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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 | 14,509 | 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 : 7867W
Smart(J.)&Co(Contractors) PLC
23 April 2019
J. SMART & CO. (CONTRACTORS) PLC
INTERIM REPORT
FOR THE SIX MONTHS TO
31st JANUARY 2019
J SMART & CO. (CONTRACTORS) PLC
CHAIRMAN'S REVIEW
INTERIM REPORT
Unaudited Group profit for the six months to 31st January 2019 amounted to GBP639,000 compared with GBP962,000 for the corresponding period last year. Group turnover decreased by 39%.
In accordance with our normal practice, there has been no revaluation of our investment properties at the end of the half year. If a half year revaluation had taken place, we believe that there would have been an uplift in the valuation, which would have had a material effect on the headline figures.
There were no private residential sales this half year, but the first sales at our current private housing development at West Bowling Green Street, Edinburgh have just concluded.
The first unit at our joint venture development at Gartcosh has now been completed.
Our serviced office company, Smart Serviced Offices Limited, has refurbished a third suite at Links Place, Leith, Edinburgh, to provide further serviced office space.
The current site progress in contracting is satisfactory.
As reported in post balance sheet events in the last report, due to a substantial loss in that financial year and losses in previous years, the decision was taken to cease trading in the subsidiary company, Concrete Products (Kirkcaldy) Limited. Trading has now ceased at Concrete Products and I will report further at the year end when the financial cost of cessation will be clearer.
INTERIM DIVID
The Board announces an interim dividend of 0.95p per share (2018, 0.95p) to be paid on 3rd June 2019 to shareholders on the register at the close of business on 10th May 2019. The interim dividend will cost the Company no more than GBP412,000.
FUTURE PROSPECTS
We have substantially less work in hand in contracting than the same time last year. Margins remain no better than last year. Both our social housing contracts at West Bowling Green Street and Ferrymuir are progressing well. However, as previously reported, it is by no means certain that new contracting work will be secured this financial year.
As mentioned above, sales at our private housing development at West Bowling Green Street have commenced and will continue into the next financial year. Reservations remain at an encouraging level.
Commercial property valuation levels have improved since last year. Also, lettings of both our industrial and office stock are still robust.
The third phase of speculative industrial development at West Edinburgh Business Park may commence this financial year.
Both our private housing sales and our commercial property activity have prospered in spite of the seemingly never ending political uncertainty, but it remains to be seen when the cyclical nature of the property markets may take effect.
At this stage it is difficult to make an accurate forecast of the year end figures, but due to our reduced turnover and cost of cessation of trading at Concrete Products, our underlying profit for the financial year may be less than the previous year.
D.W. SMART 23rd April 2019 Chairman
CONSOLIDATED INCOME STATEMENT
6 Months 6 Months Year ended ended ended 31.1.19 31.1.18 31.7.18 Notes (Unaudited) (Unaudited) (Audited) Restated Restated (Note 2) (Note 2) GBP000 GBP000 GBP000 Group construction activities 5,100 8,390 12,502 Less: Own construction work capitalised (46) (1,623) (1,847) ------------- ------------- ----------- REVENUE 5,054 6,767 10,655 Cost of sales (4,719) (5,246) (8,118) ------------- ------------- ----------- GROSS PROFIT 335 1,521 2,537 Other operating income 3,644 2,898 6,352 Net operating expenses (3,418) (3,569) (7,185) ------------- ------------- ----------- OPERATING PROFIT BEFORE PROFIT ON SALE AND NET SURPLUS ON VALUATION OF INVESTMENT PROPERTIES 561 850 1,704 Profit arising on sale of investment properties - - - Net surplus on valuation of investment properties - - 2,859 ------------- ------------- ----------- OPERATING PROFIT 561 850 4,563 Share of profits in Joint Ventures 61 14 463 Income from available for sale financial assets 23 16 43 Profit on sale of available for sale financial assets 10 - 2 Net (deficit)/surplus on valuation of available for sale financial assets (48) 41 106 Finance income 32 41 180 ------------- ------------- ----------- PROFIT BEFORE TAX 639 962 5,357 Taxation 5 (140) (183) (415) ------------- ------------- ----------- PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS 499 779 4,942 ------------- ------------- ----------- EARNINGS PER SHARE - BASIC AND DILUTED 7 1.14p 1.75p 11.11p ------------- ------------- -----------
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
6 Months 6 Months Year ended ended ended 31.1.19 31.1.18 31.7.18 (Unaudited) (Unaudited) (Audited) Restated Restated (Note 2) (Note 2) GBP000 GBP000 GBP000 Profit for the period 499 779 4,942 ------------- ------------- ----------- Items that will not be subsequently reclassified to Income Statement: Actuarial gain recognised in defined benefit pension scheme - - 111 Deferred taxation on actuarial gain - - (19) ------------- ------------- ----------- Total items that will not be subsequently reclassified to Income Statement - - 92 ------------- ------------- ----------- Total other comprehensive income - - 92 ------------- ------------- ----------- TOTAL COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX 499 779 5,034 ------------- ------------- ----------- ATTRIBUTABLE TO EQUITY SHAREHOLDERS 499 779 5,034 ------------- ------------- -----------
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Capital Redemption Retained Notes Share Capital Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 As at 1st August 2018 (Restated) 2 880 128 95,585 96,593 Profit for the period - - 499 499 Other comprehensive income - - - - Total comprehensive income for period - - 499 499 -------------- ------------ ---------- ------- TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY Shares purchased and cancelled (8) - (451) (459) Transfer to Capital Redemption Reserve - 8 (8) - Dividends 6 - - (402) (402) -------------- ------------ ---------- ------- Total transactions with owners (8) 8 (861) (861) -------------- ------------ ---------- ------- As at 31st January 2019 872 136 95,223 96,231 -------------- ------------ ---------- ------- Capital Redemption Retained Notes Share Capital Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 As at 1st August 2017 (Restated) 2 896 112 92,850 93,858 Profit for the period - - 779 779 Other comprehensive income - - - - Total comprehensive income for period - - 779 779 -------------- ------------ ---------- -------- TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY Shares purchased and cancelled (5) - (255) (260) Transfer to Capital Redemption Reserve - 5 (5) - Dividends 6 - - (968) (968) -------------- ------------ ---------- -------- Total transactions with owners (5) 5 (1,228) (1,228) -------------- ------------ ---------- -------- As at 31st January 2018 (Restated) 891 117 92,401 93,409 -------------- ------------ ---------- -------- Capital Redemption Retained Notes Share Capital Reserve Earnings Total GBP000 GBP000 GBP000 GBP000 As at 1st August 2017 (Restated) 2 896 112 92,850 93,858 Profit for the period - - 4,942 4,942 Other comprehensive income - - 92 92 Total comprehensive income for period - - 5,034 5,034 -------------- ------------ ---------- -------- TRANSACTIONS WITH OWNERS, RECORDED DIRECTLY IN EQUITY Shares purchased and cancelled (16) - (892) (908) Transfer to Capital Redemption Reserve - 16 (16) - Dividends 6 - - (1,391) (1,391) -------------- ------------ ---------- -------- Total transactions with owners (16) 16 (2,299) (2,299) -------------- ------------ ---------- -------- As at 31st July 2018 (Restated) 880 128 95,585 96,593 -------------- ------------ ---------- --------
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
