Gartmore Irish Smaller Companies Investment Trust continues to record strong growth. The total return per share amounted to 28.40p, according to the interim results to September 30th, 1997. That represented an increase of 43.8 per cent compared to last year.

The undiluted net asset value per share has risen by 18.2 per cent in the six months. The growth in the fully diluted net assets value amounted to 16.1 per cent over the same period.

The chairman, Mr Harry Sheridan, noted that the growth rates compare with rises, in sterling terms, of 17.1 per cent in the Davy Smaller Cap index, 18.7 per cent in the ISEQ index, a fall of 0.3 per cent in the Extended Hoare Govett Smaller Companies index and a rise of 16.9 per cent in the FTSE All-Share index. A breakdown of the return shows a revenue return of 0.32p and a capital return of 28.08p. The expenses of gearing, such as interest costs and management fees on the increased investment level, "are conservatively all charged to the revenue account. This is expected to result in an underlying revenue loss in the year", said Mr Sheridan. On the future, Mr Sheridan said, while there has been some turbulence in international markets, growth prospects of the Irish economy continue to be excellent.