Interim Results

JPMorgan Fleming Smaller Cos IT PLC 29 March 2006 STOCK EXCHANGE ANNOUNCEMENT JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS The Directors of JPMorgan Fleming Smaller Companies Investment Trust plc announce the Company's preliminary results for the six months ended 31st January 2006. Performance Once again I have great pleasure in reporting a very strong period of outperformance of the Company's net asset value and share price. Over the six month period to 31st January 2006, the Company's net asset value rose by 28.0% in total return terms compared with the 14.9% total return recorded by the Company's benchmark index, the FTSE Small Cap Index (excluding investment trusts). The return to shareholders over the period was 34.3% as the discount of the share price to net asset value reduced from 18.6% to 13.1%. The Company repurchased 250,000 of its shares over the six month period at an average discount of 16.5%. The impressive outperformance achieved by the investment management team is to be commended as it is, in the main, derived from their stock and sector picking abilities. Gearing remained at an average of just over 7% throughout the review period. This reflects the Board's belief that a cautious approach to gearing is appropriate. The Board Due to increased commitments, David Thompson has decided to step down as a Director of the Company with effect from 31st March 2006 after being on the Board for four years. His wisdom, humour and wise counsel will be considerably missed and we wish him well in his new venture. Outlook When I look back to last year's interim statement the outlook section looks very similar to the position we are in today. The UK stock market has remained resilient and smaller companies have had another year of strong returns. The investment managers believe that high levels of liquidity and corporate activity are underpinning the market and whilst there are concerns about the indebted consumer and rising commodity prices, opportunities still exist for productive investment. Strone Macpherson Chairman 29th March 2006 For further information, please contact: Andrew Norman For and on behalf of JPMorgan Asset Management (UK) Limited - Secretary 020 7742 6000 JPMorgan Fleming Smaller Companies Investment Trust plc Unaudited figures for the six months ended 31 January 2006 Income Statement (Unaudited) Six months to 31 January 2006 Six months to 31 January 2005 Year to 31 July 2005 (restated)1 Revenue Capital Total Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 Realised (losses)/gains on investments - (744) (744) - 409 409 - 3,227 3,227 Unrealised gains on - 24,046 24,046 - 17,233 17,233 - 22,394 22,394 investments Other capital charges - (4) (4) - (4) (4) - (12) (12) UK investment income 776 - 776 811 - 811 1,714 - 1,714 Scrip dividends - - - 8 - 8 8 - 8 Deposit interest 3 - 3 20 - 20 27 - 27 Underwriting commission 5 - 5 - - - 1 - 1 _______ ________ _______ ______ _______ ________ _______ _______ _______ Gross revenue and capital 784 23,298 24,082 839 17,638 18,477 1,750 25,609 27,359 returns Management fee (248) (248) (496) (200) (200) (400) (424) (424) (848) Other administrative (102) - (102) (106) - (106) (243) - (243) expenses _______ ________ _______ ______ _______ ________ _______ _______ _______ Net return before finance costs and taxation 434 23,050 23,484 533 17,438 17,971 1,083 25,185 26,268 Finance costs (87) (87) (174) (74) (74) (148) (180) (180) (360) _______ _______ _______ ______ _______ _______ _______ _______ _______ Net return before taxation 347 22,963 23,310 459 17,364 17,823 903 25,005 25,908 Taxation - - - - - - - - - ______ _______ _______ ______ _______ ______ _______ _______ _______ Net return 347 22,963 23,310 459 17,364 17,823 903 25,005 25,908 Net return attributable to ordinary shareholders 347 22,963 23,310 459 17,364 17,823 903 25,005 25,908 ______ _______ _______ ______ _______ _______ ______ _______ ______ Return per ordinary share 1.47p 97.41p 98.88p 1.81p 68.53p 70.34p 3.62p 100.41p 104.03p 1The results for the year ended 31st July 2005 have been restated in accordance with Financial Reporting Standards 21,25 and 26. As the Company did not declare and distribute an interim dividend for the half year ended 31st January 2005 it is not necessary for the interim results ended 31st January 2005 to be restated in accordance with Financial Reporting Standards 21. JPMorgan Fleming Smaller Companies Investment Trust plc Unaudited figures for the six months ended 31 January 2006 Reconciliation of Movements in Shareholders' Funds (Unaudited) Capital Capital Capital Share redemption Share reserve reserve Revenue Capital reserve premium realised unrealised reserve Total £'000 £'000 £'000 £'000 £'000 £'000 £'000 At 31st July 2004 (as restated) 6,354 312 18,360 33,576 14,487 1,128 74,217 Net capital return from ordinary - - - 9,352 15,653 - 25,005 activities Net revenue return from ordinary - - - - - 903 903 activities Shares bought back and cancelled (368) 368 - (4,419) - - (4,419) Add final dividend declared for 2005 - - - - - (953) (953) _______ ________ _______ _______ _______ _______ ________ At 31st July 2005 (as restated) 5,986 680 18,360 38,509 30,140 1,078 94,753 Net capital return from ordinary - - - 2,593 20,370 - 22,963 activities Net revenue return from ordinary - - - - - 347 347 activities Dividends appropriated in the year - - - - - (880) (880) Shares bought back and cancelled (117) 117 - (1,629) - - (1,629) _______ ________ _______ _______ _______ _______ ________ At 31st January 2006 5,869 797 18,360 39,473 50,510 545 115,554 JPMorgan Fleming Smaller Companies Investment Trust plc Unaudited figures for the six months ended 31 January 2006 BALANCE SHEET 31st January 2006 31st January 2005 31st July 2005 (restated) £'000 £'000 £'000 Investments at fair value through profit or loss 123,569 96,479 100,882 Net current liabilities (8,015) (874) (6,129) _______ _______ _______ Total assets less current liabilities 115,554 95,605 94,753 Loan - (5,600) - _______ _______ _______ Total net assets 115,554 90,005 94,753 ===== ===== ===== Net asset value per ordinary share 492.2p 359.8p 395.7p CASH FLOW STATEMENT 2006 2005 2005 £'000 £'000 £'000 Net cash inflow from operating activities 140 327 719 Net cash outflow from returns on investments and servicing of finance (214) (148) (392) Net cash inflow from capital expenditure and financial investment 1,483 73 3,102 Total equity dividends paid (880) (953) (953) Net cash inflow/(outflow) from financing 101 (784) (4,099) _______ ______ ______ Increase/(decrease) in cash for the period 630 (1,485) (1,623) ===== ==== ==== The results for the year ended 31st July 2005 have been restated in accordance with Financial Reporting Standards 21,25 and 26. As the Company did not declare and distribute an interim dividend for the half year ended 31st January 2005 it is not necessary for the interim results ended 31st January 2005 to be restated in accordance with Financial Reporting Standards 21. The above financial information does not constitute statutory accounts as defined in Section 240 of the Companies Act 1985. Statutory accounts for the year ended 31st July 2005 have been delivered to the Registrar of Companies. JPMORGAN ASSET MANAGEMENT (UK) LIMITED 29th March 2006 This information is provided by RNS The company news service from the London Stock Exchange

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