JPMorgan European Smaller Companies Trust plc announced unaudited earnings results for the six months ended September 30, 2013. For the six months, the company announced gains on investments held at fair value through profit of loss was GBP 54,137,000 compared to losses on investments held at fair value through profit of loss of GBP 26,775,000 for the same period a year ago. Net return on ordinary activities before finance costs and taxation was GBP 59,154,000 compared to net loss on ordinary activities before finance costs and taxation of GBP 19,601,000 for the same period a year ago.

Net return on ordinary activities before taxation was GBP 58,771,000 compared to net loss on ordinary activities before taxation of GBP 19,914,000 for the same period a year ago. Net return on ordinary activities after taxation was GBP 58,387,000 or 167.31 pence per share compared to net loss on ordinary activities after taxation of GBP 20,364,000 or 52.75 pence per share for the same period a year ago. Net asset value per share was 1,135.8 pence compared to 804.5 pence for the same period a year ago.

Net cash inflow from operating activities was GBP 4,024,000 compared to GBP 4,123,000 for the same period a year ago. Net debt at the end of the period was GBP 48,735,000 compared to GBP 32,682,000 for the same period a year ago. The company produced a total return on net assets of 17.4%, significantly outperforming the benchmark index, the Euromoney Smaller European Companies (ex UK) Index in sterling terms by 4.3%.