Interim Results - Replacement

IVORY & SIME UK SMALLER COMPANIES TRUST PLC
29 October 1999

The Issuer has made the following amendment to the Ivory & Sime UK Smaller
Companies Trust plc 'Interim Results' released at 07:30 today under RNS No
8081p.

The record date for the 1.00 pence dividend, payable on 6 January 2000, is 3
December 1999, not 4 December 1999 as previously announced.

All other details are unchanged.  The full amended text is shown below.


INTERIM RESULTS

Investment Objective

Ivory & Sime UK Smaller Companies Trust aims to achieve capital growth by
investing in a portfolio of smaller companies quoted on the London Stock
Exchange.

Interim results for the six months ended 30 September 1999

* Strong recovery in shares of smaller companies.
* Valuation of smaller companies still highly attractive.
* Gearing facilities extended to take advantage of buying opportunities.

Results 
Over the six months to 30 September 1999, the fully-diluted net asset value
increased by 10.7% compared with an increase of 11.9% in the FTSE SmallCap (ex
Investment Trusts) Index over the same period.

A further 60,000 warrants were bought in for cancellation which reduces the
potential dilution to net asset value and to future earnings.

Earnings and Dividends
Group earnings per share were 3.30 pence per ordinary share in respect of the
six months ended 30 September 1999 (1998 - 2.50 pence).  The Board has
declared an unchanged interim dividend of 1.00 pence per ordinary share
payable on 6 January 2000 to shareholders on the register on 3 December 1999.

Borrowings  
A £7 million five year fixed rate sterling loan was negotiated to replace the
£6 million loan which matured and was repaid in August 1999.  To provide
additional flexibility the Company also added a revolving credit facility of
up to £5 million which will be employed strategically as opportunities present
themselves.

Outlook 
The immediate issue is to what extent the recent interest rate rise will
impact on sentiment towards smaller companies and their financial performance.
The increase is likely to prove a pre-emptive strike, reflecting the
underlying strength of the economy, rather than a precursor to significant
upward movement in rates.  Sentiment is unlikely to be damaged by the interest
rate moves alone.  Whilst the disruption associated with Year 2000 issues
could prove to be a source of short-term irritation for some companies, it
does not undermine the fundamental long-term attractions of most, including,
we believe, those in which we are invested.  There are sufficient attractive
business opportunities coupled with modestly priced equity to justify the
Company adopting a fully invested stance.

For further information contact:

Stephen Grant/Keith Hannay
Friends Ivory & Sime plc : tel. [phone]

 
Group Statement Of Total Return (Unaudited)
(Incorporating the Revenue Account)
For the Six Months Ended 30 September 1999


                                                    Six Months ended
                                                    30 September 1999
                     
                                          PDS'000       PDS'000       PDS'000
                                          Revenue       Capital        Total
                     
Realised gains/(losses) on sales                -        2,325          2,325
Unrealised gains/(losses)                       -        2,216          2,216
                                           ______       ______         ______

Total capital gains/(losses) on investments     -        4,541          4,541
Warrants purchased for cancellation             -          (63)           (63)
Income                                      1,116            -          1,116
Investment management fee                     (70)        (131)          (201)
Other expenses                               (131)           -           (131)
Realised exchange differences                   -            3              3
                                           ______       ______         ______
Return before finance costs and taxation      915        4,350          5,265
                                           ______       ______         ______
Interest payable                              (98)        (183)          (281)
                                           ______       ______         ______
Return on ordinary activities before tax      817        4,167          4,984
                                           ______       ______         ______
Tax on ordinary activities                   (122)          24            (98)
                                           ______       ______         ______
Return available to equity shareholders       695        4,191          4,886
Dividends in respect of equity shares        (211)           -           (211)
                                           ______       ______         ______
Transfer to/(from) reserves                   484        4,191          4,675
                                           ______       ______         ______
Return per ordinary 50p share:                      
Basic                                        3.30        19.91          23.21
Diluted (FRS 14)                             3.23        19.46          22.69

 
Group Statement Of Total Return (Unaudited)
(Incorporating the Revenue Account)
For the Six Months Ended 30 September 1998


                                                       Six Months ended
                                                       30 September 1998
                     
                                            PDS'000       PDS'000      PDS'000
                                            Revenue       Capital       Total
                     
Realised gains/(losses) on sales                -         3,714        3,714
Unrealised gains/(losses)                       -       (13,596)     (13,596)
                                           ______        ______       ______
Total capital gains/(losses) on investments     -       (9,882)       (9,882)
Warrants purchased for cancellation             -       (1,044)       (1,044)
Income                                        999            -           999
Investment management fee                     (71)        (133)         (204)
Other expenses                               (112)           -          (112)
Realised exchange differences                   -            2             2
                                           ______       ______        ______
Return before finance costs and taxation      816      (11,057)      (10,241)
                                           ______       ______        ______
Interest payable                              (97)        (180)         (277)
                                           ______       ______        ______
Return on ordinary activities before tax      719      (11,237)      (10,518)
                                           ______       ______        ______
Tax on ordinary activities                   (194)          41          (153)
                                           ______       ______        ______
Return available to equity shareholders       525      (11,196)      (10,671)
Dividends in respect of equity shares        (210)           -          (210)
                                           ______       ______        ______
Transfer to/(from) reserves                   315      (11,196)      (10,881)
                                           ______       ______        ______
Return per ordinary 50p share:                     
Basic                                        2.50       (53.23)       (50.73)
Diluted (FRS 14)                             2.42       (51.69)       (49.27)
 
