Interim Management Statement

Shires Smaller Companies PLC
23 April 2008


Shires Smaller Companies plc
Interim Management Statement - 3 months to 31 March 2008


To the members of Shires Smaller Companies plc

This interim management statement has been produced solely to provide additional
information to shareholders as a body to meet the relevant requirements of the
UK Listing Authority's Disclosure and Transparency Rules. It should not be
relied upon by any other party or for any other purpose.


This interim management statement relates to the period from 1 January 2008 to
31 March 2008, and contains information that covers this period, and up to the
date of publication of this interim management statement, unless otherwise
specified.


Investment objective

To provide a high and growing dividend and capital growth from a portfolio
invested principally in the ordinary shares of small companies and UK fixed
income securities.



Benchmark

FTSE SmallCap Index (ex Investment Companies) Total Return


Material events



Ten largest equity holdings at 31 March 2008

                                        % of portfolio
Chesnara                                           3.5
Fisher (James)                                     3.4
Menzies (J)                                        3.2
Highway Insurance Holdings                         2.7
Hill & Smith                                       2.7
F & C Asset Management                             2.4
ATH Resources                                      2.3
Domino's Pizza                                     2.3
Impax                                              2.1
St. Ives                                           2.1
Total                                             26.7
Total number of investments                         70



Sector allocation as at 31 March 2008
                                          %
Industrials                            45.5
Financials                             31.0
Consumer Services                      11.4
Basic Materials                         7.7
Consumer Goods                          1.8
Technology                              1.5
Utilities                               1.1

Total                                 100.0



General description of Company's financial position and performance as at 31
March 2008


                                                     £m
Gross Assets                                         72.9
Net assets                                           41.2

Equity Gearing                                       11.3%
Total gearing                                        77.4%





Cumulative performance (%)*
                                as at     1 month     3 months     6 months    1 year   3 years   5 years
                              31/3/08
Share Price                    152.8p        -6.0        -15.4        -35.5     -44.7     -22.7      73.4
NAV                            186.3p        -8.4        -15.3        -26.3     -34.5      -5.6      89.6
FTSE All-Share                               -6.3        -11.1        -22.2     -29.0       0.9      87.0



Discrete performance (%)*
                                              31/3/08      31/3/07      31/3/06      31/3/05     31/3/04
                                                                                     
Share Price                                     -44.7         17.0         19.6         40.2         60.0
NAV                                             -34.5         14.5         25.8         29.6         54.9
FTSE All-Share                                  -29.0         15.1         23.5         11.4         66.4



Total Return; NAV to NAV net income reinvested.  GBP.  Share price total return
is on a mid-to-mid basis.

Dividend calculations are to reinvest as at the ex-dividend date.

Source: Aberdeen Asset Managers Limited, Factset, Financial Times and
Fundamental Data





On 4 April 2008, the Company mailed out its Annual Report for the year to 31
December 2007. The Annual General Meeting will be held on 30th April 2008 at 12
noon at the offices of Aberdeen Asset Management plc, One Bow Churchyard,
London, EC4M 9HH.



On 14 April 2008 it was announced that Susan Anderson and Phil Webster had been
appointed as co-managers of the Company.



Other than as set out above, the Board is not aware of any significant events or
transactions which have occurred between 31 March 2008 and the date of
publication of this interim management statement which would have a material
impact on the financial position of the Company. For latest performance
information, please refer to the Company's website,
www.shiressmallercompanies.co.uk.



*Please note that past performance is not necessarily a guide to the future and
that the value of investments and the income from them may fall as well as rise.
Investors may not get back the amount they originally invested.



For Shires Smaller Companies plc
Aberdeen Asset Management plc, Secretary
23 April 2008




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