Montanaro European Smaller Companies Trust plc announced unaudited earnings results for the six months ended September 30, 2017. For the period, the company reported total income of £18,022,000 as compared to £23,069,000 for the same period last year. Profit before tax was £16,832,000 as compared to £22,098,000 for the same period last year. Profit for the year was £16,641,000 or 99.4 pence per share as compared to £21,860,000 or 130.6 pence per share for the same period last year. Net cash inflow from operating activities was £8,595,000 as compared to £2,514,000 for the same period last year.