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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Monday 13 January, 2003

Henderson Smllr Cos

Interim Results

Henderson Smaller Cos Inv Tst PLC
13 January 2003



HENDERSON GLOBAL INVESTORS

THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

EMBARGOED FOR 7.00 AM ON MONDAY 13 JANUARY 2003

13 January 2003


              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

       Unaudited interim results for the half year ended 30 November 2002



The Chairman's Statement:

In what was an extremely difficult period for equity markets globally, the
Trust's net asset value per share fell 40.6% in the six months to 30 November
2002, compared to a drop of 24.4% in the FTSE SmallCap Index (excluding
investment companies). The principal reason for this underperformance was the
high portfolio weighting in information technology and media companies. These
areas continued to suffer from poor trading conditions, weak business confidence
and de-rating from excessive valuation levels.

Following two years of underperformance, and recognising that market conditions
are likely to remain difficult for the foreseeable future, the Board decided
that a fresh approach was required to the management of the Trust. The principal
change was the appointment of Neil Hermon as Manager of the Trust in November
2002. He joined Henderson Global Investors from Morley Fund Management where,
over eight years, he was responsible for some extremely successful smaller
company funds. He is assisted by Theresa Wat who moved from Morley with him.

The appointment of a new Manager will result in a degree of change within the
composition of the portfolio. However, the Trust will continue to stick to its
philosophy of searching out smaller companies with above average growth
potential. Allied to this approach will be a more pragmatic attitude to
valuation, ensuring that this growth is bought at a reasonable price. The Trust
will focus on companies with solid business models, strong management, sound
financial structure and the potential to produce a positive earnings surprise.
In addition the Trust will have strong selling disciplines.

The Trust will continue its policy of buying back its own shares for
cancellation, to the benefit of shareholders generally. During the period 13.5
million shares were bought back at discounts to net asset value in excess of
17%.

Initial progress since the appointment of the new Manager has been encouraging.
During November the Trust's net asset value per share rose by 9.9%, compared to
a rise in the FTSE SmallCap Index (excluding investment companies) of 7.8%.
Significant re-structuring was undertaken in the month, with 18% by value of the
investments in the portfolio sold and reinvested. Principal changes included a
reduction in the proportion invested in the technology sector from 24% to 19%
and a rise in the proportion collectively invested in the construction, real
estate and insurance sectors from 6% to 14%.



                                     - 2 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

       Unaudited interim results for the half year ended 30 November 2002

At the annual general meeting on 27 September I announced a number of changes,
in addition to the appointment of Neil Hermon as Manager. The management fee
arrangements were amended with effect from 1 October 2002 so that the 0.4% per
annum rate remains but is applied to the total assets at the end of the
preceding quarter. The immediate result is to reduce our current expenses. With
effect from the annual general meeting to be held in 2004, and thereafter every
three years, shareholders will vote on the continued life of the Trust.

James Nelson joined the Board at the end of September. He has deep experience of
investments and investment management and is a former Chairman of the British
Venture Capital Association. John Alexander left the Board on 15 November 2002
after fifteen years as Manager. I am delighted to report that Dudley Fishburn
has agreed to succeed me as Chairman on 21 March 2003 when I shall retire as a
director.

We share the disappointment felt by shareholders but also feel that we have put
in place the building blocks to improve investment performance. It remains an
uncertain climate for smaller companies, but we believe that a carefully
selected portfolio of quality UK smaller companies can provide good long term
growth for investors.


P H G Cadbury
Chairman
10 January 2003

                                    - MORE -

                                     - 3 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


           Unaudited interim results for the half year ended 30 November 2002


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

for the half year ended 30 November 2002
                                                                                                                      
                                Half year ended                    Half year ended                          Year ended
                               30 November 2002                   30 November 2001               31 May 2002 (audited)
                  Revenue    Capital      Total    Revenue     Capital       Total     Revenue     Capital       Total
                    £'000      £'000      £'000      £'000       £'000       £'000       £'000       £'000       £'000
  Total                                                                                                               
  capital                                                                                                             
  losses from                                                                                                         
  investments           -  (100,987)  (100,987)          -   (167,121)   (167,121)           -   (240,230)   (240,230)

