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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Monday 14 January, 2002

Henderson Smllr Cos

Interim Results

Henderson Smaller Cos Inv Tst PLC
14 January 2002

HENDERSON GLOBAL INVESTORS

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC



14 January 2002



             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

      Unaudited interim results for the half year ended 30 November 2001



Financial Highlights (unaudited)
                                      30 November     30 November  31 May 2001
                                             2001            2000
                                                                     (audited)

Total net assets                     £347 million    £629 million £533 million
Net asset value per ordinary               227.3p          369.5p       328.9p
share



                                   - MORE -

                                    - 2 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

      Unaudited interim results for the half year ended 30 November 2001



The Chairman's Statement:

I am pleased to report that, after a very difficult period for the Trust, the
outlook in the final quarter of the calendar year brightened. In the six
months to November 2001, our net asset value per share dropped by 30.9%
compared with a drop of 14.6% in the FTSE SmallCap Index (excluding investment
companies). However, the net asset value per share rose by 29.7% in the
quarter to 31 December 2001 compared with a rise of 21.5% in the index. The
share price rose by 32.7% between 21 September and 31 December 2001.

Steps were taken to prepare the Trust for more favourable conditions. Colt
Telecommunications was sold and a few weaker performers were culled. The stock
list was reduced further from 89 to 80. Falling markets enabled us to increase
shareholdings in a number of our existing investments, with good business
models, at much lower prices.

Anticipating a bounce back, we made tactical use of debt to enhance the
benefits. The other structural shift was continuing the policy of share
buy-backs. Over the six months we bought in 9.6 million shares at discounts to
net asset value in excess of 15%. Where this process benefits shareholders, we
will continue with the policy.

Our portfolio weighting in Technology, Media and Telecommunications (TMT)
companies was virtually unchanged, at 63%. Within the category, however,
telecommunications shrank and technology gained importance, with investments
in services and outsourcing as well as technology information and licensing.
Technology may be out of fashion, but it is an essential driver of tomorrow's
growth and investing in high quality technology companies must remain a core
part of our business strategy.

By supporting companies with strong management, a scalable business
proposition, long term customer relationships, proprietory intellectual
property assets and solid funding, we remain convinced we can serve
shareholders well. You have been patient and, whilst we continue to warn of
high volatility, we are also confident that our philosophy of searching out
smaller companies with above average growth potential, and running our
winners, will deliver long term performance.



P H G Cadbury

Chairman

11 January 2002


                                - MORE -

                                    - 3 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


          Unaudited interim results for the half year ended 30 November 2001

Group Statement of Total Return (incorporating the revenue account)*

for the half year ended 30 November 2001

                     Half year ended                  Half year ended
                     30 November 2001                 30 November 2000
                Revenue    Capital      Total    Revenue    Capital      Total
                  £'000      £'000      £'000      £'000      £'000      £'000
  Total                                                                       
  capital                                                                     
  losses from                                                                 
  investments         -  (167,121)  (167,121)          -   (92,345)   (92,345)
  Income          
  from fixed                                                                  
  asset                                                                       
  investments     2,101          -      2,101      2,114          -      2,114  
  Other                                                                       
  interest                                                                    
  receivable                                                                  
  and similar                                                                 
  income             89          -         89        686          -        686
               --------  ---------  ---------  ---------  ---------  ---------

  Gross           2,190  (167,121)  (164,931)      2,800   (92,345)   (89,545)
  revenue                                                                     
  and                                                                         
  capital                                                                     
  losses                                                                      
  Management    (1,597)          -    (1,597)    (1,451)          -    (1,451)
  fee                                                                         
  Other           (204)          -      (204)      (206)          -      (206)
  administrative                                                               
  expenses                                                                    
  Irrecoverable   (267)          -      (267)      (251)          -      (251)
  VAT                                                                      
               --------  ---------  ---------  ---------  ---------  ---------

  Net return/                                                                 
  (loss) on                                                                     
  ordinary                                                                    
  activities                                                                  
  before                                                                      
  interest                                                                    
  payable and       
  taxation          122  (167,121)  (166,999)        892   (92,345)   (91,453)  
  Interest      
  payable       (1,141)          -    (1,141)    (1,051)          -    (1,051)  
                                                           
