Interim Results - 6 Months to 31 January 2000

Smart(J.)&Co(Contractors) PLC
22 May 2000


J SMART & CO (CONTRACTORS) PLC

INTERIM REPORT

FOR THE SIX MONTHS TO 31ST JANUARY 2000


                                 6 months          6 months              year
                               to 31-1-00        to 31-1-99        to 31-7-99
                              (Unaudited)       (Unaudited)         (Audited)

                                    £'000             £'000             £'000

Turnover                            5,800             6,800            14,633

Profit on Ordinary Activities
Before Taxation                     1,420             1,610             3,099

Taxation (Note 2)                     426               499               890

Profit on Ordinary Activities
After Taxation                        994             1,111             2,209

Interim Dividend of 2.80p per
Share(1999, 2.80p) (Note 3)           138               136               516


Retained Profit                       856               975             1,693


Earnings per Share                  9.86p            11.02p            21.91p


Notes:

1.   The figures for the year to 31st July 1999 are abridged.  Full accounts  
     for that year have been filed with the Registrar of Companies and 
     contain an Auditor's unqualified report.

2.   Taxation on ordinary activities is calculated as Corporation Tax at 30%  
     (1999, 31%).

3.   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 1999.  The interim dividend will be paid on 10th July 2000  
     to shareholders on the register at 16th June 2000.

4.   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).


CHAIRMAN'S REVIEW

INTERIM REPORT

Unaudited Group profits for the six months to 31st January 2000 amounted to
£1,420,000 compared with profits for the corresponding period last year of
£1,610,000.  The reduction in profits is attributable to losses sustained in
contracting and a decrease in interest received partly offset by an increase
in rental income.

Turnover for the six month period under review was less than the corresponding
period last year and the Board expects that turnover for the full year will be
less than last year.

INTERIM DIVIDEND

The Board announces an interim dividend of 2.80p per share (1999,2.80p) to be
paid on the 10th July 2000 to shareholders on the register at the close of
business on 16th June 2000.  After waivers by members holding approximately
50% of the shares the interim dividend will cost the Company £138,000.

FUTURE PROSPECTS

The volume of work in hand in contracting is substantially more than at this
time last year, and by far the greater proportion is on a design and construct
basis, reversing the position of last year and the first half of the current
year.  The value of private house sales is expected to be less than last year.
Steady growth in rental income is being achieved as commercial and industrial
developments are completed and let although this growth is partially offset by
a reduction in interest receivable on cash deposits which have been eroded by
investment in these developments.

Subject to unforeseen or exceptional circumstances, it is anticipated that
Group profits for the second half of the current year will be not less than
the profits for the first half of the year.




                                                                    J.M.SMART
22nd May 2000                                                        Chairman