Final Results

BFS SMALL COMPANIES DIVIDEND TRUST PLC

PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS

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

1 May 2001 to 30 April 2002 as follows:

CONSOLIDATED STATEMENT OF TOTAL RETURN

(*incorporating the revenue account)

                                           1 May 2001 to          1 May 2000 to
                                                                               
                                           30 April 2002          30 April 2001
                                                                               
                                  Revenue Capital  Total Revenue Capital  Total
                                                                               
                                   £'000   £'000  £'000   £'000   £'000  £'000 
                                                                               
Gains on investments                   -   5,159  5,159       -   4,823  4,823 
                                                                               
Dividends and interest             2,104       -  2,104   2,024       -  2,024 
                                                                               
Other income                           -       -      -       1       -      1 
                                                                               
Investment management performance      -    (888)  (888)      -       -      - 
fee                                                                            
                                                                               
Investment management fee           (130)   (194)  (324)   (119)   (179)  (298)
                                                                               
Other expenses                      (194)     (4)  (198)   (181)     (3)  (184)
                                                                               
Net return before                                                              
                                                                               
finance costs and taxation         1,780   4,073  5,853   1,725   4,641  6,366 
                                                                               
Interest payable and similar        (153)   (230)  (383)   (179)   (269)  (448)
charges                                                                        
                                                                               
Appropriations in respect of:                                                  
                                                                               
- Zero Dividend Preference shares      -    (582)  (582)      -    (538)  (538)
                                                                               
- Preference shares                    -      (3)    (3)      -      (3)    (3)
                                                                               
Issue costs of Zero                                                            
                                                                               
Dividend Preference                    -     (31)   (31)      -     (31)   (31)
                                                                               
 shares                                                                        
                                                                               
Return on ordinary activities                                                  
                                                                               
before and after taxation          1,627   3,227  4,854   1,546   3,800  5,346 
                                                                               
First interim dividend paid of                                                 
2.15p                                                                          
                                                                               
(2001: 2.10p)                       (339)      -   (339)   (331)      -   (331)
                                                                               
Second interim dividend paid of                                                
2.15p                                                                          
                                                                               
(2001: 2.10p)                       (338)      -   (338)   (331)      -   (331)
                                                                               
Third interim dividend paid of                                                 
2.15p                                                                          
                                                                               
(2001: 2.10p)                       (339)      -   (339)   (330)      -   (330)
                                                                               
Fourth interim dividend proposed                                               
of 3.30p                                                                       
                                                                               
(2001: 3.20p)                       (520)      -   (520)   (504)      -   (504)
                                                                               
Transfer to reserves                  91   3,227  3,318      50   3,800  3,850 
                                                                               
Return per:                         pence   pence  pence   pence   pence  pence
                                                                               
Ordinary share                     10.32   20.49  30.81    9.81   24.13  33.94 
                                                                               
Zero Dividend Preference share         -    9.30   9.30       -    8.62   8.62 
                                                                               
Preference share                       -    9.30   9.30       -    8.62   8.62 
                                                                               

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

CONSOLIDATED BALANCE SHEET

                                         As at    As at
                                                       
                                      30 April 30 April
                                                       
                                          2002     2001
                                                       
                                        £'000    £'000 
                                                       
Investments                            35,915   30,162 
                                                       
Current assets                                         
                                                       
Debtors                                   610    1,308 
                                                       
Cash at bank                                1      114 
                                                       
                                          611    1,422 
                                                       
Current liabilities                                    
                                                       
Creditors                               2,192    1,008 
                                                       
Bank overdraft                          6,999    7,175 
                                                       
                                         9191    8,183 
                                                       
Net current liabilities                (8,580)  (6,761)
                                                       
Total assets less current liabilities  27,335   23,401 
                                                       
Creditors - amounts falling due after                  
                                                       
more than one year                     (7,735)  (7,119)
                                                       
                                       19,600   16,282 
                                                       
Share capital and reserves                             
                                                       
Share capital                           3,938    3,938 
                                                       
Share premium                          11,126   11,126 
                                                       
Capital reserve                         4,060      833 
                                                       
Revenue reserve                           476      385 
                                                       
Shareholders funds                     19,600   16,282 
                                                       
Net asset value per:                                   
                                                       
Ordinary share                         124.44p  103.38p
                                                       
Zero Dividend Preference share         123.13p  113.32p
                                                       
Preference share                       125.64p  116.34p
                                                       


CONSOLIDATED STATEMENT OF CASHFLOWS                                            
                                                                               
                                                    1 May 2001 to 1 May 2000 to
                                                                               
                                                    30 April 2002 30 April 2001
                                                                               
                                                           £'000         £'000 
                                                                               
Net cash inflow from operating activities                  1,565         1,612 
                                                                               
Servicing of finance                                                           
                                                                               
Interest paid                                               (390)         (443)
                                                                               
Net cash outflow from servicing of finance                  (390)         (443)
                                                                               
