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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Smart (j.) & Co. (contractors) Plc | LSE:SMJ | London | Ordinary Share | GB00B76BK617 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 125.00 | 120.00 | 130.00 | 125.00 | 125.00 | 125.00 | 0.00 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Management Services | 12.97M | 200k | 0.0051 | 245.10 | 49.45M |
TIDMSMJ
RNS Number : 6252N
Smart(J.)&Co(Contractors) PLC
27 October 2016
J SMART & CO (CONTRACTORS) PLC AND SUBSIDIARY COMPANIES
ACCOUNTS FOR THE YEARED 31st JULY 2016
PRELIMINARY STATEMENT
ACCOUNTS
Headline Group profit for the year before tax, including an unrealised surplus in revalued property as required by the International Financial Reporting Standards was GBP3,752,000 compared with GBP3,544,000 last year. If the impact of revalued property is disregarded, then a truer reflection of Group performance emerges in the form of an underlying profit before tax for the year under review of GBP3,616,000 (including GBP186,000 profit from property sales) which compares with the figure for underlying profit last year of GBP3,755,000 (including GBP1,318,000 profit from property sales and joint venture property sales).
The Board is recommending a Final Dividend of 2.15p nett making a total for the year of 3.07p nett which compares with 3.02p nett for the previous year. After waivers by members holding over 50% of the shares, the Final Dividend will cost the Company no more than GBP421,000.
TRADING ACTIVITIES
Group construction activities carried out including private residential sales increased by 42%. Disregarding private residential sales Group construction activities increased by 23%. Own work capitalised increased by 125%. Group revenue increased by 39% and headline Group profit before tax increased by 6%. Underlying Group profit before tax excluding the unrealised surplus in revalued property decreased by 4%.
Turnover in contracting was more than last year and the loss was reduced. As forecast private residential sales were more than the previous year. Sales and profit in precast concrete manufacture increased.
The two large mixed social housing and private residential developments at Seafield Street and Pilton Drive, Edinburgh, continue to make satisfactory progress. A third phase of social housing at Pilton Drive and a further social housing contract at Fleming Place (adjacent to Seafield Street) have commenced.
Occupancy levels at our industrial estates continue to be satisfactory. A joint venture industrial development at Gartcosh near Glasgow is contemplated. Although interest in our commercial office premises has improved, take up of voids is still slow.
FUTURE PROSPECTS
Work in hand in contracting is slightly less than at this time last year and there is little prospect of more work in the short term. Accordingly, turnover in this sector will be down on last year. Prices remain competitive.
Private residential sales will be less than last year. It is by no means certain that current property valuation levels will be maintained at the end of the current financial year.
At this early stage it is difficult to make an informed forecast of the outcome for the current year. However, bearing in mind the foregoing circumstances and that the reduced turnover will impair the recovery of fixed overhead costs, it seems unlikely that the profit for the current year will match last year's profit.
