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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Monday 15 January, 2001

Henderson Smllr Cos

Interim Results

Henderson Smaller Cos Inv Tst PLC
15 January 2001


HENDERSON GLOBAL INVESTORS
THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
 
 
15 January 2001 
 
            THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
      Unaudited interim results for the half year ended 30 November 2000 
 
Financial Highlights (unaudited) 

                                                                              
                          30 November 2000   30 November 1999   31 May 2000   
                                                                (audited)     
  Total net assets        £ 629 million      £ 780 million      £ 722 million 
  Net asset value per            369.5p             457.7p             423.8p   
  ordinary share                                                              
  FTSE SmallCap Index           3,157.7            2,815.5            3,141.8   
  (excluding                                                                  
  Investment companies)                                                       
 

                                        - MORE -
                                          - 2 -

                THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
         Unaudited interim results for the half year ended 30 November 2000 

The Chairman's Statement: 

It has been a turbulent time with many growth and technology stocks giving up
a significant part of the gains made last year. In the six month period under
review the Trust's net asset value per share fell by 12.8% compared with a
rise of 0.5% in the FTSE SmallCap Index (excluding investment companies),
reflecting the Trust's 70% weighting in Technology, Media and
Telecommunications (TMT). Our confidence in the long term potential of
investing in TMT and other growth stocks remains undiminished. Shareholders
do need to bear in mind, however, that the area we invest in is likely to
remain vulnerable to continued volatility. In this difficult period there
have been some successes, notably Shire Pharmaceuticals which was our sixth
company to reach the FTSE 100 and the shares were sold well. Importantly we
have been re-seeding our nursery and have benefited by being almost wholly
ungeared during this vicious stockmarket correction as stockmarkets adjust to
the shock of decelerating growth after a record length of economic expansion
in the US.

Our aim is unchanged. We will continue to search out smaller companies with
real long term growth potential and to 'run our winners'. These companies
retain most of their earnings to fund growth. Shareholders should therefore
not expect any increase in last year's final dividend of 0.5p. After a phase
of indiscriminate selling, we believe that investors will seek out these high
growth companies and opportunities to buy near the bottom should prove
attractive. This is the time to continue our policy of holding well managed
companies that have a scalable business proposition, can compete globally,
enjoy a close relationship with their customer base, are rich in intellectual
property, and are well funded. Whatever happens, Tech is not going away and
we believe well managed growth companies still offer scope for excellent long
term performance. This policy has served shareholders well over the long term
and we remain confident that it will continue to do so.
 
 

P H G Cadbury 
Chairman
15 January 2001

                                        - MORE -
                                          - 3 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
       Unaudited interim results for the half year ended 30 November 2000 

Group Statement of Total Return (incorporating the revenue account)+
for the half year ended 30 November 2000
 

                                                                              
                              Half Year ended                  Half Year ended
                             30 November 2000                30 November 1999*
                 Revenue   Capital      Total    Revenue    Capital      Total
                   £'000     £'000      £'000      £'000      £'000      £'000  
  Total                                                                       
  capital                                                                     
  (losses)/gains                                                                
  from                                                                     
  Investments          -  (92,345)   (92,345)          -    245,606    245,606
  Income from      2,114         -      2,114      2,874          -      2,874
  fixed asset                                                                 
  investments                                                                 
  Other                                                                       
  interest                                                                    
  receivable                                                                  
  and similar                                                                 
  Income             686         -        686        175          -        175
                --------  --------  ---------  ---------  ---------  ---------
  Gross                                                                       
  revenue and                                                                 
  capital                                                                     
  (losses)/                                                                   
  Gains            2,800  (92,345)   (89,545)      3,049    245,606    248,655
  Management     (1,451)         -    (1,451)    (1,014)          -    (1,014)
  fee                                                                         
  Other            (206)         -      (206)      (201)          -      (201)
  administrative                                                                
  expenses                                                                 
  Irrecoverable    (251)         -      (251)       (57)          -       (57)
  VAT                                                                       
                --------  --------  ---------  ---------  ---------  ---------
  Net                                                                         
  return/(loss)                                                                
  on ordinary                                                                   

