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Half Yearly Report

30 Mar 2010 10:11

RNS Number : 4086J
Smart(J.)&Co(Contractors) PLC
30 March 2010
 



 

 

 

 

J. SMART & CO. (CONTRACTORS) PLC

 

INTERIM REPORT

 

6 MONTHS TO 31st JANUARY 2010

 

J. SMART & CO. (CONTRACTORS) PLC

 

CHAIRMAN'S REVIEW

 

INTERIM REPORT

 

Unaudited Group profits for the six months to 31st January 2010 amounted to £2,250,000 compared with profits of £2,556,000 for the corresponding period last year. Group construction work and share of Joint Ventures' turnover decreased by 11%. Own work capitalised decreased by 21%.

 

In accordance with our normal practice there has been no revaluation of our investment properties at the end of the half year. Property values have stabilised, however, and if a revaluation had been carried out the effect on the figures would have been minimal.

 

Private house sales have been slow but steady. The industrial development at Bilston Glen near Edinburgh is complete and the commercial development at McDonald Road, Edinburgh is virtually complete. Both developments are, as yet, unlet.

 

 

INTERIM DIVIDEND

 

The Board announces an interim dividend of 4.50p per share (2009, 4.50p) to be paid on 7th June 2010 to shareholders on the register at the close of business on 14th May 2010. The interim dividend will cost the Company £454,000.

 

 

FUTURE PROSPECTS

 

Due to the effect of the recession we are now operating at well below normal capacity in contracting and there is considerable downward pressure on prices obtainable. There seems to be little prospect of an increase in turnover here over the next twelve months.

 

I am reasonably confident that the steady trickle of private house sales in the first half of the current financial year will continue. We have just commenced a small speculative office block in Perth. There appears to be positive interest in the recently completed commercial and industrial space referred to above. However, the erosion in existing tenant numbers reported in the last annual review is gathering pace and rental income for the current year is now expected to be less than the previous year.

 

At this stage I do not anticipate that property values will fluctuate significantly between now and the end of the year. Accordingly the material effect of property revaluations on year end profit figures that has been a feature of recent years should not be repeated this year.

 

Subject to unforeseen circumstances, I expect that the underlying profit for the year will approximate to last year's underlying profit of £4,468,000.

 

 

 

30th March 2010

J.M. SMART

Chairman

 

CONSOLIDATED INCOME STATEMENT

 

 

 

 

 

 

Notes

6 Months

ended

31.1.10

(Unaudited)

£000

6 Months

ended

31.1.09

(Unaudited)

£000

Year

ended

31.7.09

(Audited)

£000

 

 

 

 

 

 

 

 

Group construction work carried out and share of Joint Ventures' turnover

 

12,711 

 

14,524 

 

29,616 

Less: Share of Joint Ventures' turnover

-

(29)

(165)

Less: Own construction work capitalised

 (1,529)

(1,928)

 (4,050)

REVENUE

 

Cost of sales

11,182 

 

(9,188)

12,567 

 

(10,670)

25,401 

 

(21,707)

GROSS PROFIT

1,994 

1,897 

3,694 

 

Other operating income

 

 

 

2,678 

 

2,805 

 

5,568 

Net operating expenses

 

(2,707)

(2,703)

(5,230)

OPERATING PROFIT BEFORE NET REVALUATION DEFICIT ON INVESTMENT PROPERTIES

 

 

 

 

 

1,965 

 

 

1,999 

 

 

4,032 

 

Net deficit on valuation of investment properties

 

 

-

 

-

 

(5,779)

OPERATING PROFIT/(LOSS)

1,965 

1,999 

(1,747)

 

Share of profits in Joint Ventures

 

130 

 

28 

 

217 

Income from available for sale financial assets

39 

32 

66

Profit/(Loss) on sale of available for sale financial assets

 

57 

 

-

 

(55)

Impairment of available for sale financial assets

-

-

(365)

Finance income

59 

497 

677 

Finance costs

-

-

(1)