J. M. SMART Chairman
CONSOLIDATED INCOME STATEMENT
for the year ended 31st JULY 2016
2016 2015 Unaudited Audited GBP000 GBP000 Group construction activities 30,682 21,556 Less: Own construction work capitalised (1,655) (737) ---------- --------- REVENUE 29,027 20,819 Cost of sales (25,260) (18,061) ---------- --------- GROSS PROFIT 3,767 2,758 Other operating income 5,520 5,241 Net operating expenses (6,095) (5,839) ---------- --------- OPERATING PROFIT BEFORE PROFIT ON SALE AND NET SURPLUS/(DEFICIT) ON VALUATION OF INVESTMENT PROPERTIES 3,192 2,160 Profit on sale of investment properties 186 60 Net surplus/(deficit) on valuation of investment properties 136 (211) OPERATING PROFIT 3,514 2,009 Share of profits in Joint Ventures 33 1,306 Income from available for sale financial assets 14 28 Profit on sale of available for sale financial assets - 1 Finance income 191 200 PROFIT BEFORE TAX 3,752 3,544 Taxation (264) (546) PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 3,488 2,998 ---------- --------- EARNINGS PER SHARE - BASIC AND DILUTED 7.61p 6.45p ---------- ---------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31st JULY 2016
2016 2015 Unaudited Audited GBP000 GBP000 PROFIT FOR THE YEAR 3,488 2,998 OTHER COMPREHENSIVE LOSS Items that may be subsequently reclassified to the Income Statement: Fair value adjustment of available for sale financial assets (10) (46) TOTAL ITEMS WHICH MAY BE SUBSEQUENTLY RECLASSIFIED TO INCOME STATEMENT (10) (46) ---------- -------- Items that will not be subsequently reclassified to the Income Statement: Actuarial loss recognised in defined benefit pension scheme (2,256) (1,003) Deferred taxation on actuarial loss 215 201 ---------- -------- TOTAL ITEMS THAT WILL NOT BE SUBSEQUENTLY RECLASSIFIED TO INCOME STATEMENT (2,041) (802) ---------- -------- TOTAL OTHER COMPREHENSIVE LOSS (2,051) (848) ---------- -------- TOTAL COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 1,437 2,150 ---------- -------- ATTRIBUTABLE TO EQUITY SHAREHOLDERS 1,437 2,150 ---------- --------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
as at 31st July 2016
Capital Share Redemption Fair Value Retained Capital Reserve Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 GBP000 At 1st August 2014 936 72 - 87,474 88,482 Profit for the year - - - 2,998 2,998 Other comprehensive loss - - (46) (802) (848) TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR - - (46) 2,196 2,150 --------- ------------ ----------- ---------- -------- TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY Shares purchased and cancelled (17) - - (814) (831) Transfer to capital redemption reserve - 17 - (17) - Dividends - - - (852) (852) --------- ------------ ----------- ---------- -------- TOTAL TRANSACTIONS WITH OWNERS (17) 17 - (1,683) (1,683) --------- ------------ ----------- ---------- -------- At 31st July 2015 919 89 (46) 87,987 88,949 --------- ------------ ----------- ---------- -------- Profit for the year - - - 3,488 3,488 Other comprehensive loss - - (10) (2,041) (2,051) TOTAL COMPREHENSIVE (LOSS)/INCOME FOR THE YEAR - - (10) 1,447 1,437 --------- ------------ ----------- ---------- -------- TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY Shares purchased and cancelled (13) - - (691) (704) Transfer to capital redemption reserve - 13 - (13) - Dividends - - - (846) (846)
--------- ------------ ----------- ---------- -------- TOTAL TRANSACTIONS WITH OWNERS (13) 13 - (1,550) (1,550) At 31st July 2016 906 102 (56) 87,884 88,836 --------- ------------ ----------- ---------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
as at 31st JULY 2016
2016 2015 Unaudited Audited GBP000 GBP000 NON-CURRENT ASSETS Property, plant and equipment 1,382 1,382 Investment properties 64,728 63,231 Investments in Joint Ventures 263 267 Available for sale financial assets 326 337 Retirement benefit surplus 33 1,472 Deferred tax asset 41 27 ---------- -------- 66,773 66,716 ---------- -------- CURRENT ASSETS Inventories 2,684 5,735 Trade and other receivables 6,369 4,508 Current tax asset - 995 Monies held on deposit 5,519 3,502 Cash and cash equivalents 26,785 26,047 ---------- -------- 41,357 40,787 ---------- -------- TOTAL ASSETS 108,130 107,503 ---------- -------- NON-CURRENT LIABILITIES Deferred tax liabilities 1,389 1,830 ---------- -------- CURRENT LIABILITIES Trade and other payables 5,134 4,000 Current tax liability 143 - Bank overdraft 12,628 12,724 17,905 16,724 TOTAL LIABILITIES 19,294 18,554 ---------- -------- NET ASSETS 88,836 88,949 ---------- -------- EQUITY Called up share capital 906 919 Capital redemption reserve 102 89 Fair value reserve (56) (46) Retained earnings 87,884 87,987 ---------- -------- TOTAL EQUITY 88,836 88,949 ---------- --------
