3rd Quarter Results

BFS Small Co Div Tst PLC
28 February 2002

BFS SMALL COMPANIES DIVIDEND TRUST PLC


PRELIMINARY ANNOUNCEMENT OF UNAUDITED RESULTS

The Directors announce the unaudited statement of consolidated results for the
period 1 May 2001 to 31 January 2002 as follows:


CONSOLIDATED STATEMENT OF TOTAL RETURN
(*incorporating the revenue account)
                                                          1 May 2001 to                      1 May 2000 to
                                                        31 January 2002                    31 January 2001
                                        Revenue     Capital       Total      Revenue    Capital      Total
                                         £'000       £'000       £'000        £'000      £'000      £'000

Gains on investments                         -         205         205            -      4,509      4,509
Dividends and interest                   1,591           -       1,591        1,555          -      1,555
Investment management fee                  (93)       (139)       (232)         (88)      (132)      (220)
Other expenses                            (153)         (4)       (157)        (137)        (4)      (141)

Net return before finance
costs and taxation                       1,345          62       1,407        1,330      4,373      5,703

Interest payable                          (120)       (180)       (300)        (134)      (201)      (335)

Appropriations in respect of:
- Zero Dividend Preference shares            -        (436)       (436)           -       (403)      (403)
- Preference shares                          -          (2)         (2)           -         (2)        (2)
Issue costs of Zero
Dividend Preference shares                   -         (23)        (23)           -        (23)       (23)

Return on ordinary activities
before and after taxation                1,225        (579)        646        1,196      3,744      4,940

First interim dividend paid of 2.15p      (339)          -        (339)        (331)         -       (331)
(2001: 2.10p)
Second interim dividend paid of 2.15p     (338)          -        (338)        (331)         -       (331)
(2001: 2.10p)
Third interim dividend proposed of 2.15p  (339)          -        (339)        (331)         -       (331)
(2001: 2.10p)

Transfer to/(from) reserves                209        (579)       (370)         203      3,744      3,947

Return per:                               pence       pence       pence        pence      pence      pence
Ordinary share                            7.77       (3.68)       4.09         7.59      23.77      31.36
Zero Dividend Preference share               -        6.97        6.97            -       6.45       6.45
Preference share                             -        6.97        6.97            -       6.45       6.45


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


CONSOLIDATED BALANCE SHEET
                                                                                As at                  As at
                                                                           31 January               30 April
                                                                                 2002                   2001
                                                                               £'000                  £'000

Investments                                                                   30,835                 30,162

Current assets
Debtors                                                                          789                  1,308
Cash at bank                                                                     146                    114

                                                                                 935                   1422
Current liabilities
Creditors                                                                      1,048                  1,008
Bank overdraft                                                                 7,230                  7,175

                                                                               8,278                  8,183

Net current liabilities                                                       (7,343)                (6,761)


Total assets less current liabilities                                         23,492                 23,401

Creditors - amounts falling due after
more than one year                                                            (7,580)                (7,119)

                                                                              15,912                 16,282

Share capital and reserves
Share capital                                                                  3,938                  3,938
Share premium                                                                 11,126                 11,126
Capital reserve                                                                  254                    833
Revenue reserve                                                                  594                    385
Shareholders funds                                                            15,912                 16,282

Net asset value per:
Ordinary share                                                                 98.65p                103.38p
Zero Dividend Preference share                                                123.31p                116.34p
Preference share                                                              123.31p                116.34p




CONSOLIDATED STATEMENT OF CASHFLOWS
                                                                      1 May 2001 to         1 May 2000 to
                                                                    31 January 2002       31 January 2001

                                                                             £'000                 £'000

Net cash inflow from operating activities                                    1,477                 1,473

Servicing of finance
Interest paid                                                                 (306)                 (327)


Net cash outflow from servicing of finance                                    (306)                 (327)


Taxation paid                                                                    -                     -
Taxation recovered                                                               8                     -
                                                                                 8                     -

Capital expenditure and financial investment
Purchase of investments                                                    (11,063)               (9,710)
Sale of investments                                                         11,042                 7,777


Net cash outflow from capital expenditure                                      (21)               (1,933)
and financial investment

Equity dividends paid                                                       (1,181)               (1,134)


Decrease in cash                                                               (23)               (1,921)





NOTE

1.  The above unaudited financial information 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 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.  Statutory
financial statements for the year ended 30 April 2001 were delivered to the
Registrar.

2.  The Directors have declared a third interim dividend of 2.15p (2001: 2.10p)
per Ordinary share, payable on 31 March 2002 to the holders of Ordinary shares
on the Register at 8 March 2002.  The total dividend for the year ended 30 April
2001 amounted to 9.5p per Ordinary share.  Projected forecasts indicate that the
total dividend for the year ending 30 April 2002 should be at least maintained
at this amount.

3.  The revenue return per Ordinary share is based on earnings of £1,225,000
(2001: £1,196,000) 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 losses of
£579,000 (2001: Gains £3,744,000) 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 £323,000 (2001: £337,000) has been charged to capital in
respect of management fees, other expenses and interest in accordance with the
Company's accounting policy.

6.  During the period 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 31 January 2002 was
123.31p (2001: 114.18p) per share and a total amount of £438,000 (2001:
£405,000) has been charged to capital during the period.

8.  The net asset values per share are calculated in accordance with the
Company's Articles of Association. Shareholders funds shown in the Balance Sheet
are in accordance with FRS4.





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