,120     32,701    34,082
SHAREHOLDERS' FUNDS                                54,486     46,851    53,448




CASH FLOW STATEMENT FOR THE SIX MONTHS TO 31st JANUARY 2001
                                                6 months   6 months       year
                                               to 31-1-01 to 31-1-00 to 31-7-00

                                              (Unaudited) (Unaudited)  (Audited)
                                                   £'000      £'000      £'000
OPERATING ACTIVITIES
Operating profit                                   1,587      1,331      2,883
Depreciation                                         199        166        443
Gain on sale of tangible fixed assets                 (3)       (21)       (49)
Interest received on investments                      41         36         60
Dividends received                                    28         26         49
Proceeds of sale of investments                      111         99        203
Purchase of investments                             (148)      (290)      (573)
Decrease/(Increase) in stocks and work in            376     (1,401)       395
progress
Decrease/(Increase) in debtors                         1        594       (200)
(Increase) in loan to Joint Venture                  (10)       (10)       (15)
(Decrease)/Increase in creditors                    (460)      (660)       267
NET CASH INFLOW FROM OPERATING ACTIVITIES          1,722       (130)     3,463
Interest received                                      4         36         42
Interest paid                                        (30)       (42)       (97)
Corporation tax paid                                (228)       (27)      (350)
Purchase of tangible fixed assets                   (272)      (302)    (1,369)
Grants received                                      155         18        405
Sales of tangible fixed assets                         8        551        574
Expenditure on own work capitalised                 (774)    (1,415)    (3,281)
Dividends paid                                      (392)      (380)      (518)
MOVEMENTS IN NET FUNDS IN THE PERIOD                 193     (1,691)    (1,131)
Term loan repaid                                       0          0       (400)
INCREASE/(DECREASE) IN CASH IN THE PERIOD            193     (1,691)    (1,531)