  activities                                                                  
  before                                                                      
  interest                                                                    
  payable                                                                     
  and taxation       892  (92,345)   (91,453)      1,777    245,606    247,383
  Interest       (1,051)         -    (1,051)    (1,109)          -    (1,109)
  payable and                                                                 
  similar                                                                     
  charges                                                                     
                --------  --------  ---------  ---------   --------   --------
  Net (loss)/
  return on                                                                     
  ordinary                                                                    
  activities       (159)  (92,345)   (92,504)        668    245,606    246,274
  before                                                                      
  taxation                                                                    
  Taxation on                                                                 
  net return                                                                  
  on ordinary                                                                 
  activities           -         -          -       (56)          -       (56)
                --------  --------  ---------  ---------  ---------  ---------
  Net                                                                         
  (loss)/return on                                                              
  ordinary                                                                    
  activities       (159)  (92,345)   (92,504)        612    245,606    246,218
  after taxation                                                                
  Interim              -         -          -          -          -          -
  dividend:                                                                   
  nil (1999: nil)                                                               
  Final                -         -          -          -          -          -
  dividend:                                                                   
  0.50p                                                                       
  (1999: 2.45p)                                                                 
  Over                 -         -          -        127          -        127
  accrual re prior year                                                         
  (note 4)                                                                    
                --------  --------  ---------  ---------  ---------  ---------
  Transfer         (159)  (92,345)   (92,504)        739    245,606    246,345
  (from)/to                                                                   
  reserves                                                                    
                =======   =======    =======    =======    =======    ======= 
  (Loss)/return  (0.09)p  (54.20)p   (54.29)p      0.35p    141.19p    141.54p
  per ordinary                                                                  
  share                                                                       
                =======   =======    =======    =======    =======    ======= 
 

                                                                              
                                                                    Year ended
                                                         31 May 2000 (audited)
                                              Revenue      Capital       Total
                                                £'000        £'000       £'000
  Total capital                                                               
  (losses)/gains from                                                         
  Investments                                       -      187,318     187,318
  Income from fixed asset                       5,630            -       5,630
  investments                                                                 
  Other interest receivable                                                   
  and similar                                                                 
  Income                                        1,589            -       1,589
                                           ----------   ----------   ---------
  Gross revenue and capital                                                   
  (losses)/                                                                   
  Gains                                         7,219      187,318     194,537
  Management fee                              (2,400)            -     (2,400)
  Other administrative                          (405)            -       (405)
  expenses                                                                    
  Irrecoverable VAT                             (248)            -       (248)
                                           ----------   ----------   ---------
  Net return/(loss) on                                                        
  ordinary                                                                    
  activities before interest                                                  
  payable                                                                     
  and taxation                                  4,166      187,318     191,484
  Interest payable and                        (2,177)            -     (2,177)
  similar charges                                                             
                                           ----------   ----------   ---------
  Net (loss)/return on                                                        
  ordinary                                                                    
  activities before taxation                    1,989      187,318     189,307
  Taxation on net return on                                                   
  ordinary                                                                    
  activities                                     (30)            -        (30)
                                           ----------   ----------   ---------
  Net (loss)/return on                                                        
  ordinary                                                                    
  activities after taxation                     1,959      187,318     189,277
  Interim dividend: nil                             -            -           -
  (1999: nil)                                                                 
  Final dividend: 0.50p                         (852)            -       (852)
  (1999: 2.45p)                                                               
  Over accrual re prior year                      127            -         127
  (note 4)                                                                    
                                           ----------   ----------   ---------
  Transfer (from)/to reserves                   1,234      187,318     188,552
                                             =======      =======      ====== 
  (Loss)/return per ordinary                    1.14p      108.80p     109.94p
  share                                                                       
                                             =======      =======      ====== 
 

+ The revenue columns of this statement represent the consolidated revenue
accounts of the Group (see note 3).
* Restated for the change in accounting policy (see note 2).

