J Smart profits on track despite slump

PROPERTY developer J Smart yesterday said it was still on track to make a £4.5 million annual profit despite having stopped its house building operations for the time being.

In a market update, the Edinburgh-based firm said "there are no private dwellings for sale currently being built" but it planned to make a start on a mixed-use development in its home city "in the near future".

It said house sales had "slowed to a halt since Easter" after a "steady trickle" during the previous half-year, adding the loss of tenants had slowed in commercial property projects.