3rd Quarter Results

British Smaller Companies VCT PLC
01 February 2005


                       British Smaller Companies VCT plc

                                  Announcement

BRITISH SMALLER COMPANIES VCT PLC ('the Company')
1 February 2005

3rd Quarter Results and Special Interim Dividend

The Company today announces a 5.6% increase over the quarter in its net asset
value per share to 81.3p at 31 December 2004, before the payment of a proposed
special dividend.

Commenting on the results, the Chairman, Sir Andrew Hugh Smith, said he was
pleased with the continued progress of the portfolio. He added, 'The success
over the current year has consolidated the improvements that have been seen for
some time now. The underlying portfolio has delivered compound growth of 15% per
annum over the two years to 31 December 2004. This has resulted in the total
return for a shareholder who invested in the first round of fundraising
increasing to 107p per share including dividends paid of 25.7p per share since
launch.'

Looking ahead, Sir Andrew said, 'I remain optimistic, particularly given the
performance of the underlying unquoted portfolio, that we will be able to
continue to perform strongly in the year ahead.'

During the third quarter, the Company realised its investment in Amino
Technologies, made in June 2004, for a profit of £180,000. In light of this, the
Board has approved a special interim dividend of 1.1p per share, which will
distribute substantially all of this realised profit. The dividend will be paid
on 28 February 2005 to shareholders on the Register at 11 February 2005.
Dividends paid and declared since 31 March 2004 total 7.4p per share.

Contact: Phil Cammerman, YFM Private Equity Limited 0113 294 5050
David Hall, YFM Private Equity Limited 0161 832 7603

END




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