Final Results

Smart(J.)&Co(Contractors) PLC
01 November 2004


J SMART & CO (CONTRACTORS) PLC AND SUBSIDIARY COMPANIES
ACCOUNTS FOR THE YEAR ENDED 31st JULY 2004
PRELIMINARY STATEMENT

As forecast in last year's annual report Group operating profit for the full
year exceeded last year's profit before the exceptional item.
The results of J Smart & Co (Contractors) PLC and its subsidiary companies for
the year ended 31st July 2004 are as follows:

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31st JULY 2004

                                                          2004           2003
                                                         £'000          £'000
Turnover, as adjusted for the change in stocks
of finished goods and work in progress                  17,644         18,847
Own work capitalised                                     1,770          1,653
                                                        -------        -------
                                                        19,414         20,500
Other operating income                                   5,766          5,708
                                                        -------        -------
                                                        25,180         26,208
                                                        -------        -------

Operating Profit                                         4,540          4,486
Share of Operating Profit in Joint Ventures                375            239
                                                        -------        -------
                                                         4,915          4,725
Interest Payable/Receivable and Net Investment Income      (34)          (309)
                                                        -------        -------
Operating Profit before Exceptional Item                 4,881          4,416
                                                                    
Exceptional Item (Note (a))                                405          1,601
                                                        -------        -------
Profit on ordinary activities before taxation            5,286          6,017

Tax on Profit on ordinary activities                     1,412          1,612
                                                        -------        -------
Group Profit on ordinary activities after taxation       3,874          4,405
Dividends (Note (b))

Interim paid 2.90p Nett (2003 - 2.90p)                     143            132
                                                                      
Proposed Final 9.15p Nett (2003 - 8.80p)                   450            433
                                                        -------        -------
Retained Profit for the Year                             3,281          3,840
                                                        -------        -------
Earnings per share (Note (c))                            38.42p         43.69p

Notes:

(a)    The exceptional item relates to profit on sale of land held for
       development.
(b)    Certain shareholders have waived their rights to the interim dividend and
       the proposed final dividend for 2004 aggregating £622,000.
(c)    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 2004

                                                         2004             2003
                                                        £'000            £'000
FIXED ASSETS
Intangible assets                                           1                1
Tangible assets                                        67,399           64,954
                                                       -------          -------
                                                       67,400           64,955
Investment in Joint Ventures:
Share of gross assets                                   6,087            3,922
Share of gross liabilities                             (3,609)          (3,586)
                                                       -------          -------
                                                       69,878           65,291
                                                       -------          -------
CURRENT ASSETS
Stocks and work in progress                             4,565            5,200
Debtors: Amounts falling due within one year            2,075            2,093
Debtors: Amounts falling due after one year             1,480            1,480
Investments                                               840              668
Cash at bank and in hand                                   50              225
                                                       -------          -------
                                                        9,010            9,666

CREDITORS: Amounts falling due within one year          4,831            3,839
                                                       -------          -------

NET CURRENT ASSETS                                      4,179            5,827
                                                       -------          -------

TOTAL ASSETS LESS CURRENT LIABILITIES                  74,057           71,118

CREDITORS: Amounts falling due after more than one
year                                                        -            3,000

PROVISIONS FOR LIABILITIES AND CHARGES                    148              124
                                                       -------          -------
                                                       73,909           67,994
                                                       -------          -------

CAPITAL AND RESERVES
Called up share capital                                 1,008            1,008
Revaluation reserve                                    26,751           24,117
Profit and Loss account                                46,150           42,869
                                                       -------          -------
SHAREHOLDERS' FUNDS                                    73,909           67,994
                                                       -------          -------


CASH FLOW STATEMENT FOR THE YEAR ENDED 31st JULY 2004

                                                        2004              2003
                                                       £'000             £'000
OPERATING ACTIVITIES
Operating profit                                       4,540             4,486
Exceptional item                                         405             1,601
Depreciation                                             460               468
Gain on sale of tangible fixed assets                    (18)              (17)
Interest received on investments                          60                20
Dividends received                                        44                39
Proceeds of sale of investments                           37               126
Purchase of investments                                 (184)              (99)
Decrease in stocks and work in progress                  635             2,900
Decrease/(Increase) in debtors                            18              (122)
Increase/(Decrease) in creditors                       1,422            (2,726)
                                                      -------           -------
NET CASH INFLOW FROM OPERATING ACTIVITIES              7,419             6,676

Interest received                                         11                 4
Interest paid                                            (85)             (298)

Corporation tax paid                                  (1,738)           (1,007)

Purchase of tangible fixed assets                       (475)             (421)
Grants received                                            -                 7
Sales of tangible fixed assets                            55                58
Expenditure on own work capitalised                   (1,770)           (1,653)
Capitalisation of legal fees                             (14)               (4)

Dividends paid                                          (576)             (562)
                                                      -------           -------
MOVEMENTS IN NET FUNDS IN THE PERIOD                   2,827             2,800

MANAGEMENT OF LIQUID RESOURCES AND FINANCING
Term loan repaid                                      (3,000)           (3,000)
Hire purchase creditor repaid                             (2)               (2)
                                                      -------           -------
DECREASE IN CASH IN THE PERIOD                          (175)             (202)
                                                      -------           -------

BY ORDER OF THE BOARD
Secretary
1st November, 2004

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 16th December
       2004 and it is intended to pay the proposed final dividend, if approved,
       on 20th December 2004 to members on the register at close of business on
       3rd December 2004.


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