6 Months 6 Months Year ended ended ended 31.1.19 31.1.18 31.7.18 (Unaudited) (Unaudited) (Audited) Restated Restated (Note 2) (Note 2) GBP000 GBP000 GBP000 NON-CURRENT ASSETS Property, plant and equipment 1,393 1,406 1,308 Investment properties 69,594 66,435 69,532 Investments in Joint Ventures 70 319 68 Available for sale financial assets 951 1,041 1,099 Trade and other receivables 857 - 857 Retirement benefit surplus 4,205 3,862 4,205 Deferred tax assets 94 58 94 ------------- ------------- ----------- 77,164 73,121 77,163 ------------- ------------- ----------- CURRENT ASSETS Inventories 11,805 5,241 8,807 Trade and other receivables 4,448 5,500 4,540 Monies held on deposit 48 4,045 48 Cash and cash equivalents 22,247 24,734 23,586 ------------- ------------- ----------- 38,548 39,520 36,981 ------------- ------------- ----------- TOTAL ASSETS 115,712 112,641 114,144 ------------- ------------- ----------- NON-CURRENT LIABILITIES Deferred tax liabilities 1,995 1,926 1,995 ------------- ------------- ----------- CURRENT LIABILITIES Trade and other payables 4,629 4,297 3,580 Corporation tax liability 110 151 118 Bank overdraft 12,747 12,858 11,858 ------------- ------------- ----------- 17,486 17,306 15,556 ------------- ------------- ----------- TOTAL LIABILITIES 19,481 19,232 17,551 ------------- ------------- ----------- NET ASSETS 96,231 93,409 96,593 ------------- ------------- ----------- EQUITY Called up share capital 872 891 880 Capital redemption reserve 136 117 128 Retained earnings 95,223 92,401 95,585 ------------- ------------- ----------- TOTAL EQUITY 96,231 93,409 96,593 ------------- ------------- -----------
CONSOLIDATED STATEMENT OF CASH FLOWS
6 Months 6 Months Year ended ended ended 31.1.19 31.1.18 31.7.18 Notes (Unaudited) (Unaudited) (Audited) GBP000 GBP000 GBP000 CASH FLOWS FROM OPERATING ACTIVITIES 9 (1,101) (1,208) (4,306) Tax paid (148) (191) (442) ------------- ------------- ----------- NET CASH FLOWS FROM OPERATING ACTIVITIES (1,249) (1,399) (4,748) ------------- ------------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES Additions to property, plant and equipment (254) (183) (454) Additions to investment properties (16) (13) (27) Expenditure on own work capitalised - investment properties (46) (1,623) (1,847) Sale of property, plant and equipment - 57 93 Proceeds of sale of available for sale financial assets 110 - 9 Increase/(decrease) in monies held on deposit - (1,509) 2,488 Interest received 29 41 80 Dividend received from Joint Ventures 59 - 700 NET CASH FLOWS FROM INVESTING ACTIVITIES (118) (3,230) 1,042 ------------- ------------- ----------- CASH FLOWS FROM FINANCING ACTIVITIES Purchase of own shares (459) (260) (908) Dividends paid (402) (968) (1,391) ------------- ------------- ----------- NET CASH FLOWS FROM FINANCING ACTIVITIES (861) (1,228) (2,299) ------------- ------------- ----------- DECREASE IN CASH AND CASH EQUIVALENTS (2,228) (5,857) (6,005) ------------- ------------- ----------- CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 11,728 17,733 17,733 ------------- ------------- ----------- CASH AND CASH EQUIVALENTS AT OF PERIOD 9,500 11,876 11,728 ------------- ------------- -----------
NOTES TO INTERIM FINANCIAL STATEMENTS
1. BASIS OF PREPARATION
J. Smart & Co. (Contractors) PLC is a company domiciled in the United Kingdom. The condensed consolidated interim financial statements of the Company for the six months ended 31st January 2019 comprise the Company and its Subsidiaries, together referred to as the Group, and the Group's interest in jointly controlled entities.
The condensed consolidated interim financial statements for the six months to 31st January 2019 have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34: Interim Financial Reporting as adopted by the European Union.
The condensed consolidated interim financial statements for the six months to 31st January 2019 do not constitute statutory accounts as defined in Section 434 of the Companies Act 2006. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year to 31st July 2018, which have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union.