  Income from       1,869          -      1,869      2,101           -       2,101       4,592           -       4,592
  fixed asset                                                                                                         
  investments                                                                                                         
  Other                                                                                                               
  interest                                                                                                            
  receivable                                                                                                          
  and similar                                                                                                         
  income               20          -         20         89           -          89         111           -         111
                ---------  ---------  ---------  ---------  ----------  ----------  ----------  ----------   ---------
                       

  Gross             1,889  (100,987)   (99,098)      2,190   (167,121)   (164,931)       4,703   (240,230)   (235,527)
  revenue and                                                                                                         
  capital                                                                                                             
  losses                                                                                                              

  Management        (796)          -      (796)    (1,597)           -     (1,597)     (2,734)           -     (2,734)
  fee                                                                                                                 

  Other             (221)          -      (221)      (204)           -       (204)       (352)           -       (352)
  administrative                                                                                                      
  expenses                                                                                                         

  Irrecoverable    (145)          -      (145)      (267)           -       (267)       (416)           -       (416)
  VAT                                                                                                               
                ---------  ---------  ---------  ---------  ----------  ----------  ----------  ----------   ---------
                       
  Net                                                                                                                 
  return/(loss) 
  on                                                                                                                
  ordinary                                                                                                            
  activities                                                                                                          
  before                                                                                                              
  interest                                                                                                            
  payable                                                                                                             
  and taxation        727  (100,987)  (100,260)        122   (167,121)   (166,999)       1,201   (240,230)   (239,029)

  Interest        (1,145)          -    (1,145)    (1,141)           -     (1,141)     (2,381)           -     (2,381)
  payable                                                                                                             
                ---------  ---------  ---------  ---------  ----------  ----------  ----------  ----------   ---------
                 
  Net loss on                                                                                                         
  ordinary                                                                                                            
  activities        (418)  (100,987)  (101,405)    (1,019)   (167,121)   (168,140)     (1,180)   (240,230)   (241,410)
  before                                                                                                              
  taxation                                                                                                            

  Taxation on                                                                                                         
  net return                                                                                                          
  on ordinary                                                                                                         
  activities            1          -          1          -           -           -         (1)           -         (1)
                ---------  ---------  ---------  ---------  ----------  ----------  ----------  ----------   ---------
                 
  Net loss on                                                                                                         
  ordinary                                                                                                            
  activities        (417)  (100,987)  (101,404)    (1,019)   (167,121)   (168,140)     (1,181)   (240,230)   (241,411)
  after                                                                                                               
  taxation                                                                                                            

  Final                24          -         24         26           -          26       (654)           -       (654)
  dividend:                                                                                                           
  0.50p (note                                                                                                         
  4)                                                                                                                  
                ---------  ---------  ---------  ---------  ----------  ----------  ----------  ----------  ----------
                 
  Transfer          (393)  (100,987)  (101,380)      (993)   (167,121)   (168,114)     (1,835)   (240,230)   (242,065)
  from                                                                                                                
  reserves                                                                                                            
                =========  =========  =========  =========  ==========  ==========  ==========  ==========  ========== 

  Loss per        (0.33)p   (80.18)p   (80.51)p    (0.66)p   (107.93)p   (108.59)p     (0.77)p   (157.34)p   (158.11)p
  ordinary                                                                                                            
  share (note                                                                                                         
  1)            =========  =========  =========  =========  ==========  ==========  ==========  ==========  ==========  
                                                                                                    
                


+ 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 2002

Group Balance Sheet

at 30 November 2002
                                                  30 November 2002        30 November 2001          31 May 2002
                                                                                                      (audited)
                                                             £'000                   £'000                £'000
Fixed asset investments
Listed investments at market value                         139,017                 346,890              251,208
AIM investments at market value                              8,657                  25,615               20,248
Unquoted investments at                                        896                   2,250                1,907
directors' valuation
                                                        ----------              ----------           ----------
                                                           148,570                 374,755              273,363
                                                        ----------              ----------           ----------
Current assets
Debtors                                                      6,103                   1,155                1,815
Cash at bank and short term deposits                         2,465                     575                   40
                                                        ----------              ----------           ----------
                                                             8,568                   1,730                1,855
Creditors : amounts falling due within
one year                                                   (5,397)                 (9,774)              (8,935)
                                                        ----------              ----------           ----------
Net current assets/(liabilities)                             3,171                 (8,044)              (7,080)
                                                        ----------              ----------           ----------