                                       - MORE -
                                        - 4 -

                THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
         Unaudited interim results for the half year ended 30 November 2000 

Balance Sheets 
at 30 November 2000

                                                                              
                       30 November 2000   30 November 1999         31 May 2000
                                  Group              Group    (audited) Group 
                                   £'000              £'000              £'000
  Fixed asset                                                                 
  investments                                                                 
  Listed investments                                                          
  at market value:                                                            
  United Kingdom                599,133            697,177            663,334 
  Overseas                           35             76,959              2,705 
                             ----------         ----------         ---------- 
                                599,168            774,136            666,039 
  AIM investments at             39,979              9,796             40,825 
  market value                                                                
  Unquoted investments at                                                       
  directors'                                                                  
  valuation                       4,500                129              5,100 
  Subsidiary                          -                  -                  - 
  undertaking                                                                 
                             ----------         ----------         ---------- 
  Total fixed asset             643,647            784,061            711,964 
  investments                                                                 
                             ----------         ----------         ---------- 
  Current assets                                                              
  Investments                         -                 58                  - 
  Debtors                         3,140             12,027              6,730 
  Cash at bank and               10,005             19,764             32,654 
  short term deposits                                                           
                             ----------         ----------         ---------- 
                                 13,145             31,849             39,384 
  Creditors :                                                                 
  amounts falling                                                             
  due within                                                                  
  one year                      (7,326)           (16,145)            (9,378) 
                             ----------         ----------         ---------- 
  Net current assets              5,819             15,704             30,006 
                             ----------         ----------         ---------- 
  Total assets less             649,466            799,765            741,970 
  current                                                                     
  liabilities                                                                 
  Creditors: amounts                                                          
  falling due after                                                           
  more than one year           (20,000)           (20,000)           (20,000) 
                             ----------         ----------         ---------- 
  Total net assets              629,466            779,765            721,970 
                             ----------         ----------         ---------- 
  Capital and                                                                 
  reserves                                                                    
  Called-up share                42,602             42,602             42,602 
  capital                                                                     
  Other capital                 580,002            730,637            672,347 
  reserves                                                                    
  Revenue reserve                 6,862              6,526              7,021 
                             ----------         ----------         ---------- 
  Shareholders'                                                               
  funds (including                                                            
  non-                                                                        
  equity interests                                                            
  of £9,000;                                                                  
  1999: £11,000)                629,466            779,765            721,970 
                                 ======             ======             ====== 
  Net asset value                369.5p             457.7p             423.8p 
  per ordinary share                                                          
                                 ======             ======             ====== 

                                        - MORE -
                                          - 5 -


                 THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
          Unaudited interim results for the half year ended 30 November 2000 

Group Cash Flow Statement 
for the half year ended 30 November 2000

                                                                              
                                               Half year ended     Year ended 
                             Half year ended        30 November   31 May 2000 
                                  30 November            1999*      (audited) 
                                        2000             £'000          £'000 
                                       £'000                                  

  Net cash inflow from                 1,225             2,161          4,271 
  operating activities                                                        
  Net cash outflow from              (1,891)           (1,947)        (2,176) 
  servicing of finance                                                        
  Net tax recovered                       39               134            210 
  Net cash                                                                    
  (outflow)/inflow from                                                       
  financial investment              (21,168)            29,949         40,989 
  Equity dividends paid                (852)           (4,235)        (4,234) 
  Management of liquid                15,000           (4,000)       (10,000) 
  resources                                                                   
                                  ----------        ----------     ---------- 
  Net cash                           (7,647)            22,062         29,060 
  (outflow)/inflow before                                                     
  financing                                                                   
  Net cash outflow from                    -          (21,589)       (21,589) 
  financing                                                                   
                                  ----------        ----------     ---------- 
  (Decrease)/increase in             (7,647)               473          7,471 
  cash                                                                        
                                      ======            ======         ====== 
  Reconciliation of                                                           
  operating revenue to net                                                    
  inflow                                                                      
  From operating activities                                                   
  Net revenue before                     892             1,777          4,166 
  interest payable and                                                        
  taxation                                                                    
  Decrease in investment                   -               115            173 
  dealing assets                                                              
  Decrease in accrued                    349               464            139 
  income                                                                      
  Increase in debtors                   (28)              (22)           (46) 
  Increase/(decrease) in                  12              (78)           (32) 
  creditors                                                                   
  UK income tax deducted                   -               (5)           (11) 
  at source                                                                   
  Overseas withholding tax                 -              (90)          (118) 
  suffered                                                                    
                                  ----------        ----------     ---------- 
  Net cash inflow from                 1,225             2,161          4,271 
  operating activities                                                        
                                      ======            ======         ====== 
  Reconciliation of net                                                       
  cash flow to movement in                                                    
  net (debt)/funds                                                            
  (Decrease)/increase in             (7,647)               473          7,471 
  cash as above                                                               
  Cash (inflow)/outflow             (15,000)             4,000         10,000 
  from management of                                                          
  liquid resources                                                            
                                  ----------        ----------     ---------- 
  Change in net                     (22,647)             4,473         17,471 
  (debt)/funds resulting                                                      
  from cash flows                                                             
  Exchange movements                     (2)             (212)          (320) 
                                  ----------        ----------     ---------- 
  Movement in net                   (22,649)             4,261         17,151 
  (debt)/funds during the                                                     
  period                                                                      
  Net funds/(debt) at the             12,654           (4,497)        (4,497) 
  beginning of the period                                                     
                                  ----------        ----------     ---------- 
  Net (debt)/funds at the            (9,995)             (236)         12,654 
  end of the period                                                           
                                      ======            ======         ====== 
  Represented by:                                                             
  Cash at bank and short              10,005            19,764         32,654 
  term deposits                                                               
  Debt falling due after            (20,000)          (20,000)       (20,000) 
  more than one year                                                          
                                  ----------        ----------     ---------- 
                                     (9,995)             (236)         12,654 
                                      ======            ======         ====== 
* Restated for the change in accounting policy (see note 2).