PROFIT/(LOSS) BEFORE TAX

2,250 

2,556

(1,208)

 

Taxation

 

4

 

(630)

 

(716)

 

50

 

PROFIT/(LOSS) ATTRIBUTABLE TO EQUITY SHAREHOLDERS

 

 

1,620 

 

 

1,840 

 

 

(1,158)

 

EARNINGS/(LOSS) PER SHARE - BASIC AND DILUTED

 

 

6

 

 

16.07p

 

 

18.25p

 

 

(11.49)p

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

 

 

6 Months

ended

31.1.10

(Unaudited)

£000

6 Months

ended

31.1.09

(Unaudited)

£000

Year

ended

31.7.09

(Audited)

£000

 

PROFIT/(LOSS) FOR THE PERIOD

 

1,620 

 

1,840 

 

(1,158)

 

Other comprehensive income

Actuarial loss recognised on defined benefit

pension scheme

Deferred taxation on actuarial loss

 

 

 

 

 

 

-

-

 

 

 

-

-

 

 

 

(4,553)

 1,275 

 

Total other comprehensive income/(expense)

 

-  

 

-  

 

(3,278)

 

TOTAL COMPREHENSIVE INCOME/

(EXPENSE) FOR THE FINANCIAL PERIOD ATTRIBUTABLE TO EQUITY SHAREHOLDERS

 

 

 

 

1,620 

 

 

 

 

1,840 

 

 

 

 

(4,436)

 

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

 

 

 

 

 

 

Notes

6 Months

ended

31.1.10

(Unaudited)

£000

6 Months

ended

31.1.09

(Unaudited)

£000

Year

ended

31.7.09

(Audited)

£000

 

TOTAL RECOGNISED INCOME AND EXPENSE FOR THE PERIOD

 

 

1,620 

 

 

1,840 

 

 

(4,436)

Fair value adjustment net of tax

115 

(318)

(197)

Impairment of available for sale financial assets taken to Income Statement

 

-

 

-

 

365 

Dividends

5

(943)

(517)

(739)

792 

1,005 

(5,007)

 

Opening shareholders' funds

 

92,307 

 

97,314 

 

97,314 

 

Closing shareholders' funds

 

93,099 

 

98,319 

 

92,307 

 

CONSOLIDATED BALANCE SHEET

 

 

 

 

 

 

6 Months

ended

31.1.10

(Unaudited)

£000

6 Months

ended

31.1.09

(Unaudited)

£000

Year

ended

31.7.09

(Audited)

£000

 

NON-CURRENT ASSETS

 

 

Property, plant and equipment

6,971 

6,201 

6,715 

Investment properties

66,281 

68,797 

65,946 

Investments in Joint Ventures

1,563 

2,095 

2,284 

Available for sale financial assets

2,170 

1,126 

1,914 

Trade and other receivables

-

4,036 

-

Deferred tax assets

1,534 

950 

1,778 

78,519 

 83,205 

 78,637 

 

CURRENT ASSETS

Inventories

8,246 

10,039 

8,476 

Trade and other receivables

9,194 

3,796 

7,001 

Cash at bank and in hand

21,845 

24,013 

23,234 

39,285 

37,848 

38,711 

TOTAL ASSETS

117,804 

121,053 

117,348 

 

NON-CURRENT LIABILITIES

Retirement benefit obligations

4,468 

1,089 

4,468 

Deferred tax liabilities

4,563 

5,834 

4,763 

9,031 

6,923 

9,231 

 

CURRENT LIABILITIES

Trade and other payables

5,195 

5,871 

4,872 

Current tax liabilities

443 

716 

163 

Bank overdraft

 10,034 

9,224 

 10,775 

 15,672 

 15,811 

 15,810 

TOTAL LIABILITIES

 24,703 

 22,734 

 25,041 

 

NET ASSETS

 

 93,101 

 

 98,319 

 

 92,307 

 