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31st JULY 2016
2016 2015 Unaudited Audited GBP000 GBP000 Profit before tax 3,752 3,544 Share of profits from Joint Ventures (33) (1,306) Depreciation 465 450 Unrealised valuation (surplus)/deficit on investment properties (136) 211 Profit on sale of property, plant and equipment (47) (47) Profit on sale of investment properties (186) (60) Profit on sale of available for sale financial assets - (1) Change in retirement benefits (817) (846) Interest received (125) (117) Change in inventories 3,051 711 Change in receivables (1,861) 2,595 Change in payables 1,134 (143) ---------- -------- 5,197 4,991 Tax received/(paid) 634 (233) ---------- -------- NET CASH FLOWS FROM OPERATING ACTIVITIES 5,831 4,758 ---------- -------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (488) (483) Additions to investment properties (45) (236) Expenditure on own work capitalised - investment properties (1,655) (737) Sale of property, plant and equipment 70 78 Sale of investment properties 525 1,000 Purchase of available for sale financial assets - (383) Proceeds of sale of available for sale financial assets 1 3,997 Increase on monies held on deposit (2,017) (3,502) Interest received 125 117 Dividend from Joint Ventures 37 2,327 NET CASH FLOWS FROM INVESTING ACTIVITIES (3,447) 2,178 ---------- -------- CASH FLOWS FROM FINANCING ACTIVITIES Purchase of own shares (704) (831) Dividends paid (846) (852) ---------- -------- NET CASH FLOWS FROM FINANCING ACTIVITIES (1,550) (1,683) ---------- -------- INCREASE IN CASH AND CASH EQUIVALENTS 834 5,253 ---------- -------- CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 13,323 8,070 ---------- -------- CASH AND CASH EQUIVALENTS AT END OF YEAR 14,157 13,323 ---------- --------
NOTES TO THE PRELIMINARY STATEMENT
1. BASIS OF PREPARATION
The financial information set out in this unaudited preliminary statement does not constitute the Group's statutory financial statements. The financial statements for the year to 31st July 2016 have not yet been filed with the Registrar of Companies and have not yet been reported on by the Company's auditors.
The unaudited financial information included in this preliminary statement does not include all of the disclosures required by International Financial Reporting Standards (IFRSs) or the Companies Act 2006 and accordingly does not itself comply with IFRSs or the Companies Act 2006.
The Group prepares its annual consolidated financial statements in accordance with IFRSs and its interpretations issued by the International Accounting Standards Board as adopted by the European Union. There are no differences in the accounting policies applied in the preparation of the consolidated financial statements for the year to 31st July 2016 and the unaudited financial information included in this preliminary statement and the accounting policies disclosed in the 2015 Annual Report and Statement of Accounts. There have been no new IFRSs or amendments to existing standards which impact the Group's financial statements in the year to 31st July 2016.
The unaudited consolidated financial statements are prepared under the historical cost convention with the exception of investment properties and available for sale financial assets which are recognised at fair value and, are prepared on a going concern basis.
The financial information for the year to 31st July 2015 is derived from the statutory accounts for that year which were submitted to the Registrar of Companies and upon which the Company's auditors provided an unqualified audit report, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under S498 (2) or S498 (3) of the Companies Act 2006.
2. DIVIDENDS 2016 2015 GBP000 GBP000 Unaudited Audited Ordinary dividends 2014 Final dividend of 2.04p per share, after waivers - 428 2015 Interim dividend of 0.92p per share - 424 2015 Final dividend of 2.10p per share, after 425 - waivers 2016 Interim dividend of 0.92p per share 421 - ---------- -------- 846 852
The Company is proposing a final dividend of 2.15p per share for the year to 31st July 2016 which, after waivers, will cost the Company no more than GBP421,000.
The dividend if approved will be paid on 21st December 2016 to shareholders on the Register at the close of business on 25th November 2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UBRKRNSARURA
(END) Dow Jones Newswires
October 27, 2016 05:07 ET (09:07 GMT)
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