                                       - MORE -
                                        - 6 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
        Unaudited interim results for the half year ended 30 November 2000 
                                         Notes
 
1.     (Loss)/return per ordinary share 

Capital return per ordinary share is based on net capital losses for the half
year of £92,345,000 (half year ended 30 November 1999: net capital gains of
£245,606,000; year ended 31 May 2000: net capital gains of £187,318,000) and
on the number of ordinary shares in issue during the half year of 170,371,070
(half year ended 30 November 1999: weighted average number of ordinary shares
173,955,687; year ended 31 May 2000: weighted average number of ordinary
shares 172,168,289).

Revenue loss per ordinary share is based on the losses attributable to the
ordinary shares of £159,000 (half year ended 30 November 1999: earnings of
£612,000; year ended 31 May 2000: earnings of £1,959,000) and on the number
of ordinary shares in issue during the half year of 170,371,070 (half year
ended 30 November 1999: weighted average number of ordinary shares
173,955,687; year ended 31 May 2000: weighted average number of ordinary
shares 172,168,289).

2.     Change in accounting policy 

In accordance with Financial Reporting Standard 16 Current Taxation
('FRS 16'), which became effective for accounting periods ending on or after
23 March 2000, franked investment income is now shown net of the related tax
credits. The comparative figures for the half year ended 30 November 1999
have been restated accordingly. Adoption of FRS 16 has no effect on the
revenue or capital returns per ordinary share, nor on the net asset value per
ordinary share.

3.     Basis of consolidation 

The Group accounts consolidate the accounts of the Company and its wholly
owned subsidiary undertaking, Henderson Smaller Companies Finance Limited.

4.     Interim Dividend 

No interim dividend has been declared (1999: nil).
In respect of the comparative figures, the buy-backs of the Company's
ordinary shares in the market, prior to the ex dividend date of the final
dividend for the year ended 31 May 1999, resulted in a write-back of
dividends accrued in the previous financial year.

5.     Accounts for the year ended 31 May 2000 

The figures and financial information for the year ended 31 May 2000 are
an extract of the latest published accounts of the Group and do not
constitute the statutory accounts for that year. These accounts have been
delivered to the Registrar of Companies and included the report of the
auditors which was unqualified and did not contain a statement under either
section 237(2) or 237(3) of the Companies Act 1985.
 
 

                                       - MORE -
                                         - 7 -

               THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
         Unaudited interim results for the half year ended 30 November 2000 

6.     Loss of investment company status 

A technical consequence of the Company's share buy-backs is that the
Company ceased to be an investment company within the meaning of section 266
of the Companies Act 1985. However, it continued to conduct its affairs as an
investment trust for taxation purposes under section 842 of the Income and
Corporation Taxes Act 1988 and the Articles of the Company prohibit capital
profits from being distributed by way of dividend. As such the directors
consider it necessary to continue to present the accounts in accordance with
the Statement of Recommended Practice Financial Statements of Investment
Trust Companies (the 'SORP'). Under the SORP, the financial performance of
the Group is presented in a statement of total return in which the revenue
column is the profit and loss account of the Group. The revenue column
excludes net profits on disposals of investments, calculated by reference to
their previous carrying amount of £36,900,000 (half year ended 30 November
1999: £24,060,000; year ended 31 May 2000: £107,567,000).