               --------  ---------  ---------  ---------  ---------  ---------

  Net loss                                                                    
  on ordinary                                                                 
  activities    
  before                                                                      
  taxation      (1,019)  (167,121)  (168,140)      (159)   (92,345)   (92,504)  
  Taxation                                                                    
  on net                                                                      
  return on                                                                   
  ordinary                                                                    
  activities          -          -          -          -          -          -
               --------  ---------  ---------  ---------  ---------  ---------

  Net loss                                                                    
  on ordinary                                                                 
  activities    (1,019)  (167,121)  (168,140)      (159)   (92,345)   (92,504)
  after                                                                       
  taxation                                                                    
  Interim             -          -          -          -          -          -
  dividend:                                                                   
  nil (2000:                                                                  
  nil)                                                                        
  Final               -          -          -          -          -          -
  dividend:                                                                   
  0.50p (31                                                                   
  May 2001)                                                                   
  Over               26          -         26          -          -          -
  accrual re                                                                  
  prior year                                                                  
  (note 4)                                                                    
               --------  ---------  ---------  ---------  ---------  ---------

  Transfer        (993)  (167,121)  (168,114)      (159)   (92,345)   (92,504)
  from reserves                                                                 
  
               =======    =======    =======    =======    =======    ======= 
  Loss per      (0.66)p  (107.93)p  (108.59)p    (0.09)p   (54.20)p   (54.29)p
  ordinary                                                                    
  share                                                                       
               =======    =======    =======    =======    =======    ======= 
 

                                                                              
                                                          Year ended            
                                                     31 May 2001 (audited)      
                     
                                           Revenue       Capital         Total
                                             £'000         £'000         £'000
  Total capital losses from                                                   
  investments                                    -     (162,352)     (162,352)
  Income from fixed asset                    4,506             -         4,506
  investments                                                                 
  Other interest                                                              
  receivable and similar                                                      
  income                                       926             -           926
                                        ----------    ----------     ---------
  Gross revenue and                          5,432     (162,352)     (156,920)
  capital losses                                                              
  Management fee                           (3,022)             -       (3,022)
  Other administrative                       (344)             -         (344)
  expenses                                                                    
  Irrecoverable VAT                          (512)             -         (512)
                                        ----------    ----------     ---------
  Net return/(loss) on                                                        
  ordinary                                                                    
  activities before                                                           
  interest payable                                                            
  and taxation                               1,554     (162,352)     (160,798)
  Interest payable                         (2,123)             -       (2,123)
                                        ----------    ----------     ---------
  Net loss on ordinary                                                        
  activities before                          (569)     (162,352)     (162,921)
  taxation                                                                    
  Taxation on net return                                                      
  on ordinary                                                                 
  activities                                     -             -             -
                                        ----------    ----------     ---------
  Net loss on ordinary                                                        
  activities after taxation                  (569)     (162,352)     (162,921)
  Interim dividend: nil                          -             -             -
  (2000: nil)                                                                 
  Final dividend: 0.50p                      (810)             -         (810)
  (31 May 2001)                                                               
  Over accrual re prior                          -             -             -
  year (note 4)                                                               
                                       -----------   -----------   -----------
  Transfer from reserves                   (1,379)     (162,352)     (163,731)
                                          =======       =======       ======= 
  Loss per ordinary share                  (0.34)p      (95.91)p      (96.25)p
                                          =======       =======       ======= 
 
* The revenue columns of this statement represent the consolidated revenue
accounts of the Group (see note 3).


                                   - MORE -

                                    - 4 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


          Unaudited interim results for the half year ended 30 November 2001


Group Balance Sheet

at 30 November 2001
                                   30 November   30 November        31 May 2001
                                          2001          2000          (audited)
                                         £'000         £'000              £'000
Fixed asset investments
Listed investments at market
value:
United Kingdom                         346,890       599,133            518,103
Overseas                                     -            35                  -
                                    ----------    ----------         ----------
                                       346,890       599,168            518,103
AIM investments at market value         25,615        39,979             30,036
Unquoted investments at
directors'
valuation                                2,250         4,500              2,250
                                    ----------    ----------         ----------
Total fixed asset investments          374,755       643,647            550,389
                                    ----------    ----------         ----------
Current assets
Debtors                                  1,155         3,140              1,370
Cash at bank and short term                575        10,005             16,876
deposits
                                    ----------    ----------         ----------
                                         1,730        13,145             18,246
Creditors : amounts falling due
within one year                        (9,774)       (7,326)           (15,434)
                                    ----------    ----------         ----------
Net current (liabilities)/assets       (8,044)         5,819              2,812
                                    ----------    ----------         ----------

