Final Results

Smart(J.)&Co(Contractors) PLC
03 November 2003

J SMART & CO (CONTRACTORS) PLC AND SUBSIDIARY COMPANIES

ACCOUNTS FOR THE YEAR ENDED 31st JULY 2003
PRELIMINARY STATEMENT

As forecast at the interim stage, profits for the second half of the
year exceeded first half profits resulting in a Group profit for the
full year of £6,017,000 which includes an exceptional profit of
£1,601,000 on the sale of land held for development. This compares with
a profit for the previous year of £4,613,000.

The results of J Smart & Co (Contractors) PLC and its subsidiary
companies for the year ended 31st July 2003 are as follows:



PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st JULY 2003

                                                   2003           2002
                                                  £'000          £'000

Turnover, as adjusted for the change in
stocks of finished goods and work in progress    18,847         17,368


Own work capitalised                              1,679          3,625
                                                 ______         ______

                                                 20,526         20,993



Other operating income                            5,708          5,390
                                                 ______         ______

                                                 26,234         26,383
                                                 ______         ______



Operating Profit before Exceptional Item          4,486          4,559

Exceptional Item (Note (a))                       1,601              -
                                                 ______         ______

Operating Profit                                  6,087          4,559

Share of Operating Profit in Joint Ventures         239            224
                                                 ______         ______

                                                  6,326          4,783



Interest Payable/Receivable and Net Investment     (309)          (170)
Income                                           ______         ______

Group Profit on ordinary activities before        6,017          4,613
taxation                                         



Tax on Profit on ordinary activities              1,612          1,160
                                                 ______         ______

Group Profit on ordinary activities after         4,405          3,453
taxation



Dividends (Note (b))



Interim paid 2.90p Nett (2002 - 2.90p)              132            143

                                                 

Proposed Final 8.80p Nett (2002 - 8.50p)            433            431

                                                 ______         ______

Retained Profit for the Year                      3,840          2,879
                                                 ______         ______



Earnings per share (Note (c))                     43.69p         34.25p



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 2003 aggregating
        £603,000, and in addition a further £11,000 provided in 2002 was
        subsequently waived and is netted off against the interim
        dividend for 2003.



(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 2003

                                                       2003       2002

                                                      £'000      £'000

FIXED ASSETS

Intangible assets                                         1          1

Tangible assets                                      64,954     60,198
                                                     ______     ______

                                                     64,955     60,199

Investment in Joint Ventures:

Share of gross assets                                 3,922      3,649

Share of gross liabilities                           (3,586)    (3,428)
                                                     ______     ______

                                                     65,291     60,420
                                                     ______     ______

CURRENT ASSETS

Stocks and work in progress                           5,200      8,100

Debtors: Amounts falling due within one year          2,093      1,971

Debtors: Amounts falling due after one year           1,480      1,480

Investments                                             668        678

Cash at bank and in hand                                225        427
                                                     ______     ______

                                                      9,666     12,656



CREDITORS: Amounts falling due within one year        3,839      5,998
                                                     ______     ______



NET CURRENT ASSETS                                    5,827      6,658
                                                     ______     ______



TOTAL ASSETS LESS CURRENT LIABILITIES                71,118     67,078



CREDITORS: Amounts falling due after more than one    3,000      6,000
year



PROVISIONS FOR LIABILITIES AND CHARGES                  124        114

                                                     ______     ______

                                                     67,994     60,964
                                                     ______     ______



CAPITAL AND RESERVES

Called up share capital                               1,008      1,008

Revaluation reserve                                  24,117     20,927

Profit and Loss account                              42,869     39,029

                                                     ______     ______

SHAREHOLDERS' FUNDS                                  67,994     60,964
                                                     ______     ______



CASH FLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2003

                                                       2003       2002

                                                      £'000      £'000

OPERATING ACTIVITIES

Operating profit                                      6,087      4,559

Depreciation                                            468        486

Gain on sale of tangible fixed assets                   (17)       (19)

Interest received on investments                         20          1

Dividends received                                       39         52

Proceeds of sale of investments                         126        426

Purchase of investments                                 (99)      (136)

Decrease/(Increase) in stocks and work in progress    2,900     (3,171)

(Increase)/Decrease in debtors                         (122)        39

(Increase) in loan to Joint Ventures                      -       (110)

(Decrease)/Increase in creditors                     (2,726)     2,599

                                                     ______     ______

NET CASH INFLOW FROM OPERATING ACTIVITIES             6,676      4,726



Interest received                                         4          2

Interest paid                                          (298)      (214)



Corporation tax paid                                 (1,007)    (1,202)



Purchase of tangible fixed assets                      (399)    (1,227)

Grants received                                           7          -

Sales of tangible fixed assets                           58         38

Expenditure on own work capitalised                  (1,679)    (3,625)



Dividends paid                                         (562)      (547)

                                                     ______     ______

MOVEMENTS IN NET FUNDS IN THE PERIOD                  2,800     (2,049)



MANAGEMENT OF LIQUID RESOURCES AND FINANCING

New long-term loan                                        -      6,000

Term loan repaid                                     (3,000)      (400)

Hire purchase creditor repaid                            (2)         -

                                                     ______     ______

(DECREASE)/INCREASE IN CASH IN THE PERIOD              (202)     3,551
                                                     ______     ______

BY ORDER OF THE BOARD



Secretary

3rd November, 2003

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 18th
        December 2003 and it is intended to pay the proposed final
        dividend, if approved, on 22nd December 2003 to members on the
        register at close of business on 5th December 2003.






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