Since the Company was not an investment company, the Companies Act
and/or FRS3 would ordinarily require this amount to be included in the profit
and loss account. In the opinion of the directors the inclusion of this item
in the profit and loss account would be misleading because it would obscure
and distort both the revenue and capital performance of the Group, and would
not show clearly the revenue profits emerging to be distributable by way of
dividend. The directors therefore consider that these departures from the
specific provisions of Schedule 4 of the Companies Act relating to the form
and content of accounts for companies other than investment companies and
these departures from accounting standards are necessary to give a true and
fair view. The departures have no effect on total return or on the balance
sheet.

In September 2000 the Company's Articles of Association were amended to
reflect the changes made in November 1999 to the Companies Act 1985 and in
October 2000 the Company gave notice of its intention to carry on business as
an investment company within the meaning of section 266 of the Act.

7.     Interim Report 

The full interim report will be posted to shareholders in February 2001
and copies will be available thereafter from the Secretary at the Company's
Registered Office, 4 Broadgate, London EC2M 2DA.

                                         -MORE-
                                          - 8 -

                THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC 
        Unaudited interim results for the half year ended 30 November 2000 

Largest Investments 

The 60 largest investments as at 30 November 2000 were as follows:

                                                                              
                              Valuation as                        Valuation as
                                        at                                  at
                               30 November                         30 November
                                      2000                                2000
                                     £'000                               £'000
  BTG                              51,644   Highbury House              6,619 
                                            Communications                    
  Colt Telecommunications          33,275   Ashstead                    6,450 
  Informa                          26,100   Firstgroup                  6,178 
  Fitness First                    25,804   Parthus                     6,140 
                                            Technologies                      
  The Innovation Group             22,411   N Brown                     6,000 
  Taylor & Francis                 21,438   Imagination                 5,958 
                                            Technologies                      
  Galen                            20,813   Porvair                     5,910 
  Guardian IT                      20,672   royalblue                   5,790 
  FI                               19,847   Mentmore Abbey              5,685 
  Euro Sales Finance               18,069   ITE                         5,037 
  Taylor Nelson Sofres             13,770   Torotrak                    4,991 
  Tilbury Douglas                  13,640   Scottish Radio              4,820 
  GWR                              13,331   Trafficmaster               4,738 
  Pizza Express                    13,010   Arc International           4,669 
  RM                               10,997   NXT                         4,571 
  Diagonal                         10,455   +Ubinetics                  4,500 
  Sportsworld Media                 9,805   Axon                        4,432 
  Trinity Mirror                    9,370   Helphire                    4,374 
  Capital Radio                     9,123   Coffee Republic             3,975 
  Metal Bulletin                    8,473   Wilmington                  3,938 
  Claims Direct                     8,374   *Gameplay                   3,923 
  Trifast                           8,370   Penna                       3,850 
  London Bridge Software            8,167   Clinton Cards               3,818 
  Psion                             8,155   ICM Computer                3,625 
  Parity                            8,100   Orchestream                 3,606 
  Intec Telecom Systems             7,132   Telework                    3,600 
  Scipher                           7,103   Itnet                       3,587 
  *Transense Technologies           7,015   Kewill Systems              3,290 
  *Tenon                            6,959   *Iomart                     3,277 
  Knowledge Support                 6,890   Staffware                   3,125 
  Systems                                                                     

*Listed on the Alternative Investment Market 

+Unquoted 

These investments total £588,788,000 or 91.48% of the portfolio.

                                       - ENDS -

                                                                              
  For further information please contact :           Or:                      
  John Alexander/Stephen Westwood                    Vicki Staveacre          
  The Henderson Smaller Companies Investment Trust   Henderson Press Office   
  plc                                                Telephone: 020 7410 4222 
  Telephone : 020 7410 4340/020 7477 5517