Final Results

Finsbury Technology Trust PLC
6 March 2002



Finsbury Technology Trust PLC



Preliminary results for the year ended 30 November 2001



Finsbury Technology Trust PLC, which invests principally in equity securities of
quoted technology companies on a world-wide basis, today announces preliminary
results for the year ended 30 November 2001.



*          Decline in global equity markets lead to 23.0% decline in Net Asset
Value per share ("NAV").

*          Relative performance remains strong. Finsbury Technology was number
           one in its peer group over one, three and five years for NAV and 
           share price performance. Standard & Poor's reflected this record by 
           awarding Finsbury Technology first place over three and five years 
           for UK Investment Trusts specialising in the Technology, Media and 
           Telecoms Sector.

*          Long term outlook remains positive.


                                                        (unaudited)          (audited)
                                                           30.11.01           30.11.00        % (decrease)

Net Assets                                                   £88.8m            £112.2m             (20.9)%
Net Asset Value per share                                    321.7p             417.7p             (23.0)%
Share Price                                                  318.0p             431.0p             (26.2)%
Discount/(Premium)                                             1.2%             (3.2)%                 N/A
MSCI World Net Index (sterling adjusted without                1679               2037             (17.6)%
dividends reinvested)

The Company has not generated significant income and the Directors are not
proposing a dividend for the year (2000: nil).



Chairman Bryan Lenygon commented:



"Whilst the year under review has been a difficult one for the sector and
disappointing for the Company, the Company's long term record remains impressive
with the NAV having risen by 199.5% in the five years to 30 November 2001. This
performance has been recognised by Standard & Poor's who have awarded the
Company first place over three and five years for UK Investment Trusts
specialising in the Technology, Media and Telecoms Sector.



It is anticipated that, whilst some companies may see an improvement during
2002, conditions will remain challenging, particularly for companies involved in
telecommunications. Some of the very largest companies remain on unrealistic
valuations; however the steep decline in share prices since the bursting of the
"internet bubble" has resulted in a number of small to medium capitalised
companies trading on attractive valuations."



For and on behalf of Close Finsbury Asset Management Limited - Secretary
6 March 2002



Finsbury Technology Trust PLC


Preliminary results for the year ended 30 November 2001


The following are attached:



•       Chairman's Statement

•       Consolidated Statement of Total Return

•       Balance Sheets of the Group and of the Company

•       Consolidated Cash Flow Statement

•       Notes to the Preliminary Results



For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited                                         020 7426 6240
Colin Edge, Close Finsbury Asset Management Limited                                             020 7426 6233
Michael Bourne, Reabourne Technology Investment Management Limited                              020 7426 6290
Fiona Harris, Quill Communications                                                              020 7618 8905




Finsbury Technology Trust PLC



Chairman's Statement



Results

In the year ended 30 November 2001 the net asset value per share ("NAV") fell by
23.0% from 417.7p to 321.7p.  This compares with a decline of 25.7% in the
NASDAQ Composite Index (sterling adjusted) and of 17.6% in the MSCI World Net
Index, which is our benchmark index.

During the year ended 30 November 2001 the Company's share price fell 26.2% from
431.0p to 318.0p. This resulted in the share price standing at a 1.2% discount
to the NAV at 30 November 2001.

Whilst the year under review has been a difficult one for the sector and
disappointing for the Company, the Company's long term record remains impressive
with the NAV having risen by 199.5% in the five years to 30 November 2001. This
performance has been recognised by Standard & Poor's who awarded the Company
first place over three and five years for UK Investment Trusts specialising in
the Technology, Media and Telecoms Sector.



Statement of Total Return

The total deficit per share for the year was 95.8p (2000: return of 52.0p) made
up of a revenue deficit of 10.2p (2000: 8.9p) and a capital deficit of 85.6p
(2000: return of 60.9p).



Dividends

The investments making up the Company's investment portfolio typically provide a
very low yield. No dividend has been declared in respect of the year ended 30
November 2001 (2000: nil) and it is unlikely that a dividend will be paid for
the foreseeable future.

Review and outlook

The year under review was a traumatic period for investors in the technology
sector. Virtually all areas suffered from weak business conditions and the first
half saw companies such as Cisco, Dell, Intel and Oracle all announcing very
poor figures. The malaise affecting the technology sector filtered through into
the wider economy and central banks made a sustained effort to bolster economic
growth by cutting interest rates. Whilst the technology sector experienced a
significant rally during the last quarter of 2001, this was from the very low
base that followed 11 September.



Finsbury Technology Trust PLC


Chairman's Statement (continued)



Review and outlook (continued)

It is anticipated that, whilst some companies may see an improvement during
2002, conditions will remain challenging, particularly