Interim Results - 6 April 1999 to 31 October 1999

BFS Small Co Div Tst PLC
26 November 1999





                    BFS SMALL COMPANIES DIVIDEND TRUST PLC                    


             PRELIMINARY ANNOUNCEMENT OF UNAUDITED INITIAL RESULTS 

The Directors announce the unaudited statement of consolidated results for the
period 6 April 1999 to 31 October 1999 as follows:

CONSOLIDATED STATEMENT OF TOTAL RETURN (Incorporating the Revenue Account)


                                           Period to 31 Oct 1999

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

Gains on investments                         -         972      972
 
Dividends and interest                     1,253        -     1,253
Investment management fee                    (50)      (74)    (124)
Provision for 
  Investment management performance fee      -         (53)     (53)
Other expenses                               (91)       (3)     (94)
                                            -----     -----    -----    

Net return before finance
 costs and taxation                        1,112       842    1,954

Interest payable and 
 similar charges                             (26)      (39)     (65)

Appropriations in respect of :
 Zero Dividend Preference shares              -       (229)    (229)
 Preference shares                            -         (1)      (1)
 Issue costs of Zero Dividend 
 Preference shares                            -        (15)     (15)

                                            -----      -----   -----   

Return on ordinary
 activities
 before taxation                           1,086       558    1,644

Taxation on 
 ordinary activities                        (120)       -      (120)
                                            -----     -----    -----     

Return on ordinary
 activities after 
 taxation for the period                     966       558    1,524

                                           
  
First interim dividend 
 paid of 2.00p                              (300)       -     (300)

Second interim dividend
 proposed of 2.00p                          (300)       -     (300)
                                            -----     -----    -----   
 
Transfer to reserves                         366       558     924
                                            =====     =====   =====    


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


* The revenue column of this statement is the revenue column of the Group.
The accounts have been prepared on the basis of the accounting policies set
out in the Listing Particulars which have been delivered to the Registrar of
Companies

 

SUMMARISED BALANCE SHEET
                                                    As at
                                                   31 Oct
                                                     1999
                                                    £'000

Investments                                        25,573
Net current liabilities                            (3,972)
                                                   ------

Total assets less current
 liabilities                                       21,601
Creditors- amounts falling due
 after more than one year                          (6,277)
                                                   ------
Total net assets                                   15,324 
                                                   ======

Net asset value per share                                
 at 31 October 1999:

Ordinary                                            98.16
Zero Dividend Preference                           103.67 
Preference                                         103.67

NOTE

1.The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985

2.The Directors have declared a second interim dividend of 2p net per Ordinary
share, payable on 30 December 1999 to the holders of Ordinary shares on the
Register at 10 December 1999.

3.The Placing document indicated that on the basis of the then current market
conditions and bases and assumptions contained in the document that net
dividends on the Ordinary shares in respect of the first accounting period to
30 April 2000 will total 8.3p. On current projections this forecast will be
met.

4.The revenue return per Ordinary share is based on earnings of £966,000 and
on 15,000,000 Ordinary shares in issue throughout the period.

5. The capital return per Ordinary share is based on net capital profits of
£558,000 and on 15,000,000 Ordinary shares in issue throughout the period.

6. An amount of £169,000 has been charged to capital in respect of management
fees, other expenses and interest in accordance with accounting policy.

7. It is the intention of the Directors to conduct the affairs of the Company
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.

8. There are 6,250,000 Zero Dividend Preference shares in issue. They have an
initial capital entitlement of £1.00 per share, growing to £1.8463 on 30th
April 2007.  The accrued entitlement as at 31 October 1999 was 103.67 per
share and the total amount accrued of £229,000 has been charged to capital.

9. The amount of £53,000 shown above reflects a provision for a performance
fee payable to the Investment Manager on the assumption that the Company's
performance for the accounting period ending 30 April 2000 will be the same as
for the period to 31 October 1999.

10. 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.