Business
Interim Results
Interim Results.
About this update from J Smart & Co (contractors) Plc
[{"type":"text","content":"\n Smart(J.)&Co(Contractors) PLC\n03 April 2008\n\n\n\n J SMART & CO (CONTRACTORS) PLC\n\n\n\n\n\n\n\n\n INTERIM REPORT\n\n\n 6 MONTHS TO 31 JANUARY 2008\n\n\n\n\n\n\n\nJ. SMART & CO. (CONTRACTORS) PLC\nCHAIRMAN'S REVIEW\nINTERIM REPORT\nUnaudited Group profits for the six months to 31st January 2008 amounted to\n£6,566,000 compared with profits of £4,194,000 for the corresponding period last\nyear. Turnover increased by 28%. Turnover and own work combined increased by\n11%.\nThe increase in profits before tax is due to the sale of an undeveloped site in\nGlasgow. In accordance with our normal practice there has been no revaluation of\nour investment properties at the end of the half year. Accordingly the recent\nfall in property values has had no impact on the half yearly profit figures.\nThere were no private house sales during the half year. We completed the large\nspeculative industrial unit at Cardonald Business Park and the large pre-let\nindustrial unit in Helen Street, Glasgow. Helen Street is occupied and Cardonald\nis under offer.\nINTERIM DIVIDEND\nThe Board announces an interim dividend of 3.00p per share (2007, 3.00p) to be\npaid on 9th June 2008 to shareholders on the register at the close of business\non 16th May 2008. After waivers by members holding approximately 51% of the\nshares the interim dividend will cost the Company £147,000.\nFUTURE PROSPECTS\nThe amount of work in hand in contracting is more than at this time last year\nand more than at the end of last year. Most of the work has been negotiated.\nPrivate House sales including our joint venture development with Keane\nDevelopments will be more than last year.\nRental income should increase slightly this year although the industrial\npre-lets at our Prestonfield Park joint venture with Walker Group will make no\ncontribution to this year's figures.\nThe mixed commercial and residential development in McDonald Road, Edinburgh\ncontinues but will not be completed this financial year.\nThe recent fall in property values referred to above is due to an increase in\nyields. It now appears possible that this fall may be ameliorated by increases\nin rental and occupation levels, although the likely value of the property\nportfolio at the year end is currently far from clear. The requirement of the\nInternational Financial Reporting Standards that ...