Total assets less current              366,711       649,466            553,201
liabilities
Creditors: amounts falling due
after more than one year              (20,000)      (20,000)           (20,000)

                                    ----------    ----------         ----------
Total net assets                       346,711       629,466            533,201
                                    ----------    ----------         ----------
Capital and reserves
Called-up share capital                 38,142        42,602             40,531
Other capital reserves                 303,920       580,002            487,028
Revenue reserve                          4,649         6,862              5,642
                                    ----------    ----------         ----------
Shareholders' funds (including
non-equity interests of £9,000;
2000: £9,000)                          346,711       629,466            533,201
                                        ======        ======             ======

Net asset value per ordinary            227.3p        369.5p             328.9p
share
                                        ======        ======             ======


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                                    - 5 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


          Unaudited interim results for the half year ended 30 November 2001

Group Cash Flow Statement

for the half year ended 30 November 2001
                                             Half year     Half year       Year 
                                                 ended         ended      ended
                                           30 November   30 November     31 May 
                                                  2001          2000       2001
                                                                      (audited) 
                                                 £'000         £'000      £'000

Net cash inflow from operating                     846         1,225      1,284
activities
Net cash outflow from servicing of             (1,139)       (1,891)    (3,173)
finance
Net tax recovered                                    -            39         43
Net cash (outflow)/inflow from
financial investment                           (2,048)      (21,168)     11,957
Equity dividends paid                            (784)         (852)      (852)
Management of liquid resources                  10,000        15,000     10,000
Purchase of ordinary shares                   (18,376)             -   (25,038)
                                            ----------    ---------- ----------
Net cash outflow before financing             (11,501)       (7,647)    (5,779)
Net cash inflow from financing                   5,200             -          -
                                            ----------    ---------- ----------
Decrease in cash                               (6,301)       (7,647)    (5,779)
                                                ======        ======     ======

Reconciliation of net revenue return to
net cash
inflow from operating activities
Net revenue before interest payable and            122           892      1,554
taxation
Decrease/(increase) in accrued income              683           349      (186)
Decrease/(increase) in debtors                      16          (28)       (53)
Increase/(decrease) in creditors                    25            12       (25)
UK income tax deducted at source                     -             -        (6)
                                            ----------    ---------- ----------
Net cash inflow from operating                     846         1,225      1,284
activities
                                                ======        ======     ======
Reconciliation of net cash flow to
movement in net
debt
Decrease in cash as above                      (6,301)       (7,647)    (5,779)
Debt falling due within one year               (5,200)             -          -
Cash inflow from management of liquid         (10,000)      (15,000)   (10,000)
resources
                                            ----------    ---------- ----------
Change in net debt resulting from cash        (21,501)      (22,647)   (15,779)
flows
Exchange movements                                   -           (2)          1
                                            ----------    ---------- ----------
Movement in net debt during the period        (21,501)      (22,649)   (15,778)
Net (debt)/funds at the beginning of the       (3,124)        12,654     12,654
period
                                            ----------    ---------- ----------
Net debt at the end of the period             (24,625)       (9,995)    (3,124)
                                                ======        ======     ======
Represented by:
Cash at bank and short term deposits               575        10,005     16,876
Debt falling due within one year               (5,200)             -          -
Debt falling due after more than one          (20,000)      (20,000)   (20,000)
year
                                            ----------    ---------- ----------
                                              (24,625)       (9,995)    (3,124)
                                                ======        ======     ======

                                   - MORE -

                                    - 6 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


          Unaudited interim results for the half year ended 30 November 2001

                                    Notes

1.     Loss per ordinary share


        Capital loss per ordinary share is based on the net capital losses for
        the half year of £167,121,000 (half year ended 30 November 2000: £
        92,345,000; year ended 31 May 2001: £162,352,000) and on the weighted
        average number of ordinary shares in issue during the half year of
        154,839,400 (half year ended 30 November 2000: 170,371,070; year ended
        31 May 2001: 169,276,109).