EQUITY

Called up share capital

1,008 

1,008 

1,008 

Fair value reserve

156 

(445)

41 

Retained earnings

91,937 

 97,756 

 91,258 

TOTAL EQUITY

93,101 

 98,319 

 92,307 

 

 

CONSOLIDATED CASH FLOW STATEMENT

 

 

 

 

 

 

Notes

6 Months

ended

31.1.10

(Unaudited)

£000

6 Months

ended

31.1.09

(Unaudited)

£000

Year

ended

31.7.09

(Audited)

£000

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

7

 

 

556 

 

 

(65)

 

 

2,632 

 

Tax paid on profits

 

(350)

 

(733)

 

(1,333)

 

NET CASH FLOW FROM OPERATING ACTIVITIES

 

 

206 

 

 

(798)

 

 

1,299 

 

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to property, plant and equipment

(159)

(186)

(493)

Additions to investment properties

(514)

(641)

(2,044)

Sale of property, plant and equipment

36 

64 

Sale of investment properties

1,384 

-

-

Expenditure on own work capitalised - investment properties

 

(84)

 

(8)

 

(1,533)

Expenditure on own work capitalised - property under construction

 

(1,445)

 

(1,920)

 

(2,517)

Purchase of available for sale financial assets

(258)

(36)

(580)

Proceeds of sale of available for sale financial assets

 

219 

 

-

 

11 

Interest received

59 

497 

602 

Interest paid

-

-

(1)

Dividends received from Joint Venture

850 

-

-

NET CASH FROM/(USED IN) INVESTING ACTIVITIES

 

88 

 

(2,286)

 

 (6,491)

 

CASH FLOWS FROM FINANCING ACTIVITIES

Dividends paid

(943)

(517)

(739)

NET CASH USED IN FINANCING ACTIVITIES

 

(943)

 

(517)

 

(739)

 

DECREASE IN CASH, CASH EQUIVALENTS AND BANK

 

 

(649)

 

 

(3,601)

 

 

 (5,931)

 

CASH, CASH EQUIVALENTS AND BANK AT BEGINNING OF PERIOD

 

 

12,459 

 

 

18,390 

 

 

18,390 

 

CASH, CASH EQUIVALENTS AND BANK AT END OF PERIOD

 

 

 

 

11,810 

 

 

14,789 

 

 

12,459 

NOTES TO INTERIM FINANCIAL STATEMENTS

 

1. BASIS OF PREPARATION

 

These interim financial statements do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006.

 

The statutory financial statements for the year to 31st July 2009 have been filed with the Registrar of Companies and a copy may be obtained from Companies House. These have been audited and contain an unqualified audit opinion and do not contain a statement under Section 498 of the Companies Act 2006.

 

2. ACCOUNTING POLICIES

 

The interim financial statements have been prepared under the historical cost convention.

 

The accounting policies adopted are consistent with those followed in the preparation of the group's annual financial statements for the year ended 31st July 2009, with the exception of the following policies regarding the accounting for pension scheme deficits and investment properties revaluations.

 

For the interim accounts the assets and liabilities of the pension scheme are estimated to be unchanged from the values included at the previous year end.

 

In accordance with long standing practice, the group's investment properties are revalued annually on 31st July each year. No revaluation adjustment is made in the interim financial statements.

 

3. SEGMENTAL INFORMATION

 

The group's primary basis of segmentation is by activities, all construction work relates to activities in Scotland.