Group Statement Of Total Return
(Incorporating the Revenue Account)
For the Year Ended 31 March 1999


                                                        Year Ended
                                                      31 March 1999
                     
                                          PDS'000       PDS'000      PDS'000
                                          Revenue       Capital       Total
                     
Realised gains/(losses) on sales               -         6,008        6,008
Unrealised gains/(losses)                      -        (7,271)      (7,271)
                                          ______        ______       ______

Total capital gains/(losses) on investments    -        (1,263)      (1,263)
Warrants purchased for cancellation            -        (1,044)      (1,044)
Income                                     1,638             -        1,638
Investment management fee                   (200)         (279)        (479)
Other expenses                              (149)            -         (149)
Realised exchange differences                  -             3            3
                                          ______        ______       ______

Return before finance costs and  taxation  1,289        (2,583)      (1,294)
                     
Interest payable                            (193)         (360)        (553)
                                          ______        ______       ______
Return on ordinary activities before tax   1,096        (2,943)      (1,847)
                     
Tax on ordinary activities                  (306)           77         (229)
                                          ______        ______       ______

Return attributable to equity shareholders   790        (2,866)      (2,076)
                     
Dividends in respect of equity shares       (736)            -         (736)
                                          ______        ______       ______
Transfer to reserves                          54        (2,866)      (2,812)
                                          ______        ______       ______
Return per ordinary 50p share:                     
Basic                                       3.76        (13.62)       (9.86)
Diluted (FRS 14)                            3.67        (13.33)       (9.66)

 Group Balance Sheet (Unaudited)

                                                        As at       As at 
                                                       30.9.99       31.3.99
                                                       PDS'000       PDS'000
              
Fixed Assets              
Investments                                             52,630       44,320
Net current assets/(liabilities)                         2,336       (1,053)
                                                     ---------    ---------
                                                        54,966       43,267
              
Borrowings                                              (7,000)           -
                                                     ---------    ---------
                                                        47,966       43,267
                                                     ---------    ---------
Financed by              
Shareholders' funds                                     47,966       43,267
              
              
Net asset value per ordinary share              
       - Undiluted                                      227.67p       205.60p
       - Fully-diluted                                  221.67p       200.17p
       - Diluted (FRS 14)                               222.74p       201.44p
Notes

1. The unaudited interim results have been prepared on the basis of the
   accounting policies set out in the statutory accounts of the Group for the
   year ended 31 March 1999.

2. Earnings for the first six months should not be taken as a guide to the
   results of the full year.

3. Basic earnings per ordinary share are based on a weighted average of
   21,052,251 ordinary shares in issue during the period (1998 - 21,031,335). 
   The diluted earnings per ordinary share which is calculated in accordance
   with Financial Reporting Standard 14 (Earnings per share) is 3.23p (1998:
   2.42p).  This is based on return attributable to equity shareholders and on
   21,535,440 (1998: 21,659,451) ordinary shares, being the weighted average
   number of ordinary shares in issue during the period plus the number of
   ordinary shares that would have been issued for no consideration using a
   weighted average share price of 172.0p (1998: 161.7p).

4  The interim dividend of 1.00 pence per ordinary share will be paid on 6
   January 2000 to shareholders on the Register on 3 December 1999.

5. There were 21,067,815 ordinary shares in issue at 30 September 1999 (31
   March 1999 - 21,044,469).  23,346 ordinary shares were issued in respect 
   of warrants which were exercised on 31 July 1999.  The Company bought in
   for cancellation 60,000 warrants for a consideration of £63,000 during the 
   period.  The diluted net asset value per ordinary share which is calculated
   in accordance with FRS 14 (Earnings per share) 222.74p (31 March 1999:     
   201.44p).  This is based on net assets and on 21,534,788 (31 March 1999:
   21,478,932) ordinary shares, being the number of ordinary shares in issue  
   at 30 September 1999 plus the notional number of shares that would have    
   been issued for no consideration using a period end share price of 177.25p
   (31 March 1999: 157.00p). 

6. The group results consolidate those of I&S UK Securities Limited, a wholly
   owned subsidiary which deals in securities.

7. These are not full statutory accounts in terms of Section 240 of the
   Companies Act 1985 and are unaudited.  Statutory accounts for the year to
   31 March 1999, which were unqualified, have been lodged with the Registrar
   of Companies.  No statutory accounts in respect of any period after 31 
   March 1999 have been reported on by the Company's auditors or delivered to
   the Registrar of Companies.  A full interim report will be sent to
   shareholders in November 1999 and will be available for inspection at One
   Charlotte Square, Edinburgh, the registered office of the Company.

Managed by Friends Ivory & Sime plc