26th Nov 2020 13:52
J Smart & Co (Contractors) PLC - Edinburgh-based construction contractor - Posts pretax profit for the financial year ended July 31 of GBP4.1 million, narrowing 44% from GBP7.3 million the year prior. This is despite revenue rising 5.0% to GBP16.8 million from GBP16.0 million.
States performance was hurt by the Covid-19 crisis as all construction sites, head office and operational premises were closed from the end of March until the middle of June. Adds that margins in some of its build contracts and those in the build contracts of its subsidiary Thomas Menzies Builders Ltd continue to be poor.
Declares final dividend of 2.27 pence, taking the full-year payout to 3.22p, up from 3.19p the year prior.
Looking ahead, Chair David Smart says: "At this stage, with uncertainty due to the coronavirus crisis, it is difficult to make an informed forecast for the outcome of the year to July 31, 2021. The lull in contracting work and reduced private housing work this financial year makes it unlikely that the headline profit and underlying profit will improve."
As at July-end, J Smart had cash of GBP23.1 million, down from GBP25.7 million recorded on July 31, 2019.
Current stock price: 114.90p
Year-to-date change: down 6.2%
By Ife Taiwo; [email protected]
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