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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Monday 21 January, 2008

Henderson Smllr Cos

Half Year Results

Henderson Smaller Cos Inv Tst PLC
21 January 2008

                                                                    Page 1 of 12



21 January 2008




              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Interim Management Report




Results and performance

The results for the half year ended 30 November 2007 are disappointing, with the
net asset value per share, including half year adjustments, falling by 16.8%
from 392.1p to 326.2p.  By comparison, the total return of the benchmark index
was a negative 15.0%.  The Manager's attribution of performance for the period
shows that the underperformance was attributable to the gearing; stock selection
made a positive contribution to the total return, as did share buy-backs.  The
performance over the five year period ended 30 November 2007 remains strong,
showing substantial outperformance of the benchmark index.  The increase in the
revenue earnings per share reflects the exceptional write-back of VAT on
management fees.



Refund of VAT on management fees

HM Revenue & Customs has now accepted the judgement of the European Court of
Justice, made in response to the test case initiated by the Association of
Investment Companies (the 'AIC').  As a result, investment management fees paid
by investment trust companies are now exempt from VAT and in due course the
Company will receive, via the Manager, refunds of some of the VAT borne in past
years and up to September 2007.  To the extent that recovery is certain, the
Company is required by the accounting rules to recognise the amount in the
Income Statement and Balance Sheet.  This has been done by including the amount
that the Company is certain of receiving in due course, £1,749,000, as a
negative cost, allocated between capital and revenue in the proportions in which
it was originally expensed.  Eventually the Company may recover more of the VAT
borne in past years but there are currently many uncertainties and the timetable
to conclusion of this issue will be a long one.  Note 2 to the financial
statements explains the position in more detail.












                                                                    Page 2 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007



+*Interim Management Report, continued



Share buy-backs

During the half year a total of 2.8 million shares were bought back and
cancelled, representing 3.2% of the issued share capital at 31 May 2007.  The
Board will continue to buy back shares when to do so helps to maintain an
orderly market and is in the interests of the shareholders generally.



Risks and uncertainties

The principal risks and uncertainties facing the Company relate to its activity
of investing in the shares of smaller companies.  Although the Company invests
entirely in securities that are quoted on recognised markets, share prices may
move rapidly and it may not be possible to realise an investment at the
Manager's assessment of its value.  The Company is exposed to gearing risk in
that its borrowings, £20 million of which are fixed debt, increase the
shareholders' exposure to equities.  The Company is also exposed to the
operational risk that one or more of its suppliers may not provide the required
level of service.



Investment activity and outlook

The 60 largest companies in the portfolio are listed on page 11.   Most of the
corporate news from the investments has remained good and the reporting season
has been generally positive, although by definition company results are a
backwards looking indicator.  The stockmarket's strong start to the year
evaporated in the summer as the 'credit crunch' took hold and confidence over
the prospects for the global economy steadily worsened.  Markets have become
increasingly volatile in recent months, with individual share prices prone to
large swings.  There has been a move by investors away from smaller and mid cap
companies to larger companies and more defensive investment areas.  The
short-term outlook is uncertain and investor confidence is low. However, real
pockets of value are starting to appear, even though corporate profitability
will be under pressure in 2008.  Careful stock selection will be of paramount
importance in the coming year.









                                                                    Page 3 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007



Consolidated Income Statement
for the half year ended 30 November 2007

                                        (Unaudited)                      (Unaudited)                       (Audited)
                                      Half year ended                  Half year ended                     Year ended
                                      30 November 2007                 30 November 2006                   31 May 2007
                                 Revenue    Capital               Revenue    Capital               Revenue    Capital
                          return     return      Total     return     return      Total     return     return      Total
                           £'000      £'000      £'000      £'000      £'000      £'000      £'000      £'000      £'000

Investment income          3,069          -      3,069      3,202          -      3,202      6,654          -      6,654
Other income                  60          -         60         99          -         99        148          -        148
(Losses)/gains on investments
held at
  fair value through profit    -   (58,408)   (58,408)          -     38,181     38,181          -     97,162     97,162
or loss

                      ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------  ---------

Total income               3,129   (58,408)   (55,279)      3,301     38,181     41,482      6,802     97,162    103,964

