Final Results

SMALL COMPANIES DIVIDEND TRUST PLC

(formerly BFS Small Companies Dividend Trust PLC)

PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS

Chairman's statement

Results

This report covers the six months to 31 October 2003.

The net asset value per Ordinary share at 31 October was 142.29p, an increase
of 59.1% in the past six months compared to rises of 12.4% in the FTSE
All-Share Index, 34.9% in the FTSE Small Cap Index and 48.7% in the FTSE
Fledgling Index.

A first interim dividend of 2.25p (2002: 2.20p) per Ordinary share was paid in
September 2003. The Board has declared a second interim dividend of 2.25p per
Ordinary share (2002: 2.20p) payable on 31 December 2003 to shareholders on the
register on 5 December 2003, making a total for the half-year of 4.50p per
Ordinary share (2002: 4.40p).

The Company is invested in the ordinary shares of sixty-seven quoted companies
and two unquoted companies. It does not invest in the shares of any investment
trusts.

During this period offers were received for Christian Salvesen, Hercules
Property, Galliford Try and Austin Reed; however, in all of these cases the
offers failed. In respect of Ryland, announced last year, the offer was
successful and the management team eventually acquired the company.

I would like to congratulate David Horner of the Investment Adviser, Chelverton
Asset Management Limited, for the Company winning the `Investment Week' Split
Capital Investment Trust of the Year Award in November 2003 for the second year
running.

Outlook

The net asset value per share has advanced very quickly and we therefore,
anticipate a period of consolidation ahead.

Earnings per share are moving forward and we have reflected this in an
increased second interim dividend.

We have recently increased our bank facility from £7.5m to £10m and have also
taken the opportunity to fix £5m of this facility until 2007, the remainder
being an overdraft facility.

It is encouraging to note, in the last few weeks, the increase of corporate
activity, which should, of course, be of benefit to the company's net asset
value and provides the opportunity to enhance earnings.

Bryan Lenygon, Chairman

25 November 2003

The Directors announce the unaudited statement of consolidated results for the
period

1 May 2003 to 31 October 2003 as follows:

CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account)

                                     1 May 2003 to              1 May 2002 to
                                                                             
                                   31 October 2003            31 October 2002
                                                                             
                          Revenue   Capital  Total  Revenue  Capital    Total
                                                                             
                           £'000     £'000  £'000    £'000    £'000    £'000 
                                                                             
Gains/ (losses) on             -     9,051  9,051        -   (6,012)  (6,012)
investments                                                                  
                                                                             
Dividends and interest     1,226         -  1,226    1,230        -    1,230 
                                                                             
Investment management        (78)     (116)  (194)     (61)     (92)    (153)
fee                                                                          
                                                                             
Investment management          -      (160)  (160)       -        -          
performance fee                                                              
                                                                             
Other expenses              (113)       (5)  (118)    (113)       -     (113)
                                                                             
Net return before                                                            
                                                                             
finance costs and          1,035     8,770  9,805    1,056   (6,104)  (5,048)
taxation                                                                     
                                                                             
Interest payable             (73)     (109)  (182)     (72)    (108)    (180)
                                                                             
Appropriations in                                                            
respect of:                                                                  
                                                                             
- Zero Dividend                -      (335)  (335)       -     (310)    (310)
Preference shares                                                            
                                                                             
- Preference shares            -        (2)    (2)       -       (2)      (2)
                                                                             
Issue costs of Zero                                                          
                                                                             
Dividend Preference            -       (16)   (16)       -      (15)     (15)
shares                                                                       
                                                                             
Return on ordinary                                                           
activities                                                                   
                                                                             
before and after             962     8,308  9,270      984   (6,539)  (5,555)
taxation                                                                     
                                                                             
First interim dividend      (355)        -   (355)    (347)       -     (347)
paid of 2.25p                                                                
                                                                             
(2002: 2.20p)                                                                
                                                                             
Second interim dividend     (354)        -   (354)    (346)       -     (346)
proposed of 2.25p                                                            
                                                                             
(2002: 2.20p)                                                                
                                                                             
Transfer to/(from)           253     8,308  8,561      291   (6,539)  (6,248)
reserves                                                                     
                                                                             
Return per:                 pence     pence  pence    pence    pence    pence
                                                                             
Ordinary share              6.11     52.75  58.86     6.25   (41.52)  (35.27)
                                                                             
Zero Dividend Preference       -      5.37   5.37        -     4.97     4.97 
share                                                                        
                                                                             
Preference share               -      5.37   5.37        -     4.97     4.97 
                                                                             

* The revenue column of this statement is the revenue account of the Group.

