Interim Results

Fleming Smaller Co's Inv. Trust PLC
8 March 2002



               THE FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC


                          STOCK EXCHANGE ANNOUNCEMENT


            PRELIMINARY RESULTS FOR THE HALF YEAR TO 31 JANUARY 2002


The Fleming Smaller Companies Investment Trust plc today announces its
preliminary results for the half year ended 31 January 2002.

Over the period the Company's net asset value per share fell by 7.2% to 264.9p,
exactly in line with the fall in the benchmark, the FTSE SmallCap Index (ex IT),
which also fell by 7.2% over the same period.

The ordinary share price fell by 11.9%.


J. P. Morgan Fleming Asset Management (UK) Limited - Secretary

8th March 2002



For further information please contact:

Fraser Easton
JPMorgan Fleming Asset Management (UK) Limited ...............020 7742 6000


Fleming Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 31 January 2002
Statement of Total Return (Unaudited)


                           Six months to 31 January 2002   Six months to 31 January 2001      Year to 31 July 2001
                             Revenue     Capital     Total   Revenue   Capital      Total   Revenue   Capital     Total
                               £'000       £'000     £'000     £'000     £'000      £'000     £'000     £'000     £'000


Realised losses on                 -     (3,251)   (3,251)         -   (3,613)    (3,613)         -   (8,088)   (8,088)
investments
Net change in unrealised           -     (2,216)   (2,216)         -     2,209      2,209         -  (12,422)  (12,422)
appreciation
Currency losses on cash
and short-term                     -           -         -         -       (4)        (4)         -       (4)       (4)
deposits held during the
period
Franked dividends                759           -       759       720         -        720     1,667         -     1,667
                                                                 
Scrip dividends                   24           -        24        11         -         11        38         -        38
Deposit interest                  98           -        98        46         -         46        60         -        60
Underwriting Commissions           6           -         6        31         -         31        39         -        39


                             _______    ________   _______    ______   _______   ________   _______   _______   _______

Gross return                     887     (5,467)   (4,580)       808   (1,408)      (600)     1,804  (20,514)  (18,710)

Management fee                 (202)       (202)     (404)     (256)     (256)      (512)     (493)     (493)     (986)

Other administrative           (104)           -     (104)      (94)         -       (94)     (204)         -     (204)
expenses

Interest payable               (212)       (212)     (424)     (201)     (201)      (402)     (467)     (467)     (934)

                             _______     _______   _______    ______   _______    _______   _______   _______   _______

Return before taxation           369     (5,881)   (5,512)       257   (1,865)    (1,608)       640  (21,474)  (20,834)

Taxation                        (14)          14         -      (10)        10          -      (13)        13         -

                              ______     _______   _______    ______   _______     ______   _______   _______   _______

Total return attributable        355     (5,867)   (5,512)       247   (1,855)    (1,608)       627  (21,461)  (20,834)
to ordinary shareholders

Dividend (s) payable on            -           -         -         -         -          -     (613)         -     (613)
ordinary shares


                              ______     _______   _______    ______   _______    _______    ______   _______   _______
Transfer to/ (from)              355     (5,867)   (5,512)       247   (1,855)    (1,608)        14  (21,461)  (21,447)
reserves

Return per ordinary share      1.33p    (22.00)p  (20.67)p     0.92p   (6.96)p    (6.04)p     2.35p  (80.41)p  (78.13)p

Dividend (s) per ordinary        Nil                             Nil                          2.30p
share


Fleming Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 31 January 2002


BALANCE SHEET                                                         31 January      31 January         31 July
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Investments at valuation                                                  82,105         109,378          91,021


Net current assets/(liabilities)                                           1,045         (1,877)           2,641

Loan                                                                    (12,500)        (11,500)        (17,500)
                                                                         _______         _______         _______
Total net assets                                                          70,650          96,001          76,162
                                                                           =====           =====           =====
Net asset value per ordinary share                                        264.9p          360.0p          285.6p

CASH FLOW STATEMENT
                                                                            2002            2001            2001
                                                                           £'000           £'000           £'000

Net cash inflow from operating activities                                    308              72             542

Net cash outflow from returns on investments and servicing
of finance                                                                 (486)           (301)           (919)
                                                                           

Net cash inflow/(outflow) from capital expenditure and
financial investment                                                       3,455             949         (2,770)
                                                                           

Total equity dividends paid                                                (613)           (613)           (613)

Net cash (outflow)/inflow from financing                                 (4,915)               -           6,000
                                                                         _______          ______          ______
(Decrease)/increase in cash for the period                               (2,251)             107           2,240
                                                                           =====            ====            ====


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 31 July 2001 have been delivered to the Registrar of Companies.


J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED
8th March 2002


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