Expenses
Management fees            (666)          -      (666)      (660)          -      (660)    (1,342)          -    (1,342)
Provision for 
performance fee               -          -          -          -    (1,167)    (1,167)          -    (2,350)    (2,350)
Write-back of VAT 
(note 2)                  1,312        437      1,749          -          -          -          -          -          -
Other expenses             (197)          -      (197)      (182)          -      (182)      (371)          -      (371)
                      --------- ---------- ----------  --------- ---------- ---------- ---------- ---------- ----------
Profit/(loss) 
before finance
costs and
  taxation                3,578   (57,971)   (54,393)      2,459     37,014     39,473      5,089     94,812     99,901
Finance costs            (1,670)          -    (1,670)    (1,552)          -    (1,552)    (3,133)          -    (3,133)
                      ---------   --------   --------  ---------   --------   --------  ---------  ---------  ---------

Profit/(loss) 
before taxation           1,908   (57,971)   (56,063)        907     37,014     37,921      1,956     94,812     96,768
Taxation                      -          -          -          -          -          -          -          -          -
                      --------- ---------- ----------  --------- ---------- ----------  ---------  ---------  ---------
Profit/(loss) for 
the period                1,908   (57,971)   (56,063)        907     37,014     37,921      1,956     94,812     96,768
                      ========= ========== ==========  ========= ========== ==========  =========  =========  =========

Earnings/(loss) 
per ordinary               2.28p   (69.26)p   (66.98)p      0.94p     38.40p     39.34p      2.12p    102.59p    104.71p
share (note 3)
                      ========= ========== ==========  ========= ========== ==========  =========  =========  =========


The total column of this statement represents the Group's Income Statement,
prepared in accordance with IFRS.  The revenue return and capital return columns
are supplementary to this and are prepared under guidance published by the
Association of Investment Companies.



All items in the above statement derive from continuing operations.



All income is attributable to the equity holders of The Henderson Smaller
Companies Investment Trust plc, the parent company.

There are no minority interests.








                                                                    Page 4 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Consolidated Statement of Changes in Equity
for the half year ended 30 November 2007


                                                                 (Unaudited)
                                                      Half year ended 30 November 2007


                                          Ordinary         Capital         Other
                                             share      redemption       capital     Revenue
                                           capital         reserve      reserves     reserve       Total
                                             £'000           £'000         £'000       £'000       £'000
Balance at 31 May 2007                      21,657          23,759       287,650       6,634     339,700
Buy-backs of ordinary shares                 (689)             689       (8,597)           -     (8,597)
(Loss)/profit for
  the period after taxation                      -               -      (57,971)       1,908    (56,063)
Ordinary dividend paid                           -               -             -     (1,433)     (1,433)
                                        ----------      ----------    ----------  ----------  ----------
Balance at 30 November 2007                 20,968          24,448       221,082       7,109     273,607
                                        ==========      ==========    ==========  ==========  ==========


                                                                 (Unaudited)
                                                      Half year ended 30 November 2006


                                          Ordinary         Capital         Other
                                             share      redemption       capital     Revenue
                                           capital         reserve      reserves     reserve       Total
                                             £'000           £'000         £'000       £'000       £'000
Balance at 31 May 2006                      25,047          20,369       229,525       6,012     280,953
Buy-backs of ordinary shares               (2,716)           2,716      (28,109)           -    (28,109)
Profit for the period after taxation             -               -        37,014         907      37,921
Ordinary dividend paid                           -               -             -     (1,337)     (1,337)
                                        ----------      ----------    ----------  ----------  ----------
Balance at 30 November 2006                 22,331          23,085       238,430       5,582     289,428
                                        ==========      ==========    ==========  ==========  ==========

                                                                  (Audited)
                                                           Year ended 31 May 2007


                                          Ordinary         Capital         Other
                                             share      redemption       capital     Revenue
                                           capital         reserve      reserves     reserve       Total
                                             £'000           £'000         £'000       £'000       £'000
Balance at 31 May 2006                      25,047          20,369       229,525       6,012     280,953
Buy-backs of ordinary shares               (3,390)           3,390      (36,687)           -    (36,687)
Profit for the year after taxation               -               -        94,812       1,956      96,768
Ordinary dividend paid                           -               -             -     (1,334)     (1,334)
                                        ----------      ----------    ----------  ----------  ----------
Balance at 31 May 2007                      21,657          23,759       287,650       6,634     339,700
                                        ==========      ==========    ==========  ==========  ==========



                                                                    Page 5 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Consolidated Balance Sheet
at 30 November 2007