 

Inter

Total

Segment

External

Profit /(Loss) attributable to

Revenue

Revenue

Revenue

equity shareholders

£000

£000

£000

£000

£000

£000

31st JANUARY 2010 (Unaudited)

Construction activities

12,711 

(1,529)

11,182 

118 

-

-

Investment activities

2,678 

-

2,678 

1,847 

-

-

Joint Ventures

-

-

-

130 

-

-

15,389 

(1,529)

13,860 

2,095 

-

-

31st JANUARY 2009 (Unaudited)

Construction activities

14,495 

(1,956)

12,539 

-

62 

-

Investment activities

2,805 

-

2,805 

-

1,937 

-

Joint Ventures

29 

-

29 

-

28 

-

17,329 

(1,956)

15,373 

-

2,027 

-

31st JULY 2009

(Audited)

Construction activities

29,451 

(4,050)

25,401 

-

-

39 

Investment activities

5,568 

-

5,568 

-

-

(1,786)

Joint Ventures

165 

-

165 

-

-

217 

35,184 

(4,050)

31,134 

-

-

(1,530)

 

RESULT

 

 

 

2,095 

 

2,027 

 

(1,530)

Finance and investment income

155 

529 

743 

Finance and investment costs

-

-

(421)

PROFIT/(LOSS) BEFORE TAX ON ORDINARY ACTIVITIES

 

2,250 

 

2,556 

 

(1,208)

Tax on Profit /(Loss) on ordinary activities

(630)

 (716)

50 

PROFIT/(LOSS) ATTRIBUTABLE TO EQUITY SHAREHOLDERS

 

1,620 

 

1,840 

 

(1,158)

  

4. TAXATION

 

The tax charge for the 6 months to 31st January 2010 is based on the corporation tax rate at 28% (2009, 28%).

 

5. DIVIDENDS

6 Months

6 Months

Year

Ended

Ended

Ended

31.1.10

31.1.09

31.7.09

(Unaudited)

(Unaudited)

(Audited)

£000

£000

£000

 

ORDINARY DIVIDENDS

2009 Final dividend of 9.35p per share

943 

-

-

2009 Interim dividend of 4.50p per share

-

-

222 

2008 Final dividend of 10.50p per share

-

 517 

 517 

 943 

 517 

 739 

 

Certain shareholders holding approximately 51% of the shares have waived their rights to the final dividend paid for the year to 31st July 2008 and the interim dividend paid for the year to 31st July 2009.

 

The interim dividend of 4.50p per share for the year to 31st July 2010 will be paid on 7th June 2010 to shareholders on the register at 14th May 2010. The interim dividend will cost the company £454,000.

 

6. EARNINGS/(LOSS) PER SHARE

Profit/(Loss)

Basic

attributable

Earnings/

to equity

(Loss)

shareholders

per share

£000

 

6 months to 31st January 2010

 

 1,620 

 

16.07p

 

6 months to 31st January 2009

 

 1,840 

 

18.25p

 

Year to 31st July 2009

 

(1,158)

 

(11.49)p

 

Basic earnings/(loss) per share are calculated by dividing the profit/(loss) attributable to equity shareholders by 10,082,000 shares, the number of ordinary shares in issue during the period.

 

There is no difference between basic and diluted earnings per share.

 

7. RECONCILIATION OF PROFIT/(LOSS) TO CASH FLOWS FROM OPERATING ACTIVITIES

 

6 Months

6 Months

Year

ended

ended

ended

31.1.10

31.1.09

31.7.09

(Unaudited)

(Unaudited)

(Audited)

£000

£000

£000

Profit/(Loss) before tax

2,250 

2,556 

(1,208)

Share of profits from Joint Ventures

(130)

(28)

(217)

Depreciation

207 

231 

521 

Unrealised revaluation deficits on investment properties

-

-

5,779 

(Profit)/Loss on sale of property, plant and equipment

(15)

-

41 

(Profit)/Loss on sale of available for sale financial assets

(57)

-

55 

Impairment of available for sale financial assets

-

-

 365 

Change in retirement benefits

-

-

(1,174)

Interest received

(59)

(497)

(602)

Interest paid

-

-

Change in inventories

230 

(1,855)

(292)

Change in receivables - current

(2,193)

34 

Change in receivables - non current

-

(860)

-

Change in payables

323 

354 

(645)

 

NET CASH GENERATED FROM OPERATIONS

 

556 

 

(65)

 

2,632 

 

 

 

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