Taxation paid                                                  -            (5)
                                                                               
Taxation recovered                                             8             - 
                                                                               
Taxation recovered (paid)                                      8            (5)
                                                                               
Capital expenditure and financial investment                                   
                                                                               
Purchase of investments                                  (13,812)      (12,148)
                                                                               
Sale of investments                                       14,212        10,435 
                                                                               
Net cash inflow/ (outflow) from capital expenditure                            
                                                                               
and financial investment                                     400        (1,713)
                                                                               
Equity dividends paid                                     (1,520)       (1,465)
                                                                               
Net cash inflow/ (outflow)                                    63        (2,014)
                                                                               
Increase/ (decrease) in cash                                  63        (2,014)
                                                                               

Chairman's Statement

Results

This Report covers the twelve months to 30 April 2002.  The trend in
revaluation of profitable, cash generative and established businesses that I
mentioned had started in last year's report has continued throughout this
year.  In common with all other companies the asset value declined sharply in
September as markets responded to the terrorist attacks in New York.  However,
in the past six months this decline was more than compensated for.

The Company's net asset value per Ordinary share at 30 April was 124.44p (2001
- 103.38p), an increase over the year of 20.4%.  During this period the FTSE
All-Share Index fell by 12.44%, the FTSE Small-Cap Index fell by 15.71% and the
FTSE Fledgling Index fell by 5.39%.  Since the year-end the net asset value per
Ordinary share has risen further to 127.44p as at 30 May 2002.

The Board has declared a fourth interim dividend of 3.3p per Ordinary share
(2001 - 3.2p) which, when added to the three quarterly interim dividends of
2.15p, equates to a total dividend for the year of 9.75p per Ordinary Share
(2001 - 9.5p), an increase of 2.6% over the previous year.

Background

The economy in the UK has for the past year shown a resilience not seen in
other markets.  If the heralded recovery does actually take place in the United
States then a recovery in Europe should follow.

This year, as the valuation of companies has risen, the level of corporate
activity has declined.  An illustration of this is that there were six
takeovers in your company's portfolio in the first six months, Anglian, Mid
Kent, Time Products, Dewhirst, Relyon and Old English Inns and only two
takeovers in the second six months, TGI and Brockhampton.

Split Capital Sector

Much has been written in the past six months about the problems within the
Split Capital sector of the Investment Trust market.  Your company has a split
capital structure, albeit simply divided between ordinary shares and zero
dividend preference shares, and can be geared by up to 30% with bank loans. 
The Company does not invest in the shares of any other investment trusts -
split capital or otherwise.

Prospects

Given the significant revaluations of profitable, cash-generative small
companies over the past two years, the Managers consider it unlikely that such
dramatic progress will continue in the next twelve months.  However, the
Company is invested in many companies that are demonstrating strong growth
characteristics and, if the economy continues to follow a low inflation low
growth path, it is expected that further improvement will be made this year.

Although the next move in UK interest rates is expected to be up, it is not
anticipated to be dramatic in the context of rates at a forty year low.  The
gradual strengthening of the euro should be of great benefit to the
manufacturing and exporting companies within the portfolio.

The Board believes that prospects for the Company's investments look
encouraging and that in the absence of any unexpected negative influences,
should enable further progress in the net asset value, and dividend per share.

I would like to thank again David Horner and his team at Chelverton Asset
Management, the Company's Investment Adviser for the outstanding performance,
as a result of which your Company won the award for the Best Performing Smaller
Company Fund at the PLC Awards 2001, sponsored by PricewaterhouseCoopers.

BN Lenygon

6 June 2002

NOTE

1.  The above unaudited financial information for the year ended 30 April 2002
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 period ended 30 April
2001. The comparative financial information is based on the statutory financial
statements 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. The April 2001
statutory accounts have been delivered to the Registrar of Companies. 
Statutory financial statements for the year ended 30 April 2002 will be
delivered to the Registrar.

2.  The Directors have declared a fourth dividend of 3.30p (2001: 3.20p) per
Ordinary share, payable on 28 June 2002 to the holders of Ordinary shares on
the Register at 7 June 2002.

3.  The revenue return per Ordinary share is based on earnings of £1,627,000
(2001: £1,546,000) and on 15,750,000 (2001: 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 profits of £
3,227,000 (2001: £3,800,000) and on 15,750,000 (2001: 15,750,000) Ordinary
shares, being the weighted average number of Ordinary shares in issue during
the period.

5.  An amount of £1,316,000 (2001: £451,000) has been charged to capital in
respect of management fees, investment management performance fees, other
expenses 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 30 April
2002 calculated in accordance with the provisions of FRS4, was 123.13p (2001:
113.32p) per share and a total amount of £585,000 (2001: £541,000) has been
charged to capital during the period.

8.  The net asset values per share and shareholders funds shown in the Balance
Sheet are calculated in accordance with FRS4.