                                                             (Unaudited) 30        (Unaudited)     (Audited)
                                                              November 2007   30 November 2006   31 May 2007
                                                                      £'000              £'000         £'000
Non-current assets
Investments held at fair value through
   profit or loss                                                   307,619            331,409       380,616
                                                                -----------        -----------   -----------
Current assets
Sales for future settlement                                             553              1,027           474
Taxation recoverable                                                     12                 12            12
Prepayments and accrued income                                          479                549         1,441
Cash and cash equivalents                                               362                614         1,360
Other debtors                                                         1,754                  7             5
                                                                 ----------         ----------    ----------
                                                                      3,160              2,209         3,292
                                                                 ----------         ----------    ----------

Total assets                                                        310,779            333,618       383,908
                                                                 ----------         ----------    ----------
Current liabilities
Purchases for future settlement                                       (379)              (969)       (1,531)
Accruals                                                              (269)            (1,712)       (2,622)
Bank loans and overdrafts                                          (16,520)           (21,500)      (20,046)
                                                                 ----------         ----------    ----------
                                                                   (17,168)           (24,181)      (24,199)
                                                                 ----------         ----------    ----------


Total assets less current liabilities                               293,611            309,437       359,709



Non-current liabilities                                            (20,004)           (20,009)      (20,009)

                                                                 ----------        -----------   -----------
Net assets                                                          273,607            289,428       339,700
                                                                 ==========        ===========   ===========



Equity attributable to equity shareholders

Called up share capital                                              20,968             22,331        21,657
Capital redemption reserve                                           24,448             23,085        23,759
Retained earnings:
  Other capital reserves                                            221,082            238,430       287,650
  Revenue reserve                                                     7,109              5,582         6,634
                                                                 ----------         ----------    ----------
Total equity                                                        273,607            289,428       339,700
                                                                 ==========        ===========   ===========

Net asset value per ordinary share (note 6)                          326.2p             324.0p        392.1p
                                                                 ==========        ===========   ===========




                                                                    Page 6 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Consolidated Cash Flow Statement
for the half year ended 30 November 2007


                                                                    (Unaudited)       (Unaudited)     (Audited)
                                                                Half year ended   Half year ended          Year
                                                               30 November 2007  30 November 2006         ended
                                                                                                    31 May 2007
                                                                          £'000             £'000         £'000

Net cash inflow from operating  activities      (note 7)                 12,541            26,240        37,309
                                                                     ----------        ----------    ----------

Net cash inflow before use of financing                                  12,541            26,240        37,309

Net cash outflow from financing activities                             (13,539)          (26,582)      (36,903)
                                                                     ----------        ----------   -----------

Net (decrease)/increase in cash and cash
  equivalents                                                             (998)             (342)           406
Cash and cash equivalents at the start
  of the period                                                           1,360               958           958
Exchange movements                                                            -               (2)           (4)
                                                                      ---------         ---------     ---------
Cash and cash equivalents at the
  period end                                                                362               614         1,360
                                                                      =========         =========     =========




                                                                    Page 7 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007



Notes to the Finanical Statements


1.     Accounting policies - basis of preparation

       The condensed set of financial statements has been prepared using the same accounting policies as are set
       out in the Company's Report and Accounts for the year ended 31 May 2007 and in accordance with IAS 34.


       The condensed set of financial statements has not been either audited or reviewed by the Company's
       auditors.



2.     VAT on management fees

       In 2004 the Association of Investment Companies (the 'AIC'), together with JPMorgan  Claverhouse
       Investment Trust plc, launched a case against HM Revenue & Customs ('HMRC') to challenge whether Value
       Added Tax ('VAT') should be charged on fees paid for management services provided to investment trust
       companies. On 28 June 2007 the European Court of Justice delivered its judgement on the case in favour of
       the AIC.



       Since then HMRC has accepted that the provision of investment management services to investment trust
       companies is VAT exempt and has acknowledged its liability to pay claims in respect of VAT borne by
       investment companies.  The Manager (Henderson Global Investors Limited) will now be able to reclaim from
       HMRC the amount of VAT charged to the Company in respect of investment management services from 1 October
       2000 to 30 September 2007, to the extent that such VAT was paid by the Manager to HMRC.  VAT has not been
       applied to investment management fees invoiced since September 2007.



       Accordingly, VAT borne by the Company on investment management fees invoiced in the period from 1 October
       2000 to 30 September 2007 has been written back, in accordance with an agreement reached between the
       Manager and the Company.  An amount of £1,749,000 has been recognised, reflecting the extent to which
       recovery by the Company is considered to be certain.  The write-back has been allocated between revenue
       return and capital return according to the allocation of the amounts originally paid.



