J Smart & Co Contractors profit eases despite healthy revenue rise

(Alliance News) - J Smart & Co Contractors PLC on Tuesday said the Iran war had sparked material price increases making it difficult to forecast future profitability.

The Edinburgh-based construction contractor reported a pretax profit of GBP106,000 in the six months ending January, down from GBP128,000 the year prior.

Revenue increased to GBP14.8 million from GBP9.0 million while cost of sales near doubled to GBP12.8 million from GBP6.7 million.

Basic and diluted earnings per share were down slightly to 0.16 pence from 0.17p.

The dividend is unchanged at 0.96p per share.

Sales and reservations at its private housing development at Winchburgh, Canal Quarter have been positive in the reporting period. However, the protracted nature of overall sales on this development continues to adversely affect profitability.

The residential development at Rosyth progresses well and negotiations are still ongoing for the affordable housing element at Rosyth.

The speculative industrial development at Inchmuir Park, Bathgate is nearing completion but delays with utility infrastructure may prolong the programme, the firm added.

The company said material price rises in the wake of the Iran war and ongoing protracted pre-contract process continues to hamper both the viability of projects and site starts.

The firm said in light of the war, it is "difficult to predict" what the headline profit will be for the financial year to July.

Shares in the firm closed up 2.2% at 115.00 pence each in London on Tuesday.

By Jeremy Cutler, Alliance News reporter

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