Final Results

ABERFORTH SMALLER COMPANIES TRUST plc

PRELIMINARY RESULTS
For the Year to 31 December 2002


FEATURES

*Fully Diluted Net Asset Value Total Return           -9.7%

*Benchmark Index Total Return                         -23.3%

*Increase in Dividends per Ordinary Share             +4.4%


Aberforth Smaller Companies Trust plc (ASCoT) invests only in small UK
quoted companies and is managed by Aberforth Partners.


CHAIRMAN'S STATEMENT TO SHAREHOLDERS

*REVIEW OF 2002 PERFORMANCE

The year to December 2002 has seen global stockmarkets generate negative
returns  -  again.   In the UK the total return from  ASCoT's  benchmark
index  -  the Hoare Govett Smaller Companies Index (Excluding Investment
Companies)  - was a negative 23.3% while the total return for  the  FTSE
All-Share  Index (representative of "larger companies") was  a  negative
22.7%.

ASCoT has performed relatively well against this background recording  a
negative total return of 9.7%, therefore significantly outperforming its
benchmark  index.  While outperforming its benchmark in both  the  first
and  second  halves  of  the year, the degree of outperformance  in  the
second was less than in the first half.  The powerful extraneous factors
that  have influenced ASCoT's exceptional levels of outperformance  over
the last three years, have progressively waned.  This is a phenomenon  I
foreshadowed in my Interim Report to Shareholders in July.

Your  Board  is  pleased to recommend a final dividend of  6.20p,  which
produces total dividends for the year of 9.50p, an increase of  4.4%  on
the   total   dividends  paid  for  the  previous  year.    Subject   to
Shareholders'  approval, the final dividend of 6.20p per share  will  be
paid  on  7  March  2003  to Shareholders on the register  at  close  of
business on 7 February 2003.

Your  Board and Managers have believed for some time that equity  market
returns  might revert to the 5 to 7% real rate achieved over the  longer
term   and,  therefore,  that  dividend  income  would  become  a   more
significant  proportion of total return than in heady bull markets.   In
that context, your Board is particularly pleased that ASCoT's portfolio,
of  around  100  companies whose attractive features  include  an  above
average dividend yield, allows the payment of a reasonable, reliable and
growing dividend to Shareholders.

ASCoT  did  not make use of its debt facilities during the period  under
review.  This position was a reflection of your Managers' cautious  view
of  the  returns from stockmarkets in the period.  However, the  gearing
facility  remains available and it is the intention to utilise  it  when
your Board and Managers consider the opportunity appropriate.

     CONTINUATION VOTE

At  the  Annual General Meeting in February 2002, of those  Shareholders
who  lodged  the  form of proxy (representing 58.5% of the  then  issued
share  capital),  99.5%  were in favour of ASCoT's  continuation.   Your
Board   and  Managers  appreciate  this  support.   The  next  scheduled
continuation vote is due in February 2005.

     WARRANTS

During  the year the Company purchased for cancellation 431,500 Warrants
at  prices that enhanced Shareholder value.  The Board will continue  to
take  advantage  of  economically attractive  opportunities  to  buy  in
Warrants, although time is running out!  A Warrant confers the right  to
subscribe  for  one Ordinary Share of 1p on 31 March  each  year.   This
right  will  lapse  after  31 March 2003.  Consequently,  Warrantholders
should  be  aware that the last opportunity to exercise their rights  is
imminent.  One result of exercising Warrants, at the cost of 100p  each,
is  to entitle the holder to receive dividends declared and paid on  the
Ordinary  Shares  after the date of exercise.  In  respect  of  calendar
2002,  total dividends will be 9.50p (subject to Shareholders'  approval
at the forthcoming Annual General Meeting).

     SHARE BUY BACK AUTHORITY

At  the  Company's Annual General Meeting in February 2002 the authority
to  purchase up to 14.99% of the Company's Ordinary Shares was  renewed.
Your  Board will be seeking a further renewal of this authority  at  the
Annual  General Meeting to be held on 25 February 2003.  Your Board  has
established and keeps under careful review the circumstances under which
such  authority will be utilised.  Should these arise, the Company  will
seek to purchase Ordinary Shares.

