JPMorgan Claver IT has reprted a drop in earnings per share for the six months to 30th June 2014 to 12.14p, compared to 13.32p earned in the same period in 2013.

Claverhouse also stated that it continued to pay a regular quarterly dividend and for the first two quarters of 2014 the quarterly dividend has been maintained at the 4.50p per share paid in those quarters in 2013. The total of the quarterly dividends in 2013 was 19.50p, being the forty first consecutive year in which the Company had increased its total annual dividends.

For the six months to 30th June 2014 Claverhouse's NAV total return was marginally negative at -0.1% and the share price total return similarly negative at -0.2%. The share price discount was unchanged at 5.4%, with debt at par. Meanwhile the FTSE All-Share total return was marginally positive at +1.6%.

Chairman Michael Bunbury added: "As I have reported before, since the change of strategy in March 2012 the managers have run a more concentrated portfolio which normally contains between 60 and 80 stocks. As at 30th June 2014 the number was 63. A more concentrated portfolio inevitably will result in divergence from the benchmark. However, as long as over the long-term that divergence adds value it is to be applauded. Over the last one, three and five years to 30th June 2014 the Company's NAV per share total return has exceeded the benchmark by 2.8%, 8.0% and 15.6% respectively."

At 1:47pm: (LON:JCH) JPMorgan Claverhouse Investment Trust Plc share price was -2.5p at 571.5p