Final Results

HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
15 July 1999
                               
                               
     THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
 Unaudited Preliminary Group Results for the year ended 31 May
                             1999
                               
               'Growth, Consistency, Liquidity'
                               
Highlights

* Strong  emphasis on smaller companies with  real  long  term
  growth potential
* Focus on total return rather than income generation

Extracts from the Chairman's Statement:

Over  the  year the Trust's net asset value total return  was  -
7.7%*  compared with a total return of -6.3%* from our benchmark
index, the FTSE SmallCap Index (excluding investment companies).
This  was marginally disappointing as outperformance earlier  in
the  year  was  given  up in the second  half.   Smaller  quoted
companies  around  the  world continued to  underperform  larger
companies,  affected  by  the low  level  of  inflation  in  the
economic  system  and  the lack of stockmarket  liquidity.   Our
policy  of  investing  in high quality growth  stocks  has  been
affected by some catching up by 'value' stocks but we still feel
confident that our strategy is the correct one.  We will  always
be  vulnerable  to  swings in cyclical stocks which  we  largely
ignore,  feeling  that  our role is to continue  to  search  out
smaller companies with long term growth potential.

We  have  painstakingly built up a focused portfolio of  clearly
differentiated  growth  companies.  The  aim  is  to  invest  in
today's  smaller  companies which have the potential  to  become
tomorrow's  large  companies and to  remain  patient  long  term
strategic shareholders.  It is the Trust's policy to retain  the
successful and growing companies past the notional £600m cut off
point  for a new smaller company investment.  A good example  of
this  strategy is Colt Telecom, our largest holding,  which  has
now  entered the FTSE 100, having listed on the stockmarket with
a  market capitalisation of £295m in December 1996.  This policy
can  provide  your  Trust with consistent  earnings  growth  and
stockmarket performance as well as greater liquidity.

*  Source:  AITC  Services Limited.  The  total  return  figures
assume the reinvestment of net dividends.

                               
Over  the  year  the  number of holdings in  the  portfolio  was
further  reduced  from 258 to 179 companies,  and  we  sold  the
Trust's  residual Japanese portfolio (3% of assets) into  rising
prices  and  a strengthening yen.  Your Trust is now focused  on
three  geographic areas, the UK, the US and Continental  Europe.
We  continued to concentrate on the service sectors as consumers
spend  more  on  services and less on durables.  There  is  very
little  pricing power in the traded goods areas, and we  believe
we   can   capitalise  on  the  shift  in  momentum  away   from
transactional businesses towards ones that require the  creation
of lasting customer relationships.

At  31 May 1999, 75% of the investments by value were in the  UK
compared  with 69% at the end of the previous year.  The  number
of holdings in the UK portfolio was reduced from 103 to 77.  The
UK  portfolio fell by 4.9% on a gross income total return basis.
The   US  weighting  remained  steady  at  17%  of  the  Trust's
investments,  and  the portfolio fell in  value  by  6.4%.   The
Continental European weighting was reduced from 10% to 8% of the
Trust's portfolio but fell in value by 22.9% which held back our
performance.

Revenue and Dividends
A  maintained  net dividend is being proposed at 3.95p  for  the
year.   It  is  important  to emphasise that  the  earnings  per
ordinary  share  of your Trust amounted to 2.33p,  so  that  the
equivalent  of  1.62p  is being paid out  of  revenue  reserves,
costing  £2.9m.  This leaves the Group with revenue reserves  of
£5.8m.   Our  focus on quality growth companies means  that  the
earnings per ordinary share are likely to fall as such companies
tend  to  retain  more of their earnings to  fund  their  future
growth.   In  future, dividends will be paid much more  in  line
with  current earnings and shareholders should anticipate a  big
reduction  in  dividends.  Our policy will hereon  be  on  total
return and not on income generation.

