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EDINBURGH - J. Smart & Co. (Contractors) PLC, a UK-based construction and property development company, reported a decrease in interim profit for the six-month period ending January 31, 2025. The company’s unaudited group profit stood at £128,000, down from £205,000 in the same period last year.
Despite the decline in profitability, the company experienced higher-than-expected sales volumes at its Winchburgh private housing development, Canal Quarter. However, these sales have come at price levels that continue to impact the development’s profitability. The company completed the first block of private housing at its Clovenstone Gardens development in late March, with the entire block being sold to a local housing association.
J. Smart & Co. also commenced a speculative industrial development at Inchmuir Park, Bathgate, which is expected to be completed in mid-2026. In addition, the company entered into a joint venture, St. Andrews 1413 Limited, which acquired and is refurbishing a block of 15 flats in St. Andrews for private rental, with marketing set to begin soon.
The company highlighted the ongoing rise in construction material prices and extended pre-contract processes as challenges affecting project viability and causing delays. The board announced an interim dividend of 0.96p per share, consistent with the previous year, payable on June 2, 2025, to shareholders registered as of May 2, 2025.
Looking ahead, J. Smart & Co. expressed uncertainty regarding the impact of global events on the fragile UK economy and consumer confidence in the housing market. While private housing sales are expected this year, the company is cautious about whether current reservations will convert into sales.
Commercial property lettings, particularly in the industrial sector, continue to perform robustly with rental growth. However, the company is unable to predict the full-year headline profit due to factors such as increased material costs, project delays, and reduced rental income from investment sales.
The company also announced the appointment of Jane Oliver as a new Director to the Board, acknowledging her 25 years of service and her role as Development Director.
This report is based on a press release statement from J. Smart & Co. (Contractors) PLC.
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