Interim Results

Smart(J.)&Co(Contractors) PLC
25 April 2005


J. SMART & CO. (CONTRACTORS) PLC

CHAIRMAN'S REVIEW

INTERIM REPORT

Unaudited Group profits for the six months to 31st January 2005 amounted to
£2,446,000 compared with profits of £2,391,000 for the corresponding period last
year.

Increased contracting activity accounts for turnover for the period being 16%
higher than the corresponding period last year. The Board anticipates that
turnover for the full year will be more than last year. As indicated in the last
annual report private house sales are down and we developed no industrial or
commercial floorspace during the half year under review.

INTERIM DIVIDEND

The Board announces an interim dividend of 2.90p per share (2004, 2.90p) to be
paid on 11th July 2005 to shareholders on the register at the close of business
on 17th June 2005. After waivers by members holding approximately 50% of the
shares the interim dividend will cost the Company £143,000.

FUTURE PROSPECTS

The amount of work in hand in contracting is again more than at this time last
year and at the end of last year. Most of this work has been obtained on a
negotiated and/or design and construct basis. Margins remain tight.
Private house sales for the year will be less than last year.

Three industrial and commercial developments are expected to commence in the
next financial year.

Subject to unforeseen or exceptional circumstances it is anticipated that the
profit for the full year will be not less than £4,600,000.


                                                                   J. M. SMART
25th April 2005                                                       Chairman



PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 31st JANUARY 2005

                                     6 months         6 months            year
                                   to 31-1-05       to 31-1-04      to 31-7-04
                                  (Unaudited)      (Unaudited)       (Audited)
                                        £'000            £'000           £'000
TURNOVER                               10,403            8,956          17,644
Own Work Capitalised                       18            1,517           1,770
                                       --------         --------        --------
                                       10,421           10,473          19,414
Other Operating Income                  2,992            2,624           5,766
                                       --------         --------        --------
                                       13,413           13,097          25,180
                                       --------         --------        --------

OPERATING PROFIT                        2,236            2,225           4,540

Share of operating profit in
Joint Ventures                            197              159             375
                                       --------         --------        --------
                                        2,433            2,384           4,915

Interest payable/receivable,
dividends received and
decrease/increase in amount
written off investments                    13                7             (34)
                                       --------         --------        --------

PROFIT ON ORDINARY ACTIVITIES
BEFORE EXCEPTIONAL ITEM                 2,446            2,391           4,881

EXCEPTIONAL ITEM (Note 2)                   -                -             405
                                       --------         --------        --------

PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                         2,446            2,391           5,286

TAXATION (Note 3)                         734              718           1,412
                                       --------         --------        --------

PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                          1,712            1,673           3,874

INTERIM DIVIDEND OF 2.90p PER
SHARE                                     143              143             593
(2004, 2.90p) (Note 4)
                                       --------         --------        --------

RETAINED PROFIT                         1,569            1,530           3,281
                                       --------         --------        --------

EARNINGS PER SHARE                      16.98p           16.60p          38.42p
                                       --------         --------        --------

Notes:

   1.  The figures for the year to 31st July 2004 are abridged. Full accounts
       for that year have been filed with the Registrar of Companies and contain
       an Auditor's unqualified report.
   2.  The exceptional item relates to profit on sale of land held for
       development.
   3.  Taxation on ordinary activities is calculated as Corporation Tax at 30%
       (2004, 30%).
   4.  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 2004. The interim dividend will be paid on 11th July 2005 to
       shareholders on the register at 17th June 2005.
   5.  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 2005

                                      6 months        6 months           year
                                    to 31-1-05      to 31-1-04     to 31-7-04
                                   (Unaudited)     (Unaudited)      (Audited)
                                         £'000           £'000          £'000
FIXED ASSETS
Intangible assets                            1               1              1
Tangible assets                         67,488          66,496         67,399
                                        --------        --------       --------
                                        67,489          66,497         67,400
Investment in Joint Ventures:
Share of gross assets                    6,310           3,930          6,087
Share of gross liabilities              (3,684)         (3,477)        (3,609)
                                        --------        --------       --------
                                        70,115          66,950         69,878
                                        --------        --------       --------
CURRENT ASSETS
Stocks and work in progress              3,673           3,231          4,565
Debtors: Amounts falling due
within one year                          2,904           2,431          2,075
Debtors: Amounts falling due
after one year                           1,656           1,480          1,480
Investments                              1,098             675            840
Cash at bank and in hand                   674              25             50
                                        --------        --------       --------
                                        10,005           7,842          9,010

CREDITORS: Amounts falling
due within one year                     (4,494)         (4,144)        (4,831)
                                        --------        --------       --------
NET CURRENT ASSETS                       5,511           3,698          4,179
                                        --------        --------       --------

TOTAL ASSETS LESS CURRENT
LIABILITIES                             75,626          70,648         74,057

CREDITORS: Amounts falling
due after more than one year                 -          (1,000)             -

PROVISIONS FOR LIABILITIES
AND CHARGES                               (148)           (124)          (148)
                                        --------        --------       --------
                                        75,478          69,524         73,909
                                        --------        --------       --------

CAPITAL AND RESERVES
Called up share capital                  1,008           1,008          1,008
Revaluation reserve                     26,751          24,117         26,751
Profit and Loss account                 47,719          44,399         46,150
                                        --------        --------       --------
SHAREHOLDERS' FUNDS                     75,478          69,524         73,909
                                        --------        --------       --------



CASH FLOW STATEMENT FOR THE SIX MONTHS TO 31st JANUARY 2005

                                     6 months         6 months            year
                                   to 31-1-05       to 31-1-04      to 31-7-04
                                  (Unaudited)      (Unaudited)       (Audited)
                                        £'000            £'000           £'000
OPERATING ACTIVITIES
Operating profit                        2,236            2,225           4,540
Exceptional item                            -                -             405
Depreciation                              179              188             460
Gain on sale of tangible
fixed assets                              (93)             (16)            (18)
Interest received on
investments                                32               29              60
Dividends received                         19               17              44
Proceeds of sale of
investments                                28               34              37
Purchase of investments                  (250)               -            (184)
Decrease in stocks and work
in progress                               892            1,968             635
(Increase)/Decrease in
debtors                                (1,005)            (338)             18
(Decrease)/Increase in
creditors                                (187)             897           1,420
                                       --------         --------        --------

NET CASH INFLOW FROM
OPERATING ACTIVITIES                    1,851            5,004           7,417

Interest received                           8               38              11
Interest paid                             (32)             (46)            (85)

Corporation tax paid                     (577)          (1,023)         (1,738)

Purchase of tangible fixed
assets                                   (414)            (220)           (475)
Sales of tangible fixed
assets                                    257               22              55
Expenditure on own work
capitalised                               (18)          (1,542)         (1,770)
Capitalised professional fees               -                -             (14)

Dividends paid                           (451)            (433)           (576)
                                       --------         --------        --------
MOVEMENTS IN NET FUNDS IN THE
PERIOD                                    624            1,800           2,825

Term loan repaid                            -           (2,000)         (3,000)
                                       --------         --------        --------

INCREASE/(DECREASE) IN CASH
IN THE PERIOD                             624             (200)           (175)
                                       --------         --------        --------




                      This information is provided by RNS
            The company news service from the London Stock Exchange