Smart (J) & Co Regulatory News (SMJ)

J SMART & CO (CONTRACTORS) PLC

27 May 2010

INTERIM MANAGEMENT STATEMENT

(for the period 1st February 2010 to date)

Site operations in contracting and property development are proceeding satisfactorily albeit at a reduced level of activity compared with recent years.

There are no private dwellings for sale currently being built, although we intend to make a start to our mixed residential and commercial development at Robertson Avenue in Edinburgh in the near future. The steady trickle of private house sales in the first half of the current financial year referred to in the Interim Report has unfortunately slowed to a halt since Easter.

Turnover and margins in contracting continue to be hit hard by spending cuts.

The erosion in existing tenant numbers experienced in the past year now appears to have slowed and positive interest in recently completed and renovated commercial and industrial floorspace is being maintained.

Property values remain stable and as indicated in the Interim Report I do not anticipate that the year end property revaluation will have a significant effect on the headline profit figure for the end of the year.

I have no reason to alter my forecast in the Interim Report that, subject to unforeseen circumstances, the underlying profit for the year should approximate to last year's underlying profit of £4,468,000.

J.M. SMART

Chairman