       The Company may be able to recover further amounts of the VAT charged on investment management fees back
       to 1990, in particular in respect of the period from 1 January 1990 to 4 December 1996 (and subject to
       the outcome of a different case currently before the UK courts).  However, the Board considers that
       currently there are too many uncertainties for any reasonable estimate of the amounts potentially
       recoverable to be calculated.



       The Company will receive from the Manager any interest paid by HMRC on the amounts eventually recovered.










                                                                    Page 8 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Notes to the Financial Statements, continued


3.    Earnings per ordinary share

      The earnings per ordinary share figure is based on the net loss for the half year of £56,063,000 (half
      year ended 30 November 2006: gain of £37,921,000; year ended 31 May 2007: gain of £96,768,000) and on
      83,696,713 (half year ended 30 November 2006: 96,379,521; year ended 31 May 2007: 92,418,217) ordinary
      shares, being the weighted average number of ordinary shares in issue during the period.



      The earnings per ordinary share figure detailed above can be further analysed between revenue and
      capital, as below.


                                                     (Unaudited)          (Unaudited)               (Audited)
                                                30 November 2007     30 November 2006             31 May 2007
                                                           £'000                £'000                   £'000
        Net revenue profit                                 1,908                  907                   1,956
        Net capital (loss)/profit                       (57,971)               37,014                  94,812
                                                      ----------           ----------              ----------
        Net total (loss)/profit                         (56,063)               37,921                  96,768
                                                      ==========           ==========              ==========
        Weighted average number of
          ordinary shares in issue during
          the period                                  83,696,713           96,379,521              92,418,217


                                                           Pence                Pence                   Pence

        Revenue earnings per ordinary
          share                                             2.28                 0.94                    2.12
        Capital (loss)/earnings per
          ordinary share                                 (69.26)                38.40                  102.59
                                                       ---------            ---------               ---------
        Total (loss)/earnings per
          ordinary share                                 (66.98)                39.34                  104.71
                                                      ==========           ==========              ==========






                                                                    Page 9 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007



Notes to the Financial Statements, continued


4.     Dividends

       The Company has not declared an interim dividend (2006: nil).



       The final dividend of 1.70p per ordinary share, paid in respect of the year ended 31 May 2007, has been
       recognised as a distribution in the period.

5.     Ordinary share capital

       At 30 November 2007 there were 83,871,030 ordinary shares in issue (30 November 2006: 89,323,030; 31 May
       2007: 86,626,030).  During the half year ended 30 November 2007 the Company bought 2,755,000 of its own
       issued ordinary shares in the market for cancellation (half year ended 30 November 2006: 10,863,252; year
       ended 31 May 2007: 13,560,252).  The cost of the share buy-backs, including stamp duty, amounted to
       £8,597,000 (half year ended 30 November 2006: £28,109,000; year ended 31 May 2007: £36,687,000).

6.     Net asset value per share

       The net asset value per ordinary share is based on the net assets attributable to equity shareholders of
       £273,607,000 (30 November 2006: £289,428,000; 31 May 2007: £339,700,000) and on 83,871,030 (30 November
       2006: 89,323,030; 31 May 2007: 86,626,030) ordinary shares, being the number of ordinary shares in issue
       at the period end.


7.     Reconciliation of the profit before taxation to net cash inflow from operating activities

                                                                   (Unaudited)       (Unaudited)    (Audited)
                                                               Half year ended   Half year ended   Year ended
                                                              30 November 2007  30 November 2006  31 May 2007
                                                                         £'000             £'000        £'000

       (Loss)/profit before taxation                                  (56,063)            37,921       96,768
       Losses/(gains) on investments held at fair
         value through profit or loss                                   58,408          (38,181)     (97,162)
       (Decrease)/increase in purchases for future
         settlement creditor                                           (1,152)               801        1,363
       (Increase)/decrease in sales for
         future settlement debtor                                         (79)              (59)          494
       Net sales of investments                                         14,587            24,437       34,213
       Decrease/(increase) in other receivables                            962               739        (158)
       Increase in other debtors                                       (1,749)                 -            -
       (Decrease)/increase in accruals                                 (2,373)               584        1,793
       Taxation on investment income                                         -               (2)          (2)
                                                                     ---------         ---------    ---------
                                                                        12,541            26,240       37,309
                                                                     =========         =========    =========


                                                                   Page 10 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Notes to the Financial Statements, continued




8.    Transaction costs

      Purchase transaction costs for the half year ended 30 November 2007 were £144,000 (half year ended 30
      November 2006: £109,000; year ended 31 May 2007: £273,000). These comprise mainly stamp duty and commission.
      Sale transaction costs for the half year ended 30 November 2007 were £72,000 (30 November 2006: £67,000;
      year ended 31 May 2007: £138,000).