The statutory financial statements for the year to 31st July 2018 have been filed with the Registrar of Companies and a copy may be obtained from Companies House. These have been audited and contain an unqualified audit opinion, did not draw attention to any matters by way of emphasis and did not contain a statement under Section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements have not been audited or reviewed by the Company's auditor. A copy of the interim financial statements will be available on the Company's website www.jsmart.co.uk.
2. ACCOUNTING POLICIES
The condensed consolidated interim financial statements have been prepared under the historical cost convention except where the measurement of balances at fair value is required for investment properties, available for sale financial assets and assets held by defined benefit pension scheme.
The accounting policies adopted are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31st July 2018, with the exception of the policies regarding the accounting for pension scheme obligations and investment properties revaluations and the adoption of IFRS 9: Financial Instruments and IFRS 15: Revenue from Contracts with Customers, details of which are given below.
For the condensed consolidated interim financial statements the assets and liabilities of the pension scheme are estimated to be unchanged from the values included at the previous year end. Also, in accordance with long standing practice, the Group's investment properties are revalued annually on 31st July each year. No revaluation adjustment is made in the condensed consolidated interim financial statements.
IFRS 9: Financial Instruments became effective as from 1st August 2018. This standard impacts for the Group on the accounting for revaluation surpluses or deficits on its available for sale financial assets. Previously these surpluses or deficits were accounted for in the Consolidated Statement of Comprehensive Income together with the taxation impact of these surpluses or deficits. Under IFRS 9 these surpluses or deficits are accounted for in the Consolidated Income Statement together with taxation impact. There is no impact on the valuation of the available for sale financial assets or the deferred tax provision in relation to their valuation in the Consolidated Statement of Financial Position. Within the Equity section of the Consolidated Statement of Financial Position the Fair value reserve no long exists and the Retained earnings have increased by the balance previously disclosed as Fair value reserve.
The application of IFRS 9: Financial Instruments has been applied retrospectively and accordingly the comparative figures have been restated for the six months to 31st January 2018 and for the year to 31st July 2018.
The table below details the impact of the application of IFRS 9: Financial Instruments on the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income for the six months to 31st January 2018 and the year to 31st July 2018:
CONSOLIDATED INCOME STATEMENT 6 Months Year ended ended 31.1.18 31.7.18 (Unaudited) (Audited) GBP000 GBP000 PROFIT BEFORE TAX (as previously reported) 921 5,253 Impact of net surplus on valuation of available for sale financial assets 41 104 ------------- ----------- 962 5,357 ------------- ----------- TAX (as previously reported) (180) (402) Impact of deferred tax adjustment on fair value reserve (3) (13) ------------- ----------- (183) (415) ------------- ----------- PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS - REVISED 779 4,942 ------------- ----------- Impact on profit for the period - increase 38 91 ------------- ----------- CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (as previously reported) 779 5,034 Impact on profit for the period - increase (as above) 38 91 -------- -------- 817 5,125 Other comprehensive income relating to fair
value of available for sale financial assets - no longer accounted for in Statement of Comprehensive Income (38) (91) TOTAL COMPREHENSIVE INCOME FOR THE PERIOD - REVISED 779 5,034 -------- -------- PROFIT ATTRIBUTABLE TO EQUITY SHAREHOLDERS - REVISED 779 5,034 -------- --------
IFRS 15: Revenue from Contracts with Customers became effective as from 1st August 2018 and it replaces IAS 11: Construction Contracts and IAS 18: Revenue and sets out the criteria for revenue recognition with regards to performance obligations. In respect of construction contracts this standard will have no impact on revenue from customers as the standard allows for the recognition of revenue over time which is the Group's practice. The recognition of revenue from private house sales or sales of land will not be impacted on by the new standard. This standard does not apply to rental income from our investment properties but does apply to service charge income and other property related income and income from sale of investment properties. The new standard does not impact on the Group's current practice of recognition of these income types.
