Smart (J) & Co Regulatory News (SMJ)

25 Apr 2005 09:03

Smart(J.)&Co(Contractors) PLC25 April 2005 J. SMART & CO. (CONTRACTORS) PLC CHAIRMAN'S REVIEW INTERIM REPORT Unaudited Group profits for the six months to 31st January 2005 amounted to£2,446,000 compared with profits of £2,391,000 for the corresponding period lastyear. Increased contracting activity accounts for turnover for the period being 16%higher than the corresponding period last year. The Board anticipates thatturnover for the full year will be more than last year. As indicated in the lastannual report private house sales are down and we developed no industrial orcommercial floorspace during the half year under review. INTERIM DIVIDEND The Board announces an interim dividend of 2.90p per share (2004, 2.90p) to bepaid on 11th July 2005 to shareholders on the register at the close of businesson 17th June 2005. After waivers by members holding approximately 50% of theshares the interim dividend will cost the Company £143,000. FUTURE PROSPECTS The amount of work in hand in contracting is again more than at this time lastyear and at the end of last year. Most of this work has been obtained on anegotiated and/or design and construct basis. Margins remain tight.Private house sales for the year will be less than last year. Three industrial and commercial developments are expected to commence in thenext financial year. Subject to unforeseen or exceptional circumstances it is anticipated that theprofit for the full year will be not less than £4,600,000. J. M. SMART25th April 2005 Chairman PROFIT AND LOSS ACCOUNT FOR THE SIX MONTHS TO 31st JANUARY 2005 6 months 6 months year to 31-1-05 to 31-1-04 to 31-7-04 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000TURNOVER 10,403 8,956 17,644Own Work Capitalised 18 1,517 1,770 -------- -------- -------- 10,421 10,473 19,414Other Operating Income 2,992 2,624 5,766 -------- -------- -------- 13,413 13,097 25,180 -------- -------- -------- OPERATING PROFIT 2,236 2,225 4,540 Share of operating profit inJoint Ventures 197 159 375 -------- -------- -------- 2,433 2,384 4,915 Interest payable/receivable,dividends received anddecrease/increase in amountwritten off investments 13 7 (34) -------- -------- -------- PROFIT ON ORDINARY ACTIVITIESBEFORE EXCEPTIONAL ITEM 2,446 2,391 4,881 EXCEPTIONAL ITEM (Note 2) - - 405 -------- -------- -------- PROFIT ON ORDINARY ACTIVITIESBEFORE TAXATION 2,446 2,391 5,286 TAXATION (Note 3) 734 718 1,412 -------- -------- -------- PROFIT ON ORDINARY ACTIVITIESAFTER TAXATION 1,712 1,673 3,874 INTERIM DIVIDEND OF 2.90p PERSHARE 143 143 593(2004, 2.90p) (Note 4) -------- -------- -------- RETAINED PROFIT 1,569 1,530 3,281 -------- -------- -------- EARNINGS PER SHARE 16.98p 16.60p 38.42p -------- -------- -------- Notes: 1. The figures for the year to 31st July 2004 are abridged. Full accounts for that year have been filed with the Registrar of Companies and contain an Auditor's unqualified report. 2. The exceptional item relates to profit on sale of land held for development. 3. Taxation on ordinary activities is calculated as Corporation Tax at 30% (2004, 30%). 4. Certain shareholders holding approximately 50% of the shares have waived their rights to the interim dividend and the dividends paid for the year to 31st July 2004. The interim dividend will be paid on 11th July 2005 to shareholders on the register at 17th June 2005. 5. Copies of the interim report are being sent to all shareholders. Further copies are available for members of the public at the Company's registered office (28 Cramond Road South, Edinburgh EH4 6AB). BALANCE SHEET AS AT 31st JANUARY 2005 6 months 6 months year to 31-1-05 to 31-1-04 to 31-7-04 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000FIXED ASSETSIntangible assets 1 1 1Tangible assets 67,488 66,496 67,399 -------- -------- -------- 67,489 66,497 67,400Investment in Joint Ventures:Share of gross assets 6,310 3,930 6,087Share of gross liabilities (3,684) (3,477) (3,609) -------- -------- -------- 70,115 66,950 69,878 -------- -------- --------CURRENT ASSETSStocks and work in progress 3,673 3,231 4,565Debtors: Amounts falling duewithin one year 2,904 2,431 2,075Debtors: Amounts falling dueafter one year 1,656 1,480 1,480Investments 1,098 675 840Cash at bank and in hand 674 25 50 -------- -------- -------- 10,005 7,842 9,010 CREDITORS: Amounts fallingdue within one year (4,494) (4,144) (4,831) -------- -------- --------NET CURRENT ASSETS 5,511 3,698 4,179 -------- -------- -------- TOTAL ASSETS LESS CURRENTLIABILITIES 75,626 70,648 74,057 CREDITORS: Amounts fallingdue after more than one year - (1,000) - PROVISIONS FOR LIABILITIESAND CHARGES (148) (124) (148) -------- -------- -------- 75,478 69,524 73,909 -------- -------- -------- CAPITAL AND RESERVESCalled up share capital 1,008 1,008 1,008Revaluation reserve 26,751 24,117 26,751Profit and Loss account 47,719 44,399 46,150 -------- -------- --------SHAREHOLDERS' FUNDS 75,478 69,524 73,909 -------- -------- -------- CASH FLOW STATEMENT FOR THE SIX MONTHS TO 31st JANUARY 2005 6 months 6 months year to 31-1-05 to 31-1-04 to 31-7-04 (Unaudited) (Unaudited) (Audited) £'000 £'000 £'000OPERATING ACTIVITIESOperating profit 2,236 2,225 4,540Exceptional item - - 405Depreciation 179 188 460Gain on sale of tangiblefixed assets (93) (16) (18)Interest received oninvestments 32 29 60Dividends received 19 17 44Proceeds of sale ofinvestments 28 34 37Purchase of investments (250) - (184)Decrease in stocks and workin progress 892 1,968 635(Increase)/Decrease indebtors (1,005) (338) 18(Decrease)/Increase increditors (187) 897 1,420 -------- -------- -------- NET CASH INFLOW FROMOPERATING ACTIVITIES 1,851 5,004 7,417 Interest received 8 38 11Interest paid (32) (46) (85) Corporation tax paid (577) (1,023) (1,738) Purchase of tangible fixedassets (414) (220) (475)Sales of tangible fixedassets 257 22 55Expenditure on own workcapitalised (18) (1,542) (1,770)Capitalised professional fees - - (14) Dividends paid (451) (433) (576) -------- -------- --------MOVEMENTS IN NET FUNDS IN THEPERIOD 624 1,800 2,825 Term loan repaid - (2,000) (3,000) -------- -------- -------- INCREASE/(DECREASE) IN CASHIN THE PERIOD 624 (200) (175) -------- -------- -------- This information is provided by RNS The company news service from the London Stock Exchange