Total assets less current liabilities                      151,741                 366,711              266,283
Creditors: amounts falling due after
more than one year                                        (20,000)                (20,000)             (20,000)

                                                        ----------              ----------           ----------
Total net assets                                           131,741                 346,711              246,283
                                                        ----------              ----------           ----------
Capital and reserves
Called-up share capital                                     30,635                  38,142               34,004
Other capital reserves                                      97,692                 303,920              208,472
Revenue reserve                                              3,414                   4,649                3,807
                                                        ----------              ----------           ----------
Shareholders' funds (including non-
equity interests of £9,000
2001: £9,000)                                              131,741                 346,711              246,283
                                                        ==========              ==========           ==========

Net asset value per ordinary share                          107.5p                  227.3p               181.1p
                                                        ==========              ==========           ==========


                                    - MORE -

                                     - 5 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


           Unaudited interim results for the half year ended 30 November 2002

Group Cash Flow Statement

for the half year ended 30 November 2002
                                                                                    Half year ended           Year ended
                                                             Half year ended       30 November 2001          31 May 2002
                                                            30 November 2002                  £'000            (audited)
                                                                       £'000                                       £'000

Net cash inflow from operating activities                              1,691                    846                1,282
Net cash outflow from servicing of finance                             (101)                (1,139)              (2,361)
Net tax recovered                                                          1                      -                    -
Net cash inflow/(outflow) from
financial investment                                                  22,631                (2,048)               21,889
Equity dividends paid                                                  (656)                  (784)                (784)
Management of liquid resources                                             -                 10,000               10,000
                                                                  ----------             ----------           ----------
Net cash inflow before financing                                      23,566                  6,875               30,026
Net cash outflow from financing                                     (21,143)               (13,176)             (36,863)
                                                                  ----------             ----------           ----------
Increase/(decrease) in cash                                            2,423                (6,301)              (6,837)
                                                                  ==========             ==========           ==========

Reconciliation of net revenue return to net cash inflow from operating activities

Net revenue before interest payable and taxation                         727                    122                1,201
Decrease/(increase) in accrued income                                    793                    683                 (73)
Decrease in debtors                                                      166                     16                   87
Increase in creditors                                                      5                     25                   67
                                                                  ----------             ----------           ----------
Net cash inflow from operating activities                              1,691                    846                1,282
                                                                  ==========             ==========           ==========

Reconciliation of net cash flow to movement in net debt

Increase/(decrease) in cash as above                                   2,423                (6,301)              (6,837)
Cash outflow/(inflow) from debt financing                              8,000                (5,200)              (8,000)
Cash inflow from management of liquid resources                            -               (10,000)             (10,000)
                                                                  ----------             ----------           ----------
Change in net debt resulting from cash flows                          10,423               (21,501)             (24,837)
Exchange movements                                                         2                      -                    1
                                                                  ----------             ----------           ----------
Movement in net debt during the period                                10,425               (21,501)             (24,836)
Net debt at the beginning of the period                             (27,960)                (3,124)              (3,124)
                                                                  ----------             ----------           ----------
Net debt at the end of the period                                   (17,535)               (24,625)             (27,960)
                                                                  ==========             ==========           ==========

Represented by:

Cash at bank and short term deposits                                   2,465                    575                   40
Debt falling due within one year                                           -                (5,200)              (8,000)
Debt falling due after more than one year                           (20,000)               (20,000)             (20,000)
                                                                  ----------             ----------           ----------
                                                                    (17,535)               (24,625)             (27,960)
                                                                  ==========             ==========           ==========

                                    - MORE -


                                     - 6 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


           Unaudited interim results for the half year ended 30 November 2002

                                     Notes

1.      Loss per ordinary share

        Revenue loss per ordinary share is based on the losses attributable to
        the ordinary shares of £417,000 (half year ended 30 November 2001:
        £1,019,000; year ended 31 May 2002: £1,181,000) and on the weighted
        average number of ordinary shares in issue during the half year of
        125,954,417 (half year ended 30 November 2001: 154,839,400; year ended
        31 May 2002: 152,680,943).