Interpretations effective in period
The following new standards, amendments to standards and interpretations relevant to the Group were issued by the International Accounting Standards Board and are mandatory for the Group for the first time in the financial year to 31st July 2019:
-- IFRS 9: Financial Instruments. -- IFRS 15: Revenue from Contracts with Customers. -- IAS 40 (Amended): Investment Property
The impact of the implementation of IFRS 9 and IFRS 15 are detailed above. With regards to IAS 40: Investments Properties the amendment relates to transfers to and from investment properties and had no impact on the financial statements for the period to 31st January 2019.
Estimates and assumptions
The preparation of the condensed consolidated interim financial statements requires management to make estimates and assumptions concerning the future that may affect the application of accounting policies and the reported amounts of assets, liabilities and income and expenses. Management believes that the estimates and assumptions used in the preparation of these accounts are reasonable. However, actual outcomes may differ from those anticipated.
Going concern
The Directors have a reasonable expectation that the Company and Group as a whole have adequate resources to continue in operational existence for the foreseeable future, being a period of not less than twelve months from the date of these accounts. For this reason, the Directors continue to adopt the going concern basis in preparing the condensed consolidated interim financial statements.
3. PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties which could have a material impact on the Group's performance for the remainder of the current financial year remain the same as those detailed in the Group's Annual Report and Financial Statements for the year to 31st July 2018.
4. SEGMENTAL INFORMATION
The Group has identified operating segments on the basis of internal reporting components that are regularly reviewed by the chief operating decision maker to allow the allocation of resources to segments and assess their performance. The Board of Directors has been recognised as the chief operating decision maker.
All revenue arises from activities within the UK and therefore the Board of Directors does not consider the business from a geographical perspective. The operating segments are based on activity and performance of an operating segment is based on a measure of operating results.
External Internal Total Operating Profit/(Loss) Revenue Revenue Revenue 31.1.19 31.1.18 31.7.18 Restated Restated (Note (Note 2) 2) GBP000 GBP000 GBP000 GBP000 GBP000 GBP000 31st JANUARY 2019 (Unaudited) Construction activities 5,054 46 5,100 (1,748) - - Investment activities 3,644 - 3,644 2,309 - - --------- --------- --------- -------- --------- --------- 8,698 46 8,744 561 - - --------- --------- --------- -------- --------- --------- 31st JANUARY 2018 (Unaudited) (Restated Note 2) Construction activities 6,767 1,623 8,390 - (632) - Investment activities 2,898 - 2,898 - 1,482 - --------- --------- --------- -------- --------- --------- 9,665 1,623 11,288 - 850 - --------- --------- --------- -------- --------- --------- 31st JULY 2018 (Audited) (Restated Note 2) Construction activities 10,655 1,847 12,502 - - (1,854) Investment activities 6,352 - 6,352 - - 6,417 --------- --------- --------- -------- --------- --------- 17,007 1,847 18,854 - - 4,563 --------- --------- --------- -------- --------- --------- OPERATING PROFIT 561 850 4,563 Share of results of Joint Ventures 61 14 463 Finance and investment income and profit on sale and net (deficit)/surplus on valuation of available for sale financial assets 17 98 331 PROFIT BEFORE TAX ON ORDINARY ACTIVITIES 639 962 5,357 -------- --------- --------- 5. TAXATION
The tax charge for the 6 months to 31st January 2019 is based on the corporation tax rate at 19.00% (2018, 19.00%).
6. DIVIDS 6 Months 6 Months Year Ended Ended Ended 31.1.19 31.1.18 31.7.18 (Unaudited) (Unaudited) (Audited) GBP000 GBP000 GBP000 ORDINARY DIVIDS 2018 Final dividend of 2.21p, after 402 waivers - - 2018 Interim dividend of 0.95p - - 423 2017 Final dividend of 2.17p - 968 968 ------------- ------------- ----------- 402 968 1,391 ------------- ------------- -----------
The interim dividend of 0.95p per share for the year to 31st July 2019 will be paid on 3rd June 2019 to shareholders on the register at 10th May 2019. The interim dividend will cost the Company no more than GBP412,000.