Share Buy-Backs
The  Trust's  share price continues to trade  at  a  significant
discount to net asset value.  The Trust now has enabling  powers
that  allow  it  to  buy in its own shares and 200,000  ordinary
shares were purchased for cancellation on 21 May this year at  a
22.5%  discount  to net asset value, thereby enhancing  the  net
asset  value  for  remaining shareholders.  It  is  the  Board's
intention  to  use  this  buy-back facility  actively  where  it
believes it to be in shareholders' overall interests so to do.


Investment Company Status
It  is  expected that the government will change the law shortly
to  align  the  rules governing investment company status  under
company  law with those governing investment trust status  under
tax  law.  Because the date of this expected change is  not  yet
known,  the  Trust, since its year end, has elected to  give  up
investment company status.  This will allow any purchases of the
Trust's  own shares to be funded from realised capital reserves.
The Company remains an investment trust for tax purposes.

Prospects
Our  aim is to search out smaller companies with real long  term
growth   potential  and  to  retain  them  where  the  potential
continues.   We  believe we are well equipped to  identify  such
companies  and monitor their progress on behalf of shareholders.
We feel those value and cyclical stocks which have bounced back,
recently,  following  a  period of  being  oversold  offer  less
exciting  long term prospects than investing in companies  which
have  the  potential  to become the big companies  of  tomorrow.
Through  this  policy we are confident we can do  well  for  our
shareholders.   It  is pleasing to note that our  growth  stocks
have shown a strong relative performance since the year end.

P H G Cadbury
Chairman
14 July 1999

                               
     THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
 Unaudited Preliminary Group Results for the year ended 31 May 1999
                               

Group Statement of Total Return (incorporating the revenue account)

                                                       (Audited)
                         Year ended 31 May 1999  Year ended 31 May 1998
                        Revenue Capital   Total Revenue Capital   Total
                          £'000  £'000    £'000  £'000   £'000   £'000
                                                                       
Total capital                 - (54,791)(54,791)     -  149,634  149,634
(losses)/gains from                
investments
                                                                       
Income from fixed asset   8,993       -   8,993  11,124       -  11,124
investments
                                                                       
Other interest            1,458       -   1,458     830       -     830
receivable and similar
income
                         ------  ------  ------  ------  ------  ------

Gross revenue and        10,451 (54,791) (44,340) 11,954 149,634 161,588
capital (losses)/gains              
                                                                       
Management fee          (1,969)       -  (1,969)  (1,825)     -  (1,825)
                                                                              
 
Other administrative      (416)       -   (416)   (502)       -   (502)
expenses
                                                                       
Irrecoverable VAT         (234)       -   (234)   (242)       -   (242)
                         ------  ------  ------  ------  ------  ------

Net return/(loss) on                                                   
ordinary activities
before interest payable  7,832 (54,791) (46,959) 9,385  149,634 159,019
and taxation                       
                                                                       
Interest payable         (2,232)     -   (2,232) (2,136)      -  (2,136)
                          
                         ------  ------  ------  ------  ------  ------

Net return/(loss) on                                                   
ordinary activities
before taxation          5,600  (54,791) (49,191) 7,249 149,634 156,883
                                    
                                                                       
Taxation on net return  (1,410)       -  (1,410) (1,705)     -  (1,705)
on ordinary activities      
                         ----  ------  ------  ------  ------  ------

Net return/(loss) on                                                   
ordinary activities
after
taxation                  4,190 (54,791) (50,601) 5,544 149,634 155,178
                                    
                                                                       
Dividends - cumulative     (33)       -    (33)    (28)       -    (28)
preference stock
                         ------  ------  ------  ------  ------  ------

Net return/(loss)                                                      
attributable to ordinary
shareholders              4,157 (54,791) (50,634) 5,516 149,634 155,150
                             
                         ------  ------  ------  ------  ------  ------

Dividends - ordinary                                                   
shares (note 2)
Interim of 1.50p (1998:  (2,673)      -  (2,673) (2,673)      -  (2,673)
1.50p)                      
Final of 2.45p (1998:    (4,361)      -  (4,361) (4,366)      -  (4,366)
2.45p)                        
                         ------  ------  ------  ------  ------  ------

