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Henderson Smllr Cos (HSL)

  Print      Mail a friend       Annual reports

Tuesday 17 July, 2001

Henderson Smllr Cos

Final Results

Henderson Smaller Cos Inv Tst PLC
17 July 2001

17 July 2001


      Unaudited Preliminary Group Results for the year ended 31 May 2001

    Extracts from the Chairman's Statement:

Last year we warned shareholders of stockmarket volatility. Unfortunately my
predictions proved correct. I share the disappointment that our valuations are
now considerably lower than a year ago. Valuations overall have been
considerably lower following the downturn in technology stocks, with the drop
in our performance as much due to overvaluations last year as revaluations

The essence of our philosophy is the emphasis on growth, not on technology as
such. We differ from others in taking a long-term view and running our
winners. The fundamentals of our approach have been reviewed, and we are
convinced they remain sound. We will, however, be more ready to realise
profits, especially when stocks enter the FTSE 100.

Board membership
During the year Sally Davis joined the board as a non-executive director,
bringing us hands-on experience of three e-business disciplines - publishing,
cable and telecoms. Our deputy chairman Eric Elstob will retire after the AGM.
The trust has gained from the shrewd contribution he has made for more than 20
years and we shall miss him.

The growth companies we invest in tend to retain the bulk of their earnings.
Capital growth, not income, is our priority. In general we expect to pay only
nominal dividends, and propose for this year a single and final dividend of




      Unaudited Preliminary Group Results for the year ended 31 May 2001

Share buy-backs
We continue to monitor our discount. During the year we purchased 8.3m shares
for cancellation at a favourable discount which increased value for

Top companies of the future exist today in embryo. We are excellently placed
to find these quality growing businesses, but warn of continued volatility in
individual stocks. This reflects the economic slowdown which is migrating
across Europe from the US. The possibility of making outstanding investments
in new generation companies has not disappeared, and our confidence that we
will deliver strong returns for our investors over the long term remains

P H G Cadbury


16 July 2001




      Unaudited Preliminary Group Results for the year ended 31 May 2001

Group Statement of Total Return (incorporating the consolidated revenue
                                  Year ended 31 May 2001                ended 31
                                                                        May 2000
                          Revenue   Capital     Total   Revenue Capital    Total
                            £'000     £'000     £'000    £'000    £'000    £'000
Total capital (losses)/         - (162,352) (162,352)        -  187,318  187,318
gains from investments

Income from fixed asset     4,506        -      4,506    5,630        -    5,630

Other interest receivable     926        -        926    1,589        -    1,589
and similar income
                         --------  --------  -------- -------- -------- --------
Gross revenue and capital   5,432 (162,352) (156,920)    7,219  187,318  194,537

Management fee            (3,022)        -    (3,022)  (2,400)       -   (2,400)

Other administrative        (344)        -      (344)    (405)       -     (405)

Irrecoverable VAT           (512)        -      (512)    (248)       -     (248)
                         --------  --------  -------- -------- -------- --------
Net return/(loss) on
ordinary activities
before interest payable     1,554 (162,352) (160,798)    4,166 187,318   191,484
and taxation

Interest payable          (2,123)        -    (2,123)  (2,177)       -   (2,177)
                         --------  --------  -------- -------- -------- --------
Net (loss)/return on
ordinary activities
before taxation             (569) (162,352) (162,921)    1,989 187,318   189,307

Taxation on net return on      -        -         -       (30)       -      (30)
ordinary activities
                         --------  --------  -------- -------- -------- --------
Net (loss)/return on
ordinary activities after
taxation                    (569) (162,352) (162,921)    1,959 187,318   189,277

                         --------  --------  -------- -------- -------- --------
Dividends - ordinary
shares (note 3)

Interim: nil (2000: nil)       -         -         -        -       -          -

Final: 0.50p (2000: 0.50p)  (810)        -      (810)    (725)      -      (725)
                         --------  --------  -------- -------- -------- --------
                            (810)        -      (810)    (725)      -      (725)
                         --------  --------  -------- -------- -------- --------

Transfer (from)/to        (1,379) (162,352) (163,731)    1,234 187,318   188,552
                            =====     =====     =====    =====   =====     =====

(Loss)/return per ordinary
share (note 1)            (0.34)p   (95.91)p  (96.25)p    1.14p 108.80p  109.94p
                            =====     =====     =====    =====   =====     =====

The revenue columns of this statement represent the consolidated revenue
accounts of the Group (note 4).

                                   - MORE -



      Unaudited Preliminary Group Results for the year ended 31 May 2001

Balance Sheets                                    Group   Group Company Company

                                                   2001    2000    2001    2000

                                                  £'000   £'000   £'000   £'000
Fixed asset investments
Listed investments at market value:
United Kingdom                                  518,103 663,334 518,103 663,334
Overseas                                              -   2,705       -   2,705
                                                ------- ------- ------- -------
                                                518,103 666,039 518,103 666,039

AIM investments at market value                  30,036  40,825  30,036  40,825
Unquoted investments at directors' valuation      2,250   5,100   2,250   5,100
Subsidiary undertaking                                -       -   3,960   4,619
                                                ------- ------- ------- -------
                                                550,389 711,964 554,349 716,583
                                                ------- ------- ------- -------
Current assets
Debtors                                           1,370   6,730   2,066   6,725
Cash at bank and short term deposits             16,876  32,654  15,785  31,623
                                                ------- ------- ------- -------
                                                 18,246  39,384  17,851  38,348
Creditors: amounts falling due within one year (15,434) (9,378)(18,999)(12,961)
                                                ------- ------- ------- -------
Net current assets/(liabilities)                  2,812  30,006 (1,148)  25,387
                                                ------- ------- ------- -------
Total assets less current liabilities           553,201 741,970 553,201 741,970

Creditors: amounts falling due after more than (20,000)(20,000)(20,000)(20,000)
one year
                                                ------- ------- ------- -------
Total net assets                                533,201 721,970 533,201 721,970
                                                  =====   =====   =====   =====

Capital and reserves
Called up share capital                          40,531  42,602  40,531  42,602
Other capital reserves                          487,028 672,347 490,988 676,967
Revenue reserve                                   5,642   7,021   1,682   2,401
                                                ------- ------- ------- -------

Shareholders' funds (including non-equity
interests of £9,000; 2000: £9,000)              533,201 721,970 533,201 721,970
                                                  =====   =====   =====   =====

Net asset value per ordinary share               328.9p  423.8p  328.9p  423.8p
                                                  =====   =====   =====   =====




      Unaudited Preliminary Group Results for the year ended 31 May 2001

Group Cash Flow Statement                          2001    2001    2000    2000
                                                  £'000   £'000   £'000   £'000

Net cash inflow from operating activities                 1,284           4,271

Servicing of finance
Debenture interest paid                         (3,150)         (2,100)
Bank overdraft and loan interest paid              (23)            (76)
                                               --------         --------

Net cash outflow from servicing of finance              (3,173)         (2,176)

UK tax recovered                                     10              55
Overseas tax recovered                               33             155
                                               --------         --------
Net tax recovered                                            43             210

Financial investment
Purchases of investments                       (117,448)      (344,395)
Sales of investments                            129,405         385,384
                                               --------         --------
Net cash inflow from financial investment                11,957           40,989

Equity dividends paid                                     (852)          (4,234)

Management of liquid resources
Cash withdrawn from/(placed on) deposit                  10,000         (10,000)

Purchase of ordinary shares                            (25,038)         (21,589)
                                                       --------         --------
(Decrease)/increase in cash                             (5,779)            7,471
                                                          =====           =====
Reconciliation of net cash flow to movements in net
(Decrease)/increase in cash as above                    (5,779)            7,471
Cash (inflow)/outflow from management of liquid        (10,000)           10,000
                                                       --------         --------
Change in net (debt)/funds resulting from cash         (15,779)           17,471
Exchange movements                                            1            (320)
                                                       --------         --------
Movement in net funds in the year                      (15,778)           17,151
Net funds/(debt) as at 1 June                            12,654          (4,497)
                                                       --------         --------
Net (debt)/funds at 31 May                              (3,124)           12,654
                                                          =====           =====




      Unaudited Preliminary Group Results for the year ended 31 May 2001


1.      (Loss)/return per ordinary share

        Capital (loss)/return per ordinary share is based on net capital
        losses for the year of £162,352,000 (2000: net capital gains of 
        £187,318,000) and on the weighted average number of ordinary shares in
        issue during the year of 169,276,109 (2000: 172,168,289).

        Revenue (loss)/return per ordinary share is based on the losses
        attributable to the ordinary shares of £569,000 (2000: earnings of 
        £1,959,000) and on the weighted average number of ordinary shares in
        issue during the year of 169,276,109 (2000: 172,168,289).

2.      Issued Share Capital

        There were 162,089,094 shares of 25p in issue at 31 May 2001 (31 May
        2000: 170,371,070).

3.      Dividend

        The recommended final dividend of 0.5p per ordinary share,
        subject to approval at the Annual General Meeting, will be paid on 1
        October 2001 to shareholders on the register at the close of business
        on 7 September 2001.

        The dividend paid in respect of the year ended 31 May 2000, at 0.5p
        per ordinary share, amounted to £852,000. The buy-backs of the
        Company's ordinary shares, after 31 May 1999 but before the record
        date of the final dividend for the year ended on that date, resulted
        in a write-back of £127,000 for dividends accrued in the year ended 31
        May 1999 but not in the event payable. The £725,000 shown is the sum
        of these two figures.

4.      Basis of consolidation

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

5.      Loss of investment company status

        A technical consequence of the Company's share buy-backs is that the
        Company ceased in July 1999 to be an investment company within the
        meaning of section 266 of the Companies Act 1985. However, it
        continued to conduct its affairs as an investment trust for taxation
        purposes under section 842 of the Income and Corporation Taxes Act
        1988, and the Articles of Association of the Company prohibit capital
        profits from being distributed by way of dividend. As such the
        directors consider it necessary to continue to present the accounts in
        accordance with the Statement of Recommended Practice Financial
        Statements of Investment Trust Companies (the 'SORP'). Under the SORP,
        the financial performance of the Group is presented in a statement of
        total return in which the revenue column is the profit and loss
        account of the Group. The revenue column excludes net losses on
        disposals of investments, calculated by reference to their previous
        carrying amount of £6,485,000

                                       - MORE -

                                        - 7 -


          Unaudited Preliminary Group Results for the year ended 31 May 2001

        (2000: net profit of £107,567,000). Since the Company was not an
        investment company, the Companies Act and/or FRS 3 would ordinarily
        require this amount to be included in the profit and loss account. In
        the opinion of the directors the inclusion of this item in the profit
        and loss account would be misleading because it would obscure and
        distort both the revenue and capital performance of the Group, and
        would not show clearly the revenue profits emerging to be
        distributable by way of dividend.

        The directors therefore consider that these departures from the
        specific provisions of Schedule 4 of the Companies Act relating to the
        form and content of accounts for companies other than investment
        companies and these departures from accounting standards are necessary
        to give a true and fair view. The departures have no effect on total
        return or on the balance sheet.

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

6.      2001 Accounts

        The preliminary figures for the year ended 31 May 2001 are an
        extract from the Group's accounts for that year. These accounts have
        not yet been delivered to the Registrar of Companies, nor have the
        auditors yet reported on them.

7.      2000 Accounts

        The figures and financial information for the year ended 31 May
        2000 are an extract of the latest published accounts 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 section 237(3) of the Companies Act

8.      Annual General Meeting

        The full annual report and accounts will be posted to
        shareholders in late August 2001 and copies will be available
        thereafter from the Secretary at the Company's Registered Office, 4
        Broadgate, London EC2M 2DA. The Annual General Meeting will be held on
        Friday 28 September 2001 at 10.00am.

                                   - ENDS -

        For further information please contact :

        John Alexander 
        The Henderson Smaller Companies Investment Trust plc    
        Telephone: 020 7818 4340    

        Andrew Stack

        The Henderson Smaller Companies Investment Trust plc

        Telephone: 020 7818 4351

        Vicki Staveacre

        Henderson Press Office

        Telephone: 020 7818 4222


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