7. EARNINGS PER SHARE 6 Months 6 Months Year Ended Ended Ended 31.1.19 31.1.18 31.7.18 (Unaudited) (Unaudited) (Audited) Restated Restated (Note 2) (Note 2) Profit attributable to equity shareholders (GBP000) 499 779 4,942 ------------- ------------- ------------- Basic earnings per share 1.14p 1.75p 11.11p ------------- ------------- ------------- Weighted average number of shares 43,827,404 44,624,268 44,495,116 ------------- ------------- -------------
Basic earnings per share are calculated by dividing the profit attributable to equity shareholders by the weighted average number of shares in issue during the period.
During the 6 months to 31st January 2019 the Company purchased for immediate cancellation 410,000 Ordinary Shares of 2p.
There is no difference between basic and diluted earnings per share.
8. FAIR VALUE ASSETS
The Group's investment properties, available for sale financial assets and assets held by defined benefit pension scheme are measured at fair value after initial recognition.
Investment properties are only valued annually by the Directors at the year end and not for the purposes of the interim financial statements. The Group considers all of its investment properties fall within 'Level 3' of the fair value hierarchy as described by IFRS 13: Fair Value Measurement. Level 3 valuations are those using inputs for the asset or liability that are not based on observable market data. The main unobservable inputs relate to estimated rental value and equivalent yield.
The Group's available for sale financial assets consisted entirely of equities of companies listed on quoted markets which fall within 'Level 1' of the fair value hierarchy. Assets held by defined benefit pension scheme consist of equities and bond of companies listed on quoted markets and cash which all fall within 'Level 1' of the fair value hierarchy. Level 1 valuations are those using inputs which are quoted prices (unadjusted) in active markets for identical assets or liabilities the Company can access at the period end date.
9. RECONCILIATION OF PROFIT BEFORE TAX TO CASH FLOWS FROM
OPERATING ACTIVITIES
6 Months 6 Months Year ended ended ended 31.1.19 31.1.18 31.7.18 (Unaudited) (Unaudited) (Audited) Restated Restated (Note 2) (Note 2) GBP000 GBP000 GBP000 Profit before tax 639 962 5,357 Share of profits from Joint Ventures (61) (14) (463) Depreciation 163 188 427 Impairment of assets - - 116 Unrealised valuation surplus on investment properties - - (2,859) Loss/(profit) on sale of property, plant and equipment 6 (37) (59) Profit on sale of available for sale financial assets (10) - (2) Unrealised valuation deficit/(surplus) on available for sale financial assets 48 (41) (106) Change in retirement benefits - - (232) Interest received (29) (41) (80) Change in inventories (2,998) (2,360) (5,926) Change in receivables - non-current - - (857) Change in receivables - current 92 223 1,183 Change in payables 1,049 (88) (805) ------------- ------------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES (1,101) (1,208) (4,306) ------------- ------------- ----------- 10. RELATED PARTY TRANSACTION
Related parties are consistent with those disclosed in the Group's Annual Report and Statement of Accounts for the year to 31st July 2018.
Related party transactions, including salary and benefits provided to Directors and key management, were not material to the financial position or performance of the Group for the period.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The Directors named below, confirm on behalf of the Board of Directors that to the best of their knowledge that the condensed consolidated interim financial statements for the six months to 31st January 2019 have been prepared in accordance with IAS 34: Interim Financial Reporting as adopted by the European Union. The condensed consolidated interim financial statements include a fair review of the information required by Disclosure and Transparency Rules 4.2.7 and 4.2.8, being:
-- an indication of important events that have occurred during the six months to 31st January 2019 and their impact on the condensed consolidated interim financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year, and
-- material related party transactions in the six months to 31st January 2019 and any material changes in the related party transactions described in the last annual report.
The Directors of the Company are listed in the Annual Report and Statement of Accounts for the year to 31st July 2018.
By order of the Board D.W. SMART, Director J.R. SMART, Director 23rd April 2019
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR LIFLASDIVFIA
(END) Dow Jones Newswires
April 23, 2019 05:20 ET (09:20 GMT)
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