Interim Results

Perpetual UK Smaller Co's IT PLC
12 September 2001


             Perpetual UK Smaller Companies Investment Trust plc



           Preliminary Announcement of Unaudited Financial Results

                    for the six months ended 31 July 2001




Chairman's Statement



It has been another difficult period for investors in all equity markets.  As
a result, during the six months under review your Company's net asset value
suffered a decline of 9.5%, from 617.5p per ordinary share to 558.8p.
Although clearly disappointing, this performance compares favourably with the
decline of 18.8% in the Company's benchmark index, the Hoare Govett Extended
Smaller Companies Index (capital gains, excluding investment trusts), and the
FTSE All Share Index which fell by 12.1% over the same period.  As in previous
years, no interim dividend is to be declared.



The Net asset value performance has proved better than share price performance
during the period.  The Company's share price fell by 15.4%, widening the
discount to net asset value to 23% at the period end.  Indeed, your Company's
shares have traded at discounts wider than the average discount for the UK
Smaller Companies sector throughout the period under review.  The authority to
buy back shares in the Company has not been exercised in the period because,
notwithstanding the discount, the shares remain tightly held.  However, we
keep the use of this power under close review.



I am pleased to welcome Mark Niznik as the new Portfolio Manager for your
Company.  Mark has been a member of the Perpetual smaller companies team for
eight years and replaces John Sweet who announced his intention to step down
as Portfolio Manager after the AGM in May.  I would like to take this
opportunity to thank John for his work for the Company and wish him well for
the future.



Looking to the future, your Manager continues to steer a steady course to
ensure that the portfolio benefits from an eventual stock market recovery.





Jamie Berry

Chairman






Perpetual UK Smaller Companies Investment Trust plc



Statement of Total Return

(Incorporating the Revenue Account)


                                                    Six months to 31 July 2001
                                                           (Unaudited)
                                                     Revenue  Capital    Total
                                                       £'000    £'000    £'000
Gains/(losses) on investments       - realised             -    5,007    5,007
                                    - unrealised           - (13,963) (13,963)
                                    
Income
   UK dividends                                        1,410        -    1,410
   Interest on loan stock                                  8        -        8
   Deposit interest                                        1        -        1
   Underwriting commission                                 1        -        1
Gross return                                           1,420  (8,956)  (7,536)

Investment management fee                              (435)        -    (435)
Other expenses                                          (66)        -     (66)
Net return before finance costs and taxation             919  (8,956)  (8,037)

Interest payable and similar charges                   (193)        -    (193)
Return on ordinary activities before and after           726  (8,956)  (8,230)
taxation

Dividends in respect of equity shares                      -        -        -
Transfer to/(from) reserves                              726  (8,956)  (8,230)

Basic return per ordinary share - note 1                5.2p  (64.0)p  (58.8)p





The revenue column of this statement is the profit and loss account of the
Company.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued in the period.






Perpetual UK Smaller Companies Investment Trust plc



Statement of Total Return

(Incorporating the Revenue Account)


                                                                        Year to
                                  Six months to 31 July              31 January
                                          2000                             2001
                                       (Unaudited)                    (Audited) 
                                Revenue  Capital    Total                 Total
                                  £'000    £'000    £'000                 £'000

Investments       -  realised         -   12,378   12,378                15,323
Gains/(losses) on - unrealised        - (12,615) (12,615)              (11,895)

Income
   UK dividends                   1,320        -    1,320                 2,446
   Interest in loan stock            18        -       18                    32
   Deposit interest                  10        -       10                    14
   Underwriting commission            7        -        7                    19
Gross return                      1,355    (237)    1,118
                                                                          5,939
Investment management fee         (437)        -    (437)               (1,057)
Other expenses                     (63)      (3)     (66)                 (153)
Net return before finance costs
and taxation                        855    (240)      615                 4,729

Interest payable and similar       (79)        -     (79)                 (236)
charges
Return on ordinary activities
before and after taxation           776    (240)      536                 4,493
Dividends in respect of equity        -        -        -               (1,078)
shares
Transfer to/(from) reserves         776    (240)      536                 3,415

Basic return per ordinary share    5.5p   (1.7)p     3.8p                 32.0p
- note 1