9.    Comparative information

      The financial information contained in this half-yearly financial report does not constitute statutory
      accounts as defined in section 240 of the Companies Act 1985.  The financial information for the half years
      ended 30 November 2007 and 30 November 2006 has not been audited.



      The information for the year ended 31 May 2007 has been extracted from the statutory accounts, which have
      been filed with the Registrar of Companies.  The report of the auditors on those accounts was unqualified
      and contained no statement under either section 237(2) or (3) of the Companies Act 1985.


10.   Financial Report for the half year ended 30 November 2007

      The full half year report will be posted to shareholders in early February 2008 and copies will be
      available thereafter from the Secretary at the Company's Registered Office, 4 Broadgate, London EC2M 2DA.












                                                 Page 11 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





Notes to the Financial Statements, continued



Investment Portfolio

at 30 November 2007
                                Valuation at                                         Valuation at     
                                 30 November                                          30 November
                                        2007         % of                                    2007          % of
                                       £'000    portfolio                                   £'000     portfolio         
                                 
W S Atkins                            15,428         5.01 Grainger Trust                    3,214          1.04
WSP                                   11,868         3.86 Big Yellow                        3,203          1.04
Informa                               10,422         3.39 Capital & Regional
Interserve                             7,792         2.53 Properties                        3,187          1.04
Balfour Beatty                         7,442         2.42 RPS Group                         3,171          1.03
Laird                                  6,804         2.21 Ultra Electronic                  2,970          0.96
Spectris                               6,711         2.18 Babcock International             2,832          0.92
Domino Printing                        6,143         2.00 Southern Cross
Bellway                                5,820         1.89  Healthcare                       2,738          0.89
Intermediate Capital                   5,430         1.77 Chemring                          2,731          0.89
                                  ----------     -------- Restaurant Group                  2,725          0.89
10 largest                            83,860        27.26 Meggitt                           2,665          0.86
                                                                                         --------    ----------
                                                          40 largest                      191,164         62.13

Carillion                              4,995         1.63 Aveva                             2,602          0.85
VT Group                               4,963         1.61 SIG                               2,594          0.84
Mouchel Parkman                        4,743         1.54 Dana Petroleum                    2,584          0.84
Wellstream                             4,502         1.46 Savills                           2,451          0.80
CSR                                    4,423         1.44 Headlam                           2,417          0.79
*Synergy Healthcare                    4,409         1.43 *Playtech                         2,326          0.76
BSS Group                              4,114         1.34 John Wood                         2,299          0.75
Enodis                                 4,011         1.31 Fidessa                           2,249          0.73
Victrex                                3,936         1.28 EAGA                              2,128          0.69
Gyrus                                  3,760         1.22 NCC Group                         2,118          0.69
                                   ---------     --------                            ------------   -----------
20 largest                           127,716        41.52 50 largest                      214,932         69.87

Anite                                  3,697         1.20 Forth Ports                       2,093          0.68
Premier Oil                            3,694         1.20 Euromoney
Bovis Homes                            3,479         1.13 Institutional                     2,021          0.66
                                                          Investor
Shaftesbury                            3,435         1.12 Venture Productions               1,990          0.65
Charter                                3,366         1.09 Croda International               1,980          0.64
Rotork                                 3,344         1.09 Chloride                          1,942          0.63
Phoenix                                3,273         1.06 Gem Diamonds                      1,938          0.63
International Ferro                                       *IBS Opensystems                  1,920          0.62
  Metals                               3,256         1.06 Imperial Energy                   1,894          0.62
Expro International                    3,248         1.05 Keller                            1,870          0.61
e2v Technology                         3,220         1.05 Greene King                       1,843          0.60
                                 -----------     --------                             -----------   -----------
30 largest                           161,728        52.57 60 largest                      234,423         76.21
                                                                                      ===========   ===========

* quoted on the Alternative Investment Market


                                                                   Page 12 of 12



              THE HENDERSON SMALLER COMPANIES INVESTMENT TRUST PLC
           Unaudited results for the half year ended 30 November 2007





For further information please contact:



Neil Hermon
The Henderson Smaller Companies Investment Trust plc
Telephone: 020 7818 4351


or


Theresa Wat
The Henderson Smaller Companies Investment Trust plc
Telephone: 020 7818 4644


or


James de Sausmarez
Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349


or


Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198




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