Interim Results

BFS Small Co Div Tst PLC
27 February 2001



BFS SMALL COMPANIES DIVIDEND TRUST PLC



PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS



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

1 May 2000 to 31 January 2001 as follows:





CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account)

                                           1 May 2000 to        6 April 1999 to
                                         31 January 2001        31 January 2000
                                  Revenue Capital  Total Revenue Capital  Total
                                   £'000   £'000  £'000   £'000   £'000  £'000

Gains on investments                   -   4,509   4509       -     496    496
Dividends and interest             1,554       -  1,554   1,488       -  1,488
Other income                           1       -      1       -       -      -
Investment management fee            (88)  (132)   (220)    (75)   (112)  (187)
Other expenses                      (137)     (4)  (141)   (128)     (3)  (131)

Net return before
finance costs and taxation         1,330   4,373  5,703   1,285     381  1,666

Interest payable and similar        (134)   (201)  (335)    (50)    (75)  (125)
charges

Appropriations in respect of:
- Zero Dividend Preference shares      -    (403)  (403)      -    (356)  (356)
- Preference shares                    -      (2)    (2)      -      (2)    (2)
Issue costs of Zero
Dividend Preference shares             -     (23)   (23)       -    (23)   (23)


Return on ordinary activities
before taxation                    1,196   3,744  4,940   1,235     (75) 1,160

Taxation on ordinary activities        -       -      -      (1)      -     (1)


Return on ordinary activities
after taxation for the period      1,196   3,744  4,940   1,234     (75) 1,159

First interim dividend paid of
2.10p
(2000: 2.00p)                       (331)      -   (331)   (300)      -   (300)

Second interim dividend paid of
2.10p
(2000: 2.00p)                       (331)      -   (331)   (300)      -   (300)

Third interim dividend proposed
of 2.10p
(2000: 2.00p)                       (331)      -   (331)   (300)      -   (300)


Transfer to/ (from) reserves         203   3,744  3,947     334     (75)   259


Return per:                         pence   pence  pence   pence   pence  pence
Ordinary share                      7.59   23.77  31.36    8.23   (0.50)  7.73
Zero Dividend Preference share         -    6.45   6.45       -    5.70   5.70
Preference share                       -    6.45   6.45       -    5.70   5.70




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



CONSOLIDATED BALANCE SHEET


                                                         As at           As at
                                                    31 January      31 January
                                                          2001            2000
                                                         £'000           £'000

Investments                                             30,550          25,132

Current assets
Debtors                                                    801             108
Cash at bank                                                 1               1

                                                           802             109
Current liabilities

Creditors                                                1,027             907
Bank overdraft                                           6,969           3,263

                                                         7,996            4,170

Net current liabilities                                 (7,194)         (4,061)


Total assets less current liabilities                    23,356          21,071

Creditors - amounts falling due after
More than one year                                       6,976           6,412

                                                        16,380          14,659

Share capital and reserves
Share capital                                            3,938           3,750
Share premium                                           11,126          10,650
Capital reserve                                            777             (75)
Revenue reserve                                            539             334
                                                        16,380          14,659


Net asset value per:
Ordinary share                                          101.46           93.99
Zero Dividend Preference share                          114.18          105.70
Preference share                                        114.18          105.70





CONSOLIDATED STATEMENT OF CASHFLOWS
                                                 1 May 2000 to  6 April 1999 to
                                               31 January 2001  31 January 2000

                                                        £'000            £'000

Net cash inflow from operating activities               1,473            1,152

Servicing of finance
Interest paid                                            (327)            (109)


Net cash outflow from servicing of finance               (327)            (109)


Capital expenditure and financial investments
Purchase of investments                                (9,710)         (29,568)
Sale of investments                                     7,777            5,432


Net cash outflow from capital expenditure
and financial investments                              (1,933)         (24,136)


Equity dividends paid                                  (1,134)            (600)


Net cash outflow before financing                      (1,921)         (23,693)

Financing
Issue of Ordinary shares                                    -          (15,000)
Issue of Zero Dividend Preference shares                    -           (6,250)
Issue of Preference shares                                  -              (31)
Expenses of share issue                                     -              850


Net cash inflow from financing                              -          (20,431)


Decrease in cash                                       (1,921)          (3,262)


                                                       (1,921)         (23,693)




NOTE



1.  The unaudited financial information does not constitute statutory accounts
as defined in section 240 of the Companies Act 1985 and 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 have been filed with the Registrar of Companies.



2.  The Directors have declared a third interim dividend of 2.10p (2000:
2.00p) net per Ordinary share, payable on 30 March 2001 to the holders of
Ordinary shares on the Register at 9 March 2001.



3.  The revenue return per Ordinary share is based on earnings of £1,196,000
(2000: £1,234,000) and on 15,750,000 (2000: 15,000,000) Ordinary shares in
issue throughout the period.



4.  The capital return per Ordinary share is based on net capital profits of £
3,744,000 (Losses 2000: £75,000) and on 15,750,000 (2000: 15,000,000) Ordinary
shares in issue throughout the period.



5.  An amount of £337,000 (2000: £190,000) has been charged to capital in
respect of management fees, other expenses and interest in accordance with
accounting policy.



6.  During its first accounting period the Company 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 January
2001 was 114.18p (2000: 105.70p) per share and a total amount of £405,000
(2000: £358,000) 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 balance sheet
are in accordance with FRS4.



27 February 2001