Interim Results

JPMorgan Fleming Smaller Cos IT PLC
15 March 2004



             JPMORGAN FLEMING SMALLER COMPANIES INVESTMENT TRUST PLC



                         STOCK EXCHANGE ANNOUNCEMENT OF

           UNAUDITED RESULTS FOR THE SIX MONTHS TO 31ST JANUARY 2004





The Board today release the unaudited interim results of the Company for the six
months to 31st January 2004.



The following are comments from the Chairman:



Chairman's Review



Performance

I am very pleased to report that the Company's net asset value on a total return
basis increased by 22.1% over the six month period to 31st January 2004.  This
compares favourably with the 17.4% total return of the Company's benchmark
index, the FTSE Small Cap Index (excluding investment trusts).

The return to shareholders over the period was 20.9% as the discount of share
price to net asset value widened from 19.5% to 20.5%.

The investment managers explain in their report that both positive stock
selection and the continued use of gearing contributed to the strong performance
of the Company.

Since the end of the period, the Company has continued to outperform the
benchmark index and at close of business on 11th March 2004 the net asset value
per share was 305.4p, the share price was 242.0p and the discount was 20.8%.

Gearing

Given the strong performance of your Company and the smaller and mid cap sectors
as a whole over the year, the Board believes that it would be prudent to reduce
gradually the maximum gearing that the investment manager can use to 7.5% of net
assets.  As at 31st January 2004, the Company was 11% geared. At close of
business on 11th March 2004, the Company was 9% geared.

Outlook

While a reoccurrence of the scale of outperformance of smaller companies is not
expected, the cyclical bias within the smaller companies sector should mean that
this sector continues to benefit from any further improvements in the UK and
global economies.

Strone Macpherson

Chairman 15th March 2004




JPMorgan Fleming Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 31 January 2004



Statement of Total Return (Unaudited)


                                      Six months to 31 January     Six months to 31 January      Year to 31 July 2003
                                              2004                           2003
                                     Revenue    Capital    Total  Revenue   Capital     Total  Revenue  Capital    Total
                                       £'000      £'000    £'000    £'000     £'000     £'000    £'000    £'000    £'000

Realised gains/(losses) on                 -        618      618        -   (1,991)   (1,991)        -     (83)     (83)
investments
Net change in unrealised gains             -     12,394   12,394        -   (4,818)   (4,818)        -    9,985    9,985
Other capital charges                      -        (8)      (8)        -       (9)       (9)        -     (26)     (26)
UK investment income                     762          -      762      619         -       619    1,386        -    1,386
Scrip dividends                           17          -       17       25         -        25       46        -       46
Deposit interest                           -          -        -       38         -        38       42        -       42
Underwriting commission                    2          -        2        -         -         -        5        -        5
                                     _______   ________  _______  _______  ________   _______  _______  _______  _______

Gross return/(loss)                      781     13,004   13,785      682   (6,818)   (6,136)    1,479    9,876   11,355

Management fee                         (174)      (174)    (348)    (141)     (141)     (282)    (265)             (530)
                                                                                                          (265)
Other administrative expenses          (133)          -    (133)    (113)         -     (113)    (280)        -    (280)

Interest payable                        (98)       (98)    (196)    (106)     (106)     (212)    (186)    (186)    (372)
                                     _______    _______  _______  _______   _______   _______  _______  _______  _______

Return/(loss) before taxation            376     12,732   13,108      322   (7,065)   (6,743)      748    9,425   10,173

Taxation                                   -          -        -      (5)         5         -      (5)        5        -
                                      ______    _______  _______   ______   _______   _______  _______  _______  _______

Total return/(loss) attributable to
ordinary shareholders                    376     12,732   13,108      317   (7,060)   (6,743)      743    9,430   10,173

Dividends  on ordinary shares              -          -        -        -         -         -    (723)        -    (723)
                                      ______    _______  _______   ______   _______   _______   ______  _______  _______

Transfer to/(from) reserves              376     12,732   13,108      317   (7,060)   (6,743)       20    9,430    9,450

Return/(loss) per ordinary share       1.48p     50.09p   51.57p    1.19p  (26.52)p  (25.33)p    2.85p   36.10p   38.95p

Dividend per ordinary share              Nil                          Nil                        2.85p








JPMorgan Fleming Smaller Companies Investment Trust plc
Unaudited figures for the six months ended 31 January 2004


BALANCE SHEET                                                      31 January     31 January       31 July
                                                                         2004           2003          2003
                                                                        £'000          £'000         £'000

Investments at valuation                                               84,112         55,690        71,639

Net current liabilities                                               (2,450)        (7,306)       (3,085)

Loan                                                                  (5,600)              -       (5,600)
                                                                      _______        _______       _______
Total net assets                                                       76,062         48,384        62,954
                                                                        =====          =====         =====
Net asset value per ordinary share                                     299.3P         181.8P        247.7p




CASH FLOW STATEMENT                                                31 January     31 January       31 July
                                                                         2004           2003          2003
                                                                        £'000          £'000         £'000

Net cash inflow from operating activities                                 337            232           575

Net cash outflow from returns on investments and servicing
of finance                                                               (188)          (234)         (332)

Net cash inflow from capital expenditure and financial
investment                                                                588          3,218         3,968

Total equity dividends paid                                             (724)          (800)         (799)

Net cash inflow/(outflow) from financing                                   20        (5,019)       (6,006)
                                                                      _______        _______        ______
Increase/(decrease) in cash for the period                                 33        (2,603)       (2,594)
                                                                        =====          =====          ====




The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 31st July
2003. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.







J.P. MORGAN FLEMING ASSET MANAGEMENT (UK) LIMITED

15th March 2004






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