Final Results-Replacement

Edinburgh Small Companies Trust PLC
14 August 2000

   

The issuer has made the following amendment to the Final Results
announcement released today at 07:30 under RNS No 3834P.

The text should refer to the following:-

If approved the final dividend will be paid on 6 October 2000 to shareholders
on the register at close of business on 8 September 2000 and not the 4
September as previously stated.

All other details remain unchanged.

The full corrected version is shown below.
-------------------------------------------------------------------





                     EDINBURGH SMALL COMPANIES TRUST

Edinburgh  Small Companies Trust plc, the investment trust with an  investment
objective to achieve long term capital growth by investing in small UK  quoted
companies  mainly  with a market capitalisation below £150 million,  announces
its preliminary results for the year ended 30 June 2000.


           PRELIMINARY RESULTS FOR THE YEAR ENDED 30 JUNE 2000

                       - Outperforms Benchmark by 52% -

  Net  asset value increased by 67.9%, while the benchmark, the Extended Hoare
  Govett  Smaller Companies Index, excluding investment trusts,  saw  a  15.9%
  rise - an outperformance of 52%

  Share price increased by 86.4% to 198.5p

  At 30 June, gearing represented 16.9% of shareholder funds

  The  fund  manager, Alistair Currie, was recently voted UK Smaller Companies
  Fund Manager of the Year at The Investment Week Annual Awards.


For further information, please contact:

Alex Gowans, Director,
Edinburgh Fund Managers plc                 0131 313 1000

Alistair Currie, Director
Edinburgh Fund Managers plc                 0131 313 1000

Please note that past performance is not necessarily a guide to the future and
that  the  value of investments and the income from them may fall as  well  as
rise. Investors may not get back the amount they originally invested.

CHAIRMAN'S STATEMENT

Performance
Over the past year the net asset value of Edinburgh Small Companies Trust  has
increased by 67.9% from 150.39p to 252.48p and the share price has appreciated
by  86.4% to 198.5p.  The performance has been well ahead of the rise of 15.9%
from  the  benchmark,  the  Extended Hoare  Govett  Smaller  Companies  Index,
excluding investment trusts.  By comparison the FTSE All-Share Index  rose  by
2.8%.

The outperformance was due to good stock selection and the decision taken in
previous years to allocate a considerable part of the portfolio to the fast
growing technology and media sectors.  The active use of gearing throughout
the year, particularly during the first half, also enhanced returns to
shareholders.

The annual performance figures have disguised a considerable amount of stock
market volatility throughout the period under review.  In the first eight
months, the background for investment in smaller companies was beneficial
particularly for companies operating in new economy' sectors including
technology, media and telecom, often referred to as the TMT sectors.  Share
prices rose sharply as investors focussed on the long-term attractions of the
development of new technology.  Through its large weightings in many of these
industries, Edinburgh Small Companies Trust was a prime beneficiary of the
rise in share prices.  The background remained positive until mid-March but
was followed by a period of profit taking in a number of companies.  The trust
was not immune during this period and some of the earlier gains were eroded.
The manager's decision to reduce exposure to a number of holdings which had
exceeded short-term expectations and then later to raise liquidity to reduce
the impact of gearing in a falling market helped the trust to improve its
relative position to the benchmark during this difficult period.  Towards the
end of the period share prices started to recover and this has continued into
the new financial year.

Gearing
The trust has long term gearing in the form of a £30m debenture due to be
repaid in 2023.  In line with stated policy, the gearing has been actively
managed throughout the year.  Whilst the debt is fixed until 2023, the trust
does have the ability to reduce the amount of effective gearing by raising
cash through the sale of investments.  During the first half of the year the
average level of the borrowing committed to the market averaged £21m.
Liquidity was raised ahead of the fall in equity prices which reduced the
impact of being geared into a falling market.

The weakness in share prices in the latter part of the year created an
attractive buying opportunity and all of the debt is now invested in the
equity market.  At 30 June 2000 gearing represented 16.9% of shareholder
funds.  The use of gearing has enhanced the net asset value by approximately
15.1% over the period under review.

Share and Warrant Buybacks
The company has acquired 1,671,143 warrants for cancellation at a cost of
£953,000 over the past twelve months.  As the warrants cannot be reissued
their cancellation will reduce the dilution which would have occurred on
exercise.  At 30 June 2000, the trust had 3,091,288 warrants outstanding.

No ordinary shares were purchased during the period.  The board is however
seeking permission from shareholders to renew the authority to purchase up to
14.99% of the shares in the issue.

Revenue Account
Earnings per share have fallen from 1.86p to 0.81p.  Although investment
income has remained largely unchanged, the rise in the value of the portfolio
has led to an increase in the investment management fee and various
administration expenses, which are calculated on the value of the assets.
During the year, gross assets increased by 52.8%.  Interest receivable was
also lower due to a reduction in the cash levels throughout the year.

The board is recommending a final and total dividend of 0.75p (1999-1.15p) for
the full year.  If approved the final dividend will be paid on 6 October 2000
to shareholders on the register at close of business on *8 September 2000.*

Shareholders are reminded that the objective of Edinburgh Small Companies
Trust is to achieve long-term capital growth.  The fall in the earnings which
has necessitated a reduction in the dividend is directly attributed to the
success in achieving the company's objective.

Marketing Initiative
The board remains supportive of the Association of Investment Trust Companies
'its' campaign to raise market awareness on the attractions of the investment
trust sector.  The campaign appears to have started well and initial evidence,
including press coverage of the sector and enquiries from the public for more
information on investment trusts, is encouraging.

The campaign is being funded by the investment trust sector and, in the second
year, the company will contribute £22,000 towards the campaign.

The company also contributes towards the Edinburgh Fund Managers Investment
Trust Initiative, which enables shareholders to invest in Edinburgh Small
Companies Trust in a cost effective manner through various saving products
such as regular savings schemes, ISAs, Pension Scheme and PEP Transfers.
Additional information is also available on the Edinburgh Fund Manager website
www.edfd.com.  Shareholders can also access more up to date information on the
performance and strategy being adopted for the company through The Inside
Line, a monthly publication also published on the website.

Prospects
The immediate outlook for the UK economy is reasonably encouraging.   Economic
growth may moderate slightly over the coming twelve months but the longer-term
trend  of  sustainable  growth  is expected to  remain  intact.   Inflationary
pressures  are  subdued and the authorities should have little need  to  raise
interest rates substantially above current levels.

Against this background, the smaller companies sector is expected to produce
further good returns for shareholders.  As always stock selection will be of
paramount importance.  The growth and development of new technology will
continue to provide exciting opportunities for investment.  The portfolio
already has a good exposure to companies which are benefiting from the
significant growth in the TMT sectors.  In coming years we anticipate that
other young companies able to harness their products to the revolution which
is currently taking place through the introduction of new technology will seek
stock market listings and we hope to participate in their development as
quoted companies.

Other smaller companies operating in old economy' industries will remain
under pressure to improve efficiencies or return value to shareholders.  As a
result the level of corporate activity which has been a feature of the past
year is likely to continue.

Edinburgh Small Companies Trust offers exposure to both of these areas of the
market and the board continues to view the outlook for investment in smaller
companies with optimism.

Alex Gowans resigned from the board on 27 April 2000 and, on behalf of the
board and shareholders, I wish to thank him for his contribution towards the
company. Alex continues to contribute to the company's affairs as a director
of the manager, Edinburgh Fund Managers plc.

I am also pleased to tell you that your trust's fund manager, Alistair Currie,
was  recently  voted  UK smaller companies fund manager of  the  year  at  The
Investment Week Annual Awards.

Donald MacDonald, Chairman
14 August 2000


STATEMENT OF TOTAL RETURN
for the year ended 30 June 2000 (audited)
                                   Revenue   Capital      Total
                                      £000      £000       £000
Net gains on investments                 -    74,366     74,366
Loss on early sales of treasury          -       (4)        (4)
bills
Buy back of warrants                     -     (521)      (521)
Income from investments              2,763         -      2,763
Interest receivable                    444         -        444
Other income                            31         -         31
Investment management fee          (1,168)   (1,168)    (2,336)
Administrative expenses              (337)     (120)      (457)
                                    ______    ______     ______
Return before finance costs and      1,733    72,553     74,286
taxation
Interest  payable  and  similar    (1,141)   (1,141)    (2,282)
charges
                                    ______    ______     ______
Return  on  ordinary activities        592    71,412     72,004
before taxation
Taxation                              (30)        26        (4)
                                    ______    ______     ______
Return  attributable to  equity        562    71,438     72,000
shareholders
Dividend  in respect of  equity      (522)         -      (522)
shares
                                    ______    ______     ______
Transfer to reserves                    40    71,438     71,478
                                    ______    ______     ______
Return per ordinary share            0.81p   102.73p    103.54p
                                    ______    ______     ______
Diluted   return  per  ordinary      0.79p   100.64p    101.43p
share
                                    ______    ______     ______


for the year ended 30 June 1999 (audited)
                                  Revenue    Capital      Total
                                     £000       £000       £000
Net losses on investments               -    (6,300)    (6,300)
Buy back of warrants                    -      (228)      (228)
Income from investments             2,788          -      2,788
Interest receivable                   658          -        658
Other income                           17          -         17
Investment management fee           (685)      (685)    (1,370)
Administrative expenses             (253)          -      (253)
                                   ______     ______     ______
Return before finance costs and     2,525    (7,213)    (4,688)
taxation
Interest  payable  and  similar   (1,147)    (1,141)    (2,288)
charges
                                   ______     ______     ______
Return  on  ordinary activities     1,378    (8,354)    (6,976)
before taxation
Taxation                             (88)         78       (10)
                                   ______     ______     ______
Return  attributable to  equity     1,290    (8,276)    (6,986)
shareholders
Dividend  in respect of  equity     (800)          -      (800)
shares
                                   ______     ______     ______
Transfer to reserves                  490    (8,276)    (7,786)
                                                               
Return per ordinary share           1.86p   (11.90p)   (10.04p)
                                   ______     ______     ______
Diluted   return  per  ordinary         -          -          -
share
                                   ______     ______     ______
BALANCE SHEET
(audited)
                              At 30 June  At 30 June
                                    2000        1999
                                    £000        £000
Fixed assets                                        
Investments                      205,292     130,011
                                 _______     _______
Current assets                     3,406       7,470
Current liabilities                3,110       2,911
                                 _______     _______
Net current assets                   296       4,559
                                 _______     _______
                                 205,588     134,570
Creditors: amounts  falling                         
due  after  more  than  one       30,954      30,996
year
                                 _______     _______
                                 174,634     103,574
                                 _______     _______
                                                    
Capital and reserves                                
Called up share capital           17,386      17,382
Reserves                         157,248      86,192
                                 _______     _______
Total  equity shareholders'      174,634     103,574
funds
                                 _______     _______
                                                    
Net asset value per share        252.48p     150.39p
                                                    
Diluted net asset value per      245.99p     147.16p
share


CASHFLOW STATEMENT
(audited)
                                 For the     For the
                              year ended        year
                                 30 June       ended
                                    2000     30 June
                                                1999
                                    £000        £000
                                                    
Net cash inflow from                 630       1,916
operating activities

Net cash outflow from            (2,324)     (2,069)
servicing of finance

Total tax paid                       (2)         501

Net cash outflow from            (1,167)     (4,103)
financial investment

Equity dividends paid              (279)     (1,042)
                                  ______      ______
Net cash outflow before          (3,142)     (4,797)
financing

Net cash outflow from            (1,059)      15,417
financing
                                                    
Management of liquid               5,963     (5,967)
resources
                                  ______      ______
INCREASE IN CASH                   1,762       4,653
                                  ______      ______

NOTES:
1. The  accounts are prepared under the same accounting policies used for  the
   year  to  30  June 1999 except for the reporting of investment  income.  In
   accordance  with Financial Reporting  Standard 16 Current Tax',  dividends
   received  from  UK  companies are now reported net of the  tax  credit  and
   therefore the figures in relation to 1999 have been restated.
2. The  financial  information  for the year  ended  30  June  1999  has  been
   extracted from the Annual Report and Accounts of the company which have
   been filed with the Registrar of Companies and contained an unqualified
   auditors' report. The statutory accounts for 2000 are unqualified and will   
  be delivered to the Registrar of Companies following the company's Annual     
 General Meeting which will be held at the registered office of the company,    
Donaldson House, 97  Haymarket  Terrace, Edinburgh, EH12 5HD on Thursday 5     
October  2000 at 11.00am.
3. The  statement  of  total return (incorporating the  revenue  account)  and
   balance sheet set out above do not represent full accounts in accordance
   with Section 240 of the Companies Act 1985.
4. The  investment  management  fee in each case  includes  irrecoverable  VAT
   calculated at 17.5%.
5. The  final  dividend, subject to shareholder approval, will be  paid  on  6
   October 2000 to shareholders on the register at the close of business on  8
   September 2000. The ex-dividend date is 4 September 2000.
6. The  Annual Report will be posted to shareholders on 1 September  2000  and
   copies will be available from the registered office of the company.


For Edinburgh Small Companies Trust plc
Edinburgh Fund Managers plc, Secretary
David Holland
Assistant Secretary