Montanaro European Smaller Companies Trust plc announced audited earnings results for the year ended March 31, 2018. For the year, the company reported investment income of £3,094,000 against £2,978,000 a year ago. Total income was £18,772,000 against £33,184,000 a year ago. Profit before finance costs and taxation was £16,842,000 against £31,664,000 a year ago. Profit before taxation was £16,330,000 against £31,167,000 a year ago. Total comprehensive income was £16,107,000 against £30,887,000 a year ago. Return per share was 96.3 pence against 184.6 pence a year ago. Net cash inflow from operating activities was £11,039,000 against £5,105,000 a year ago. Net asset value per share rose by 10.8% to 901.1 pence per share.