Interim Results

Smart(J.)&Co(Contractors) PLC
18 April 2002


J. SMART & CO. (CONTRACTORS) PLC

CHAIRMAN'S REVIEW



INTERIM REPORT

Unaudited Group profits for the six months to 31st January 2002 amounted to
£2,229,000 compared with profits of £1,680,000 for the corresponding period last
year. The increase in profits is attributable to improvements across all sectors
of your Company's activities.

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


INTERIM DIVIDEND


The Board announces an interim dividend of 2.90p per share (2001, 2.80p) to be
paid on 8th July 2002 to shareholders on the register at the close of business
on 14th June 2002. After waivers by members holding approximately 50% of the
shares the interim dividend will cost the Company £143,000.


FUTURE PROSPECTS


The volume of work in hand in contracting is less than last year. Once more most
of it has been obtained on a design and construct basis. Following on the
private housing starts during 2001 house sales since January have been very
healthy. Three speculative and two pre-let commercial/industrial developments
are currently under construction. Anticipated rental growth for the current year
is being achieved albeit that market demand in this sector is not particularly
buoyant.


Taking the foregoing into account it is anticipated that the profit for the
second half of the year will exceed the profit for the first half of the year.



                                                                                                             J. M. SMART
18th April 2002                                                                                                 Chairman


PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 31st JANUARY 2002
                                                                             6 months        6 months            year
                                                                           to 31-1-02      to 31-1-01      to 31-7-01
                                                                           (Unaudited)     (Unaudited)       (Audited)
                                                                                £'000           £'000           £'000
TURNOVER                                                                        8,179           8,567          18,453
Own Work Capitalised                                                            1,597             719           1,239
                                                                                9,776           9,286          19,692
Other Operating Income                                                          2,425           2,172           4,563
                                                                               12,201          11,458          24,255
OPERATING PROFIT                                                                2,142           1,587           3,390
Share of operating profit in Joint Ventures                                        54              31             130
                                                                                2,196           1,618           3,520
Interest payable/receivable and dividends received                                 33              62             104
PROFIT ON ORDINARY ACTIVITIES
BEFORE TAXATION                                                                 2,229           1,680           3,624
TAXATION (Note 2)                                                                 669             504             989
PROFIT ON ORDINARY ACTIVITIES
AFTER TAXATION                                                                  1,560           1,176           2,635
INTERIM DIVIDEND OF 2.90p PER
SHARE (2001, 2.80p) (Note 3)                                                      143             138             542
RETAINED PROFIT                                                                 1,417           1,038           2,093
EARNINGS PER SHARE                                                             15.47p          11.66p          26.14p


Notes:

1.     The figures for the year to 31st July 2001 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% (2001, 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 2001. The interim dividend will be paid on 8th July 
       2002 to shareholders on the register at 14th June 2002.

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 2002
                                                                             6 months        6 months            year
                                                                           to 31-1-02      to 31-1-01      to 31-7-01
                                                                           (Unaudited)     (Unaudited)       (Audited)
                                                                                £'000           £'000           £'000
FIXED ASSETS
Intangible assets                                                                   1               1               1
Tangible assets                                                                57,003          51,242          54,665
                                                                               57,004          51,243          54,666
Investment in Joint Ventures:
Share of gross assets                                                           3,326           1,861           3,283
Share of gross liabilities                                                     (3,159)         (1,791)         (3,171)
                                                                               57,171          51,313          54,778
CURRENT ASSETS
Stocks and work in progress                                                     6,351           2,917           4,929
Debtors: Amounts falling due within one year                                    1,210           2,211           2,010
Debtors: Amounts falling due after one year                                     1,480             645           1,370
Investments                                                                       849             985             897
Cash at bank and in hand                                                            1             168               1
                                                                                9,891           6,926           9,207
CREDITORS: Amounts falling due within one year                                 (8,659)         (3,321)         (6,997)
NET CURRENT ASSETS                                                              1,232           3,605           2,210
TOTAL ASSETS LESS CURRENT LIABILITIES                                          58,403          54,918          56,988
CREDITORS: Amounts falling due after more than one year                             -            (400)              -
PROVISIONS FOR LIABILITIES AND CHARGES                                            (88)            (32)            (90)
                                                                               58,315          54,486          56,898
CAPITAL AND RESERVES
Called up share capital                                                         1,008           1,008           1,008
Revaluation reserve                                                            19,740          18,358          19,740
Profit and Loss account                                                        37,567          35,120          36,150
SHAREHOLDERS' FUNDS                                                            58,315          54,486          56,898


CASH FLOW STATEMENT FOR THE SIX MONTHS TO 31st JANUARY 2002
                                                                             6 months        6 months            year
                                                                           to 31-1-02      to 31-1-01      to 31-7-01
                                                                           (Unaudited)     (Unaudited)       (Audited)
                                                                                £'000           £'000           £'000
OPERATING ACTIVITIES
Operating profit                                                                2,142           1,587           3,390
Depreciation                                                                      202             199             506
Gain on sale of tangible fixed assets                                              (7)             (3)            (63)
Interest received on investments                                                    -              41              51
Dividends received                                                                 26              28              55
Proceeds of sale of investments                                                   154             111             331
Purchase of investments                                                           (26)           (148)           (215)
(Increase)/Decrease in stocks and work in progress                             (1,422)            376          (1,636)
Decrease in debtors                                                               800               1             202
(Increase) in loan to Joint Venture                                              (110)            (10)           (735)
(Decrease) in creditors                                                          (405)           (460)            (19)

NET CASH INFLOW FROM OPERATING ACTIVITIES                                       1,354            1,722          1,867

Interest received                                                                   4               4              16
Interest paid                                                                     (80)            (30)            (60)

Corporation tax paid                                                             (430)           (228)           (795)

Purchase of tangible fixed assets                                                (954)           (272)         (2,202)
Grants received                                                                     -             155             155
Sales of tangible fixed assets                                                     20               8              89
Expenditure on own work capitalised                                            (1,597)           (774)         (1,239)
Dividends paid                                                                   (404)           (392)           (530)

MOVEMENTS IN NET FUNDS IN THE PERIOD                                           (2,087)            193          (2,699)

Term loan repaid                                                                    -               -            (400)

(DECREASE)/INCREASE IN CASH IN THE PERIOD                                      (2,087)            193          (3,099)



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