Smart's operating well below capacity

BUILDING contractor J Smart & Co yesterday cautioned it was operating at "well below normal capacity" and seeing continued downward pressure on prices.

The listed Edinburgh-based business said pre-tax profits for the six months to 31 January were 2.25 million compared to 2.56m the previous year. Turnover fell from 14.5m to 12.7m.

Chairman John Smart said "there seems to be little prospect" of an increase in turnover in contracting over the coming year but described private house sales as "slow but steady". Shares in the company fell by 4.3 per cent yesterday to close at 442.5p.