Interim Results

BFS Small Co Div Tst PLC
27 November 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 2001 to 31 October 2001 as follows:


CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account)

                                            1 May 2001 to         1 May 2000 to
                                          31 October 2001       31 October 2000
                                  Revenue Capital   Total Revenue Capital Total
                                   £'000   £'000   £'000   £'000   £'000  £'000


(Losses)/ gains on investments         -  (1,382) (1,382)      -   2,391  2,391

Dividends and interest             1,317       -   1,317   1,221       -  1,221

Investment management fee            (62)    (92)   (154)    (56)    (85) (141)
Other expenses                      (107)      -    (107)    (87)     (4)  (91)

Net return before
finance costs and taxation         1,148  (1,474)   (326)  1,078   2,302  3,380


Interest payable                     (86)   (129)   (215)    (85)   (127) (212)

Appropriations in respect of:
- Zero Dividend Preference shares      -    (288)   (288)      -    (266) (266)


- 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          1,062  (1,907)   (845)    993   1,893  2,886



First interim dividend paid of      (339)      -    (339)   (331)      -  (331)
2.15p
(2000: 2.10p)
Second interim dividend proposed    (338)      -    (338)   (331)      -  (331)
of 2.15p
(2000: 2.10p)

Transfer to/(from) reserves          385  (1,907) (1,522)    331   1,893  2,224


Return per:                         pence   pence   pence   pence   pence pence
Ordinary share                      6.74  (12.11)  (5.37)   6.30   12.02  18.32

Zero Dividend Preference share         -    4.60    4.60       -    4.26  4.26
                                     
Preference share                       -    4.60    4.60       -    4.26  4.26

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

CONSOLIDATED BALANCE SHEET


                                                            As at         As at
                                                       31 October      30 April
                                                             2001          2001
                                                           £'000         £'000

Investments                                               29,300        30,162

Current assets
Debtors                                                      284         1,308
Cash at bank                                                 130           114

                                                             414         1,422

Current liabilities
Creditors                                                  1,073         1,008
Bank overdraft                                             6,458         7,175

                                                           7,531         8,183

Net current liabilities                                   (7,117)       (6,761)


Total assets less current liabilities                     22,183        23,401

Creditors - amounts falling due after
more than one year                                        (7,423)       (7,119)

                                                          14,760        16,282

Share capital and reserves

Share capital                                              3,938         3,938

Share premium                                             11,126        11,126

Capital reserve                                           (1,074)          833

Revenue reserve                                              770           385

Shareholders funds                                        14,760        16,282

Net asset value per:
Ordinary share                                            90.17p       103.38p
Zero Dividend Preference share                           120.94p       116.34p
Preference share                                         120.94p       116.34p



CONSOLIDATED STATEMENT OF CASHFLOWS
                                                  1 May 2001 to   1 May 2000 to
                                                31 October 2001 31 October 2000

                                                         £'000           £'000

Net cash inflow from operating activities                1,139           1,056

Servicing of finance
Interest paid                                             (218)           (204)


Net cash outflow from servicing of finance                (218)           (204)

Taxation recovered                                           8               -

Capital expenditure and financial investment
Purchase of investments                                 (7,815)         (8,119)
Sale of investments                                      8,462           6,268


Net cash inflow/(outflow) from capital                     647          (1,851)
expenditure
and financial investment


Equity dividends paid                                     (843)           (803)


Increase/ (decrease) in cash                               733          (1,802)


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 2001.  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 2001 were delivered to the
Registrar.

2.  The Directors have declared a second interim dividend of 2.15p (2000:
2.10p) per Ordinary share, payable on 31 December 2001 to the holders of
Ordinary shares on the Register at 7 December 2001.  The total dividend for
the year ended 30 April 2001 amounted to 9.5p per Ordinary share.  Projected
forecasts indicate that the total dividend for the year ending 30 April 2002
should be at least maintained at this amount.

3.  The revenue return per Ordinary share is based on earnings of £1,062,000
(2000: £993,000) and on 15,750,000 (2000: 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 losses of £
1,907,000 (2000: Gains £1,893,000) and on 15,750,000 (2000: 15,750,000)
Ordinary shares, being the weighted average number of Ordinary shares in issue
during the period.

5.  An amount of £221,000 (2000: £216,000) has been charged to capital in
respect of management fees and interest in accordance with the Company's
accounting policy.

6.  During its first and second accounting periods 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
2001 was 120.94p (2000: 111.98p) per share and a total amount of £289,000
(2000: £267,000) 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. Shareholders funds shown in the Balance
Sheet are in accordance with FRS4.