Last checked at 1 Jun 2011 14:38
J SMART & CO (CONTRACTORS) PLC
1 June 2011
INTERIM MANAGEMENT STATEMENT
(for the period 1st February 2011 to date)
From a period of low activity in site operations in contracting and property development at the end of 2010, we have been gearing up since February to meet the demands of social housing contracts and an industrial development commenced after the turn of the year. However, margins in contracting will be difficult to achieve.
The slow pick up in private house sales since January referred to in the Interim Report has continued to date.
Maintaining occupation levels in our commercial and industrial properties continues to be a challenge.
It is clear that there will be a property revaluation deficit at the end of the financial year and that therefore headline profit for the year including the deficit in revalued property as required by the International Financial Reporting Standards will be less than last year. However, I see no reason to alter my forecast in the Interim Report that, subject to unforeseen circumstances, the underlying profit for the year, including profit from property sales, will exceed last year's underlying profit of £4,588,000.
J.M. SMART
Chairman