Final Results

Smart(J.)&Co(Contractors) PLC
05 November 2002


J SMART & CO (CONTRACTORS) PLC

AND SUBSIDIARY COMPANIES

ACCOUNTS FOR THE YEAR ENDED 31 JULY 2002

PRELIMINARY STATEMENT

As forecast at the interim stage, profits for the second half of the year 
exceeded first half profits resulting in a Group profit for the full year of 
£4,613,000. This compares with a profit for the previous year of £3,624,000.

The results of J Smart & Co (Contractors) PLC and its subsidiary companies for 
the year ended 31 July 2002 are as follows:

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st JULY 2002
                                                                                        2002                  2001
                                                                                       £'000                 £'000
Turnover, as adjusted for the change in stocks
of finished goods and work in progress                                                17,368                18,453
Own work capitalised                                                                   3,625                 1,239
                                                                                      20,993                19,692

Other operating income                                                                 4,948                 4,563
                                                                                      25,941                24,255

Operating Profit                                                                       4,559                 3,390
Share of Operating Profit in Joint Ventures                                              224                   130
                                                                                       4,783                 3,520

Interest Payable/Receivable and Net Investment Income                                   (170)                  104
Group Profit on ordinary activities before taxation                                    4,613                 3,624
Tax on Profit on ordinary activities                                                   1,160                   989
                                                                                       
Group Profit on ordinary activities after taxation                                     3,453                 2,635
Dividends (Note (a))
Interim paid 2.90p Nett
(2001 - 2.80p)                                                                           143                   138
Proposed Final 8.50p Nett
(2001 - 8.20p)                                                                           431                   404

Retained Profit for the Year                                                           2,879                 2,093
Earnings per share
                                                                                      34.25p                26.14p
Notes:
(a)        Certain shareholders have waived their rights to the interim dividend 
           and the proposed final dividend aggregating £576,000.
(b)        There is no difference between the rate of earnings per share when 
           calculated on the fully diluted or undiluted basis.


BALANCE SHEET AS AT 31st JULY 2002
                                                                                          2002               2001
                                                                                         £'000              £'000
FIXED ASSETS
Intangible assets                                                                            1                  1
Tangible assets                                                                         60,198             54,665
                                                                                        60,199             54,666
Investment in Joint Ventures:
Share of gross assets                                                                    3,649              3,283
Share of gross liabilities                                                              (3,428)            (3,171)
                                                                                        60,420             54,778
CURRENT ASSETS
Stocks and work in progress                                                              8,100              4,929
Debtors: Amounts falling due within one year                                             1,971              2,010
Debtors: Amounts falling due after one year                                              1,480              1,370
Investments                                                                                678                897
Cash at bank and in hand                                                                   427                  1
                                                                                        12,656              9,207

CREDITORS: Amounts falling due within one year                                           5,998              6,997

NET CURRENT ASSETS                                                                       6,658              2,210

TOTAL ASSETS LESS CURRENT LIABILITIES                                                   67,078             56,988

CREDITORS: Amounts falling due after more than one year                                  6,000                  -

PROVISIONS FOR LIABILITIES AND CHARGES                                                     114                 90

                                                                                        60,964             56,898
CAPITAL AND RESERVES
Called up share capital                                                                  1,008              1,008
Revaluation reserve                                                                     20,927             19,740
Profit and Loss account                                                                 39,029             36,150

SHAREHOLDERS' FUNDS                                                                     60,964             56,898


CASH FLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2002
                                                                                          2002               2001
                                                                                         £'000              £'000
OPERATING ACTIVITIES
Operating profit                                                                         4,559              3,390
Depreciation                                                                               486                506
Gain on sale of tangible fixed assets                                                      (19)               (63)
Interest received on investments                                                             1                 51
Dividends received                                                                          52                 55
Proceeds of sale of investments                                                            426                331
Purchase of investments                                                                   (136)              (215)
(Increase) in stocks and work in progress                                               (3,171)            (1,636)
Decrease in debtors                                                                         39                202
(Increase) in loan to Joint Ventures                                                      (110)              (735)
Increase/(Decrease) in creditors                                                         2,599                (19)

NET CASH INFLOW FROM OPERATING ACTIVITIES                                                4,726              1,867

Interest received                                                                            2                 16
Interest paid                                                                             (214)               (60)
Corporation tax paid                                                                    (1,202)              (795)
Purchase of tangible fixed assets                                                       (1,227)            (2,202)
Grants received                                                                              -                155
Sales of tangible fixed assets                                                              38                 89
Expenditure on own work capitalised                                                     (3,625)            (1,239)
Dividends paid                                                                            (547)              (530)

MOVEMENTS IN NET FUNDS IN THE PERIOD                                                    (2,049)            (2,699)

MANAGEMENT OF LIQUID RESOURCES AND FINANCING
New long-term loan                                                                       6,000                  -
Term loan repaid                                                                          (400)              (400)

INCREASE/(DECREASE) IN CASH IN THE PERIOD                                                3,551             (3,099)


BY ORDER OF THE BOARD

Secretary


4 November, 2002



Notes:
1.         The foregoing financial statements are an abridged version of the 
           Company's full consolidated accounts which have not yet been filed 
           with the Registrar of Companies and which have not yet been reported 
           on by the Company's auditors.

2.         The Annual General Meeting will be held in Edinburgh on 
           19 December 2002 and it is intended to pay the proposed final 
           dividend, if approved, on 23 December 2002 to members on the register 
           at close of business on 6 December 2002.



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