                         (7,034)      -  (7,034) (7,039)      -  (7,039)
                         ------     ---  ------    ----- ------  ------

Transfer (from)/to       (2,877)(54,791)(57,668) (1,523) 149,634 148,111
reserves                    
                          =====   =====   =====   =====   =====   =====
                                                                       
                                                                       
Return/(loss) per         2.33p (30.75)p (28.42)p  3.10p  83.97p  87.07p
ordinary share (note 1)            
                          =====   =====   =====   =====   =====   =====

The revenue columns of this statement represents the revenue
accounts of the Group.

                               
     THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
 Unaudited Preliminary Group Results for the year ended 31 May
                             1999

                                                                     
                                                            (Audited)
Summary of Group Net Assets:               31 May 1999    31 May 1998
                                                                     
                                                 £'000          £'000
                                                                     
Fixed asset investments at valuation           563,157        635,143
Net current assets/(liabilities)                11,850         (1,115)
                                             ---------      ---------
Total assets less current liabilities          575,007        634,028
                                                                     
Creditors: amounts falling due after          (20,000)       (20,000)
more than one year
                                             ---------      ---------
Total net assets                               555,007        614,028
Preference stock                                                     
                                                   (19)          (875)
                                             ---------      ---------
Assets attributable to the ordinary            554,988        613,153         
shares                                                     
                                                ======         ======
Net asset value per ordinary share                                   
after deducting
prior charges at par                            311.8p         344.1p


Notes:

1.   Return per ordinary share
     Capital return per ordinary share is based on net capital
     losses  for  the year of £54,791,000 (1998:  net  capital
     gains of £149,634,000) and on the weighted average number
     of   ordinary  shares  in  issue  during  the   year   of
     178,194,520 (1998: 178,200,000).

     Revenue  return  per  ordinary  share  is  based  on  the
     earnings   attributable  to  the   ordinary   shares   of
     £4,157,000 (1998: £5,516,000) and on the weighted average
     number  of  ordinary shares in issue during the  year  of
     178,194,520 (1998: 178,200,000).

2.   Dividend
     The  recommended  final  dividend  of  2.45p  per  share,
     subject  to approval at the Annual General Meeting,  will
     be paid on 4 October 1999 to shareholders on the register
     at the close of business on 10 September 1999.

3.   Basis of consolidation
     The  Group  accounts  consolidate  the  accounts  of  the
     Company  and  its  wholly  owned subsidiary  undertaking,
     Henderson Smaller Companies Finance Limited.

                               
     THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
 Unaudited Preliminary Group Results for the year ended 31 May 1999


4.   1999 Accounts
     The  preliminary figures for the year ended 31  May  1999
     are an extract from the Group's accounts for that period.
     These  accounts  have  not  yet  been  delivered  to  the
     Registrar  of  Companies,  nor  have  the  auditors   yet
     reported on them.

5.   1998 Accounts
     The  figures and financial information for the year ended
     31  May  1998  are  an  extract of the  latest  published
     accounts and do not constitute the statutory accounts for
     that  year.   These accounts have been delivered  to  the
     Registrar  of  Companies and included the report  of  the
     auditors  which  was unqualified and did  not  contain  a
     statement  under either section 237(2) or section  237(3)
     of the Companies Act 1985.

6.  Annual General Meeting
    The  full  annual report and accounts will  be  posted  to
    shareholders  in  late  August 1999  and  copies  will  be
    available  thereafter from the Secretary at the  Company's
    Registered  Office, 3 Finsbury Avenue,  London  EC2M  2PA.
    The  Annual  General Meeting will be  held  on  Friday  24
    September 1999 at 12.00 noon.

For further information please contact :

John Alexander/Stephen Westwood   or   Vicki Staveacre
The Henderson Smaller Companies        Henderson Press Office
Investment Trust plc                   Telephone: [phone]
Telephone: [phone]