J Smart sees boardroom pay surge

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TOTAL boardroom pay at Edinburgh-based construction group J Smart rose to £601,000 last year, up from £427,000 the previous year, according to the company’s annual report.

Finance director Andrew McClure, the highest-paid director, saw his pay package in his final year before retiring rise to £200,000 from £127,000. Chairman John Smart received £130,000, up from £127,000.

Earlier this month the group provided a downbeat assessment of prospects for the current financial year.

Smart said that, while accurate forecasts were difficult in an uncertain climate, it seemed likely that underlying profit will be less than last year.

Current contracting work was less than at this time last year and margins continue to tighten with private house sales described as “slow”. Headline profit for the financial year to 31 July slumped to £55,000 from £656,000 last year.