        Revenue loss per ordinary share is based on the losses attributable to
        the ordinary shares of £1,019,000 (half year ended 30 November 2000: £
        159,000; year ended 31 May 2001: £569,000) and on the weighted average
        number of ordinary shares in issue during the half year of 154,839,400
        (half year ended 30 November 2000: 170,371,070; year ended 31 May
        2001: 169,276,109).

2.     Net asset value per ordinary share


        The net asset value per ordinary share is based on the net assets
        attributable to the ordinary shares of £346,702,000 (30 November 2000:
        £629,457,000; 31 May 2001 £533,192,000) and on the 152,530,880
        ordinary shares in issue (30 November 2000: 170,371,070; 31 May 2001:
        162,089,094).

3.     Basis of consolidation


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

4.     Interim Dividend


        No interim dividend has been declared (2000: nil).

        The dividend payable in respect of the year ended 31 May 2001, at 0.5p
        per ordinary share, amounted to £810,000. The buy-backs of the
        Company's ordinary shares, after 31 May 2001 but before the record
        date of the final dividend for the year ended on that date, resulted
        in a write-back of £26,000 for dividends accrued in the year ended 31
        May 2001 but not in the event payable.

5.     Accounts for the year ended 31 May 2001


        The figures and financial information for the year ended 31 May 2001
        are an extract from 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.

6.     Interim Report


        The full interim report will be posted to shareholders in February
        2002 and copies will be available thereafter from the Secretary at the
        Company's Registered Office, 4 Broadgate, London EC2M 2DA.


                                   - MORE -


                                        - 7 -

             THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


          Unaudited interim results for the half year ended 30 November 2001

Largest Investments

The 60 largest investments at 30 November 2001 were as follows:


                       Valuation at                                Valuation at
                        30 November                                 30 November
                               2001                                        2001
                              £'000                                       £'000

Xansa                        23,111   *Systems Union                      4,125
BTG                          20,661   Metal Bulletin                      4,076
Taylor & Francis             20,300   Parity                              3,941
Interserve                   19,835   Mentmore Abbey                      3,555
Fitness First                19,282   Torotrak                            3,546
Galen                        18,750   Porvair                             3,534
Pizza Express                16,380   *Tribal                             3,429
Taylor Nelson Sofres         12,150   Psion                               3,384
The Innovation Group         11,974   Highbury House                      3,382
                                      Communications
Marlborough Stirling          9,239   Scipher                             3,319
Informa                       8,845   RM                                  3,000
Itnet                         8,646   *Science Systems                    2,982
Games Workshop                7,701   Filtronic                           2,920
Capital Radio                 7,209   TTP Communications                  2,769
Guardian IT                   6,600   Penna Consulting                    2,650
Clinton Cards                 6,465   Scottish Radio                      2,595
London Bridge                 6,028   +UbiNetics                          2,250
Software
GWR                           5,794   Dicom                               2,208
royalblue                     5,619   Kunick                              2,201
*Tenon                        5,498   Wilmington                          1,959
Helphire                      5,467   Parkman                             1,936
Parthus Technologies          5,400   *NRX Global                         1,820
N Brown                       5,300   Imagination Technologies            1,756
Ashtead                       5,265   Generics                            1,744
*Transense                    5,080   Druck                               1,727
Technologies
Anite                         4,725   Coffee Republic                     1,598
ICM Computer                  4,503   Axon                                1,523
Diagonal                      4,426   Financial Objects                   1,380
Intec Telecom                 4,256   NXT                                 1,190
Systems
Trifast                       4,219   Mayborn                             1,176


* Listed on the Alternative Investment Market

+ Unquoted

These investments total £366,403,000 or 97.8% of the portfolio.

                                   - ENDS -

For further information please contact :                or:

John Alexander or Andrew Stack                          Vicki Staveacre

The Henderson Smaller Companies Investment Trust plc    Henderson Press Office

                                                        Telephone: 020 7818 4222
Telephone : 020 7818 4340/020 7818 4351