        Capital loss per ordinary share is based on the net capital losses for
        the half year of £100,987,000 (half year ended 30 November 2001:
        £167,121,000; year ended 31 May 2002: £240,230,000) and on the weighted
        average number of ordinary shares in issue during the half year of
        125,954,417 (half year ended 30 November 2001: 154,839,400; year ended
        31 May 2002: 152,680,943).

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 £131,732,000 (30 November 2001:
        £346,702,000; 31 May 2002 £246,274,000) and on the 122,501,840 ordinary
        shares in issue (30 November 2001: 152,530,880; 31 May 2002:
        135,980,999).

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 (2001: nil).

        The buy-backs of the Company's ordinary shares, after 31 May 2002 but
        before the date of the final dividend for the year ended on that date,
        resulted in a write-back of £24,000 (2001: £26,000) for dividends
        accrued in the year ended 31 May 2002 (2001: year ended 31 May 2001) but
        not in the event payable.

        The final dividend accrued in respect of the year ended 31 May 2002, at
        0.5p per ordinary share, amounted to £680,000. The £654,000 shown is the
        sum of this figure and the £26,000 written back in respect of the year
        ended 31 May 2001.

5.      Accounts for the year ended 31 May 2002

        The figures and financial information for the year ended 31 May
        2002 are an extract from the latest published accounts of the Group and
        do not constitute the statutory accounts for that year. Those 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
        2003 and copies will be available thereafter from the Secretary at the
        Company's Registered Office, 4 Broadgate, London EC2M 2DA.


                                         - 7 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC


           Unaudited interim results for the half year ended 30 November 2002

        Largest Investments

        The 60 largest investments at 30 November 2002 were as follows:

                                             Valuation at                                                   Valuation at

                                         30 November 2002                                               30 November 2002

                                                    £'000                                                          £'000


Galen                                               7,290      BTG                                                 1,846
Informa                                             5,590      Abbot                                               1,758
Interserve                                          5,312      Rotork                                              1,704
Games Workshop                                      5,004      Parkman                                             1,669
Clinton Cards                                       4,476      Intec Telecom Systems                               1,641
ITNET                                               4,388      Capital Radio                                       1,567
Helphire                                            3,342      *CODASciSys                                         1,567
Xansa                                               3,034      Goshawk Insurance                                   1,530
Pizza Express                                       2,965      Vardy                                               1,434
Metal Bulletin                                      2,756      Ultra Electronics                                   1,428
*PRI                                                2,727      Dicom                                               1,404
Fitness First                                       2,588      Marshalls                                           1,347
Game                                                2,585      Expro International                                 1,257
ICM Computer                                        2,519      Geest                                               1,241
Tribal                                              2,515      Parity                                              1,219
Diagonal                                            2,475      Mayborn                                             1,208
Taylor & Francis                                    2,475      Aga Foodservice                                     1,198
Selfridges                                          2,446      Enterprise Inns                                     1,109
Balfour Beatty                                      2,313      Bellway                                             1,092
N Brown                                             2,276      Meggitt                                             1,079
royalblue                                           2,228      Chrysalis                                           1,055
Bovis Homes                                         2,101      Topps Tiles                                         1,047
Westbury                                            2,089      Greene King                                           985
Spectris                                            2,054      Pillar Property                                       982
*Systems Union                                      1,998      Psion                                                 961
Porvair                                             1,965      Euromoney                                             960
GWR                                                 1,951      AMEC                                                  940
Go-Ahead                                            1,926      SIG                                                   922
Scipher                                             1,872      +Ubinetics                                            896
Grainger Trust                                      1,860      NHP                                                   865

* Listed on the Alternative Investment Market

+ Unquoted

These investments total £127,031,000 or 85.5% of the portfolio.

                                    - ENDS -


                                     - 8 -

              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC

       Unaudited interim results for the half year ended 30 November 2002

                    For further information please contact:

Neil Hermon

The Henderson Smaller Companies Investment Trust plc

Telephone: 020 7818 4351

or

Stephen Westwood

Head of Investment Trusts

Henderson Global Investors

Telephone: 020 7818 5517

or

Stephen Phillips

Investor Relations Manager

Henderson Global Investors

Telephone: 020 7818 6417

or

Mark Vickery

Press Office

Henderson Global Investors

Telephone: 020 7818 4222


                      This information is provided by RNS
            The company news service from the London Stock Exchange