     SUMMARY AND OUTLOOK

ASCoT has performed relatively well in 2002, yet another difficult  year
for  stockmarkets.  ASCoT's relative performance has been helped by  its
portfolio  yield  being above that of its benchmark index.   Your  Board
believes this to be one of a number of attractive characteristics of the
portfolio.   In  turn,  this  attribute  permits  your  Board   to   pay
reasonable,  reliable and growing dividends to Shareholders  at  a  time
when income is an important component of total return.

These  last  three  years  have been amongst the  worst  in  stockmarket
history  but ASCoT has achieved positive returns overall, producing  the
best  period  of  relative performance in its 12 year life.   There  is,
however, no air of complacency regarding achievements to date.   Indeed,
in  investment  we  are highly conscious that every  day  starts  a  new
performance period.

William Y Hughes
Chairman
21 January 2003

The Statement of Total Return, summary Balance Sheet and summary Cash
Flow Statement are set out below:-


STATEMENT OF TOTAL RETURN
(Incorporating the Revenue Account*)

For the Year ended 31 December 2002
(unaudited)

                       12 months to                 12 months to
                     31 December 2002             31 December 2001
                Revenue  Capital    Total Revenue    Capital        Total
                  £ 000    £ 000    £ 000   £ 000      £ 000        £ 000
                                                                  
Realised              -   16,715   16,715       -     19,592       19,592
gains/(losses)
on sales
Unrealised            - (54,626) (54,626)       -    (3,336)      (3,336)
losses
                ======= ======== ======== ======== =========== ============
(Losses)/gains        - (37,911) (37,911)       -     16,256       16,256
on investments
Deemed cost of                                                    
Warrants
purchased for         -    (651)    (651)       -    (1,443)      (1,443)
cancellation
Dividend income   9,700      254    9,954   9,436          -        9,436
Interest income     495        -      495     979          -          979
Other income         52        -       52      17          -           17
Investment      (1,124)  (1,873)  (2,997) (1,065)    (1,775)      (2,840)
management fee
Other expenses    (268)        -    (268)   (233)          -        (233)
                ======= ======== ======== ======= ========== ============
Return on         8,855 (40,181) (31,326)   9,134     13,038       22,172
ordinary
activities
  before tax                                                      
Tax on ordinary       -        -        -       -          -            -
activities
                ======= ======== ======== ======== =========== ============
Return                                                            
attributable to
  equity          8,855 (40,181) (31,326)   9,134     13,038       22,172
shareholders
                                                                  
Dividends in    (7,966)        -  (7,966) (7,610)          -      (7,610)
respect of
equity shares
                ======= ======== ======== ======= ========== ============
Transfer            889 (40,181) (39,292)   1,524     13,038       14,562
to/(from)
reserves
                =======  =======  ======= =======    =======      =======
Returns per                                                       
Ordinary Share
  Basic          10.57p (47.95p) (37.38p)  10.93p     15.61p       26.54p
  Diluted        10.44p (47.38p) (36.94p)  10.75p     15.34p       26.09p
                                                                  
Dividends per     9.50p        -    9.50p   9.10p          -        9.10p
Ordinary Share

NOTES

The  calculations of revenue return per Ordinary Share are based on  net
revenue  of  £8,855,000  (2001  - £9,134,000)  and  on  Ordinary  Shares
numbering  83,798,842 (2001 - 83,537,525) in the case of  basic  returns
and 84,808,012 (2001 - 84,989,235) in the case of diluted returns.

The  calculations of capital return per Ordinary Share are based on  net
capital  losses  of  £40,181,000 (2001 - gains of  £13,038,000)  and  on
Ordinary Shares numbering 83,798,842 (2001 - 83,537,525) in the case  of
basic  returns and 84,808,012 (2001 - 84,989,235) in the case of diluted
returns.

*The  revenue  column of this statement is  the  profit  and  loss
account of the Company.

All revenue and capital items in the above statement derive from
continuing operations.

No operations were acquired or discontinued in the period.
SUMMARY BALANCE SHEET

As at 31 December 2002
(unaudited)

                                         31-Dec     31-Dec
                                           2002       2001
                                          £ 000      £ 000
                                                 
Securities officially listed on the     273,543    305,074
London Stock Exchange
                                     ========== ==========
                                                          
Debtors                                   1,024      1,094
Cash at bank                              6,555     14,210
Creditors                               (5,227)    (5,116)
                                     ========== ==========
Net current assets                        2,352     10,188
                                                 
                                     ========== ==========
Total assets less liabilities           275,895    315,262
                                       ========   ========
                                                 
Capital and reserves: equity                     
interests
  Called up share capital (Ordinary         839        836
Shares)
                                                 
Reserves:                                        
  Share premium account                   1,090        868
  Special reserve                       133,525    133,525
  Capital reserve - realised            151,600    137,455
  Capital reserve - unrealised         (21,985)     32,641
  Revenue reserve                        10,826      9,937
                                     ========== ==========
                                        275,895    315,262
                                       ========   ========
                                                 
Net Asset Values per Ordinary Share              
  Basic                                  329.0p     377.0p
  Fully diluted                          326.3p     371.6p
  Diluted - FRS 14                       326.3p     371.8p


NOTES

As at 31 December 2002, the Company had 83,855,423 Ordinary Shares (2001
- 83,630,941) and 1,003,311 Warrants (2001 - 1,659,293) in issue.

On  2  April  2002,  as  a  result  of certain  holders  exercising  the
subscription  rights  of their Warrants, 224,482  Ordinary  Shares  were
issued at 100p per share.

During  the  year  to 31 December 2002, the Company  bought  in  431,500
Warrants  for  cancellation at a total cost of  £951,000.   No  Ordinary
Shares were bought in during the year.

SUMMARY CASH FLOW STATEMENT

For the Year ended 31 December 2002
(unaudited)

                                 12 months to          12 months to
                               31 December 2002      31 December 2001
                                £ 000      £ 000     £ 000          £ 000
                                                              
Net cash inflow from                        7,259                     7,436
operating activities
                                                                           
Returns on investment and                                     
servicing of finance
Interest paid                       -                     - 
                              =======               ======= 
Net cash outflow from                                         
returns on investment
  and servicing of finance                      -                         -
                                                              
Capital expenditure and                                       
financial investment
Payments to acquire          (120,503)             (119,098) 
investments
Receipts from sales of        114,016               119,841 
investments
                             =========             ========== 
Net cash (outflow)/inflow                                     
from capital
  expenditure and financial               (6,487)                       743
investment
                                       ==========            ==============
                                              772                     8,179
                                                              
Equity dividends paid                     (7,701)                   (7,380)
                                       ==========             =============
                                          (6,929)                       799
Financing                                                     
Issue of Ordinary Shares          225                   371 
Warrants purchased for          (951)               (2,034) 
cancellation
                             =========             ========== 
                                                              
Net cash outflow from                       (726)                   (1,663)
financing
                                       ==========             =============
Decrease in cash                          (7,655)                     (864)
                                         ========                  ========

NOTES

1.The  foregoing do not comprise statutory accounts  (as  defined  in
section 240(5) of the Companies Act 1985) of the Company.  The statutory
accounts  for  the  year  to  31  December  2001,  which  contained   an
unqualified Report of the Auditors, have been lodged with the  Registrar
of  Companies  and  did not contain a statement required  under  section
237(2) or (3) of the Companies Act 1985.

2.The  Annual Report is expected to be posted to shareholders  on  27
January  2003.   Members of the public may obtain copies from  Aberforth
Partners,  14 Melville Street, Edinburgh EH3 7NS or from its website  at
www.aberforth.co.uk.


CONTACT:John Evans Aberforth Partners 0131 220 0733

Aberforth Partners, Secretaries - 21 January 2003

ANNOUNCEMENT ENDS