CONSOLIDATED BALANCE SHEET

                                            As at          As at        As at
                                                                             
                                       31 October       30 April   31 October
                                                                             
                                             2003           2003         2002
                                                                             
                                      (unaudited)      (audited)  (unaudited)
                                                                             
                                           £'000          £'000        £,000 
                                                                             
Investments                               41,156         30,060       28,899 
                                                                             
Current assets                                                               
                                                                             
Debtors                                      301            632          236 
                                                                             
Cash at bank                                 127            309          205 
                                                                             
                                             428            941          441 
                                                                             
Current liabilities                                                          
                                                                             
Creditors                                    716            899          592 
                                                                             
Bank overdraft                             4,344          7,491        7,334 
                                                                             
                                           5,060          8,390        7,926 
                                                                             
Net current liabilities                   (4,632)        (7,449)      (7,485)
                                                                             
Total assets less current                 36,524         22,611       21,414 
liabilities                                                                  
                                                                             
Creditors - amounts falling due                                              
after                                                                        
                                                                             
more than one year                       (13,749)        (8,397)      (8,062)
                                                                             
Net assets                                22,775         14,214       13,352 
                                                                             
Share capital and reserves                                                   
                                                                             
Share capital                              3,938          3,938        3,938 
                                                                             
Share premium                             11,126         11,126       11,126 
                                                                             
Capital reserve                            6,847         (1,461)      (2,479)
                                                                             
Revenue reserve                              864            611          767 
                                                                             
Shareholders funds                        22,775         14,214       13,352 
                                                                             
Total net assets attributable to:                                            
                                                                             
Ordinary shares                           22,410         14,088       12,918 
                                                                             
Zero Dividend Preference shares            8,816          8,481        8,163 
                                                                             
Preference shares                             44             42           41 
                                                                             
Net asset value per:                                                         
                                                                             
Ordinary share                           142.29p         89.44p       82.02p 
                                                                             
Zero Dividend Preference share           141.06p        135.69p      130.61p 
                                                                             
Preference share                         141.06p        135.69p      130.61p 

CONSOLIDATED STATEMENT OF CASHFLOWS                                          
                                                                             
                                               1 May 2003 to    1 May 2002 to
                                                                             
                                             31 October 2003  31 October 2002
                                                                             
                                                      £'000            £'000 
                                                                             
Net cash inflow from operating activities             1,135              221 
                                                                             
Net cash outflow from servicing of                     (184)            (147)
finance                                                                      
                                                                             
Taxation recovered                                        -                5 
                                                                             
Capital expenditure and financial                                            
investment                                                                   
                                                                             
Purchase of investments                              (8,794)          (3,168)
                                                                             
Sale of investments                                   6,698            3,824 
                                                                             
Net cash (outflow)/ inflow from capital              (2,096)             656 
expenditure                                                                  
                                                                             
and financial investment                                                     
                                                                             
Equity dividends paid                                  (890)            (866)
                                                                             
Financing                                                                    
                                                                             
Loan drawdown                                         5,000                - 
                                                                             
Increase/ (decrease) in cash                          2,965             (131)
                                                                             

NOTE

1. The above unaudited financial information which does not constitute
statutory accounts as defined in Section 240 of the Companies Act 1985 has been
prepared on the basis of the accounting policies set out in the statutory
accounts of the Group for the year ended 30 April 2003, save that the Group has
adopted the 2003 Statement of Recommended Practice regarding the Financial
Statements of Investment Trust Companies. The auditors have reported on those
accounts; their reports were unqualified and did not contain a statement under
section 237 (2) or (3) of the Companies Act 1985. Statutory financial
statements for the year ended 30 April 2003 were delivered to the Registrar.

2. The Directors have declared a second interim dividend of 2.25p (2002: 2.20p)
per Ordinary share, payable on 31 December 2003 to the holders of Ordinary
shares on the Register at 5 December 2003. The total dividend for the year
ended 30 April 2003 amounted to 10p per Ordinary share. Projected forecasts
indicate that the total dividend for the year ending 30 April 2004 should be at
least maintained at this amount.

3. The revenue return per Ordinary share is based on earnings of £962,000
(2002: £984,000) and on 15,750,000 (2002: 15,750,000) Ordinary shares, being
the weighted average number of Ordinary shares in issue during the period.

4. The capital return per Ordinary share is based on net capital gains of £
8,308,000 (2002: losses £6,539,000) and on 15,750,000 (2002: 15,750,000)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the period.

5. An amount of £225,000 (2002: £200,000) has been charged to capital in
respect of management fees and interest in accordance with the Company's
accounting policy.

6. The Company has conducted its affairs so that it satisfies the conditions
for approval as an investment trust company set out in section 842 of the
Income and Corporation Tax Act 1988. It is the intention of the Directors that
the Company continues to meet these conditions.

7. There are 31,260 Preference and 6,250,000 Zero Dividend Preference shares in
issue. They each have an initial capital entitlement of 100p per share, growing
to 184.63p on 30 April 2007. The accrued entitlement as at 31 October 2003
calculated in accordance with the Company's Articles of Association, was
141.06p per Zero Dividend Preference and Preference share (2002: 130.61p). A
total amount of £337,000 (2002: £312,000) has been charged to capital during
the period, in respect of their accrued entitlement.

8. The net assets attributable and the net asset value per share are calculated
in accordance with the Company's Articles of Association, and exclude current
period revenue for the unaudited values at 31 October 2003 and 2002.
Shareholders funds shown in the Balance Sheet are in accordance with FRS4.

9. The Group's funds are invested principally in companies with a market
capitalisation of less than £100 million. The Group's portfolio comprises
companies listed on the official list and companies admitted to trading on AIM.
The Group may also invest up to 5% of its portfolio in unquoted securities.
Whilst the majority of the Group's funds are invested in ordinary shares of
companies, up to 30% may be invested in convertible securities. The Group does
not invest in other investment trusts.