Interim Results

BFS Small Co Div Tst PLC
28 November 2000


                    BFS SMALL COMPANIES DIVIDEND TRUST PLC                    

               PRELIMINARY ANNOUNCEMENT OF  HALF-YEAR RESULTS 
 

The Directors announce the unaudited statement of consolidated results for the
period 1 May 2000 to 31 October 2000 as follows

CONSOLIDATED STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account*)

                                                               Restated**
                                 1 May 2000 to            6 April 1999 to
                                   31 Oct 2000                31 Oct 1999

                             Revenue  Capital  Total  Revenue  Capital  Total
                               £'000    £'000  £'000    £'000    £'000  £'000

Gains on investments               -    2,391  2,391        -      972    972
 
Dividends and interest         1,220        -  1,220    1,133       -   1,133

Other Income                       1        -      1

Investment management fee        (56)     (85)  (141)     (50)     (74)  (124)

Provision for investment
 management performance fee        -        -      -        -      (53)   (53)
Other expenses                   (87)      (4)   (91)     (91)      (3)   (94)
                                -----    -----  -----    -----    -----  -----

Net return before finance                     
 costs and taxation            1,078    2,302  3,380      992      842  1,834
 
Interest payable and 
 similar charges                 (85)    (127)  (212)     (26)     (39)   (65)
Appropriations in respect of :

 Zero Dividend Preference shares   -     (266)  (266)       -     (229)  (229)
 Preference shares                 -       (1)    (1)       -       (1)    (1)

 Issue costs of Zero
  Dividend Preference shares       -      (15)   (15)       -      (15)   (15)
                                 -----  -----    -----   -----   -----   -----
                                
Return on ordinary
 activities before and after 
 taxation for the period         993    1,893  2,886      966      558  1,524

First interim dividend paid
 of 2.10p (1999: 2.00p)         (331)      -    (331)    (300)      -    (300)
Second interim dividend proposed
 of 2.10p (1999: 2.00p)         (331)      -    (331)    (300)      -    (300)
                                -----   -----   -----    -----   -----   -----

Transfer to reserves             331    1,893  2,224      366      558    924 
  
                                =====   =====  =====     =====   =====   =====



                                pence   pence  pence     pence   pence  pence
Return per share:
 Ordinary Share                  6.30   12.02  18.32      6.44    3.72  10.16
 Zero Dividend Preference Share    -     4.26   4.26        -     3.67   3.67
 Preference Share                  -     4.26   4.26        -     3.67   3.67 
           
                                =====   =====  =====     =====   =====  =====


* The revenue column of this statement is the revenue column of the Group.
**The comparative figures for 1999 have been restated in accordance with
Financial Reporting Standard 16.
 

CONSOLIDATED BALANCE SHEET
                                                 As at                  As at
                                                31 Oct                 31 Oct
                                                  2000                   1999
                                                 £'000                  £'000

Investments                                     28,437                 25,573 

Current Assets                                                                
                     
Debtors                                            358                    270 
Cash at bank                                        86                      1
                                                ------                 ------
                                                   444                    271 
 
Current liabilities

Creditors                                          460                    498
Bank overdraft                                   6,935                  3,745
                                                ------                 ------
                                                 7,395                  4,243

Net current liabilities                         (6,951)                (3,972)

                                                ------                 ------
Total assets less current
 liabilities                                    21,486                 21,601

Creditors- amounts falling due
 after more than one year                        6,830                  6,277
                                                ------                 ------
Total net assets                                14,656                 15,324
                                                ======                 ======

Share capital and reserves
Share capital                                    3,938                  3,750 
Share premium                                   11,126                 10,650 
Capital reserve                                 (1,074)                   558
Revenue reserve                                    666                    366
                                                ------                 ------
                                                14,656                 15,324
                                                ------                 ------
Net asset value per share                                

Ordinary                                         89.66                  98.16 
Zero Dividend Preference                        111.98                 103.67 
Preference                                      111.98                 103.67 



CONSOLIDATED STATEMENT OF CASH FLOWS   
                                            1 May 2000           6 April 1999
                                        to 31 Oct 2000         to 31 Oct 1999
                                                 £'000                  £'000

Net cash inflow from operating activities        1,056                    743
                                                ------                 ------
Servicing of finance
 Interest paid                                    (204)                   (51)
                                                ------                 ------
Net cash outflow from servicing of finance        (204)                   (51)
                                                ------                 ------
Capital expenditure and financial expenditure
 Purchases of investments                       (8,119)               (27,123)
  Sales of investments                           6,268                  2,542
                                                ------                 ------
Net cash outflow from capital expenditure
 and financial investments                      (1,851)               (24,581)
                                                ------                 ------
Equity dividends paid                             (803)                  (300)
                                                ------                 ------
Net cash outflow before financing               (1,802)               (24,189)
                                                ======                 ======
Financing
  Issue of Ordinary shares                           -                (15,000)
  Issue of Zero Dividend Preference shares           -                 (6,250)
  Issue of Preference shares                         -                    (31)
  Expenses of issue                                  -                    837
                                                ------                 ------
Net cash inflow from financing                       -                (20,444)
                                                ------                 ------
Decrease in cash                                (1,802)                (3,745)

                                                ------                 ------
                                                (1,802)               (24,189)
                                                ======                 ======

NOTE

1.The unaudited financial information which does not constitute statutory
accounts has been prepared on the basis of the accounting policies set out in
the statutory accounts of the Group for the period ended 30 April 2000. These
accounts received an unqualified audit opinion and will be filed with the
Registrar of Companies following the Annual General Meeting.

2.The Directors have declared a second interim dividend of 2.10p (1999: 2.00p)
net per Ordinary share, payable on 29 December 2000 to the holders of Ordinary
shares on the register at 8 December 2000.

3.The revenue return per Ordinary share is based on earnings of £993,000
(1999: £966,000) on 15,750,000 (1999: 15,000,000) Ordinary shares in issue
throughout the period.

4. The capital return per Ordinary share is based on net capital profits of 
£1,893,000 (1999: £558,000) on 15,750,000 (1999: 15,000,000) Ordinary shares
in issue throughout the period.

5. An amount of £216,000 (1999: £169,000) has been charged to capital in
respect of management fees, interest and other expenses in accordance with
accounting policy.

6. During it's first accounting period the Company conducted it's 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 30th April 2007.  The accrued entitlement as at 31
October 2000 was 111.98p (1999: 103.67p) per share and a total amount of
£267,000(1999: £230,000) has been charged to capital during the period.

8. The net asset values per share are calculated in accordance with the
Company's Articles of Association, whilst figures shown in the summarised
Balance Sheet are in accordance with FRS4.


For further information please contact BFS Investments plc - 01483 237773 or
Chelverton Asset Management Limited - 01225 483030.