JPMorgan European Smaller Companies Trust plc announced unaudited earnings results for the six months ended September 30, 2014. For the period, gross loss was £67,382,000, net loss on ordinary activities before finance costs and taxation was £70,010,000, net loss on ordinary activities before taxation was £70,593,000 and net loss on ordinary activities after taxation was £71,344,000 or 44.55 pence per share against gross return of £61,464,000, net return on ordinary activities before finance costs and taxation of £59,154,000, net return on ordinary activities before taxation of £58,771,000 and net return on ordinary activities after taxation of £58,387,000 or 33.37 pence per share for the same period a year ago. Net asset value per share was 224.4 pence against 227.2 pence a year ago.

Net debt at the end of the period was £30,169,000 against £48,735,000 a year ago. Net cash inflow from operating activities was £3,798,000 against £4,024,000 a year ago.