Perpetual UK Smaller Companies Investment Trust plc



Balance Sheet


                                                      At         At          At
                                                 31 July 31 January     31 July
                                                    2001       2001        2000
                                             (Unaudited)  (Audited) (Unaudited)
                                                   £'000      £'000       £'000

Fixed Assets
Investments                                       85,822     99,059      86,443

Current assets
   Amounts due from brokers                          467        311       1,099
   Tax recoverable                                     -          5          10
   Prepayments and accrued income                    332        255         286
   Cash at bank                                        -        253           -

                                                     799        824       1,395

Creditors: amounts falling due within one year
   Amounts due to brokers                            486        526       1,632
   Bank overdraft and short-term loans             7,731     11,322       2,362
   Accruals and deferred income                      161        484         121
   Proposed dividends                                  -      1,078           -
                                                   8,378     13,410       4,115

Net current liabilities                          (7,579)   (12,586)     (2,720)

Total assets less current liabilities             78,243     86,473      83,723


Capital and reserves
Called up share capital                           14,003     14,003      14,028
Share premium account                             21,244     21,244      21,244
Capital redemption reserve                            25         25           -
Other reserves:
   Capital reserve - realised                     43,013     38,007      35,376
   Capital reserve - unrealised                  (1,938)     12,024      11,304
Revenue reserve                                    1,896      1,170       1,771

Equity Shareholders' funds                        78,243     86,473      83,723

Net asset value per ordinary share - note 2
Basic                                             558.8p     617.5p      596.8p







Perpetual UK Smaller Companies Investment Trust plc



Cash Flow Statement


                                               Six months   Year to  Six months
                                               to 31 July        31  to 31 July
                                                     2001   January        2000
                                              (Unaudited)      2001 (Unaudited)
                                                    £'000 (Audited)       £'000
                                                              £'000

Cash inflow/(outflow) from operating
activities                                            575       673         (9)
Returns on investments and servicing of
finance                                             (249)     (208)        (93)
Taxation                                                5         -         (4)
Capital expenditure and financial investment
   Purchase of investments                       (16,538)  (47,391)    (23,296)
   Sale of investments                             20,623    40,526      25,709
   Equity dividends paid                          (1,078)   (1,501)     (1,501)
Increase/(decrease) in cash                         3,338   (7,901)         806
Net debt at beginning of the period              (11,069)   (3,168)     (3,168)
Net debt at end of period                         (7,731)  (11,069)     (2,362)




Reconciliation of Movement in Shareholder's Funds


                                       Six months       Year to      Six months
                                       to 31 July    31 January      to 31 July
                                             2001          2001            2000
                                      (Unaudited)     (Audited)     (Unaudited)
                                            £'000         £'000           £'000

Revenue return for the period                 726           175             776
Capital return for the period             (8,956)         3,240           (240)
Shares purchased for cancellation               -         (129)               -
Net movement in Shareholder's funds       (8,230)         3,286             536
Opening Shareholder's funds                86,473        83,187          83,187
Closing Shareholder's funds                78,243        86,473          83,723







Perpetual UK Smaller Companies Investment Trust plc





Notes to the Interim Accounts



1.          The revenue return per ordinary share is based on the net revenue
return on ordinary activities after taxation and on 14,003,206 (31 July 2000:
14,028,206, 31 January 2001: 14,028,104) ordinary shares, being the weighted
average number of ordinary shares in issue in the period.



The capital return per ordinary share is based on the net capital return on
ordinary activities after taxation and on 14,003,206 (31 July 2000:
14,028,206, 31 January 2001: 14,028,104) ordinary shares in issue in the
period.



2.          The basic net asset value per ordinary share of £1 is calculated
on net assets of £78,243,000 ; (31 July 2000: £83,723,000 31 January 2001: £
86,473,000) and on 14,003,206 (31 July 2000: 14,028,206, 31 January 2001:
14,003,206) shares in issue.



3.          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 Taxes Act
1988.



4.          The foregoing information at 31 January 2001 is an abridged
version of the Company's full accounts which carry an unqualified Auditor's
report and have been filed with the Registrar of Companies.



By order of the Board

INVESCO Asset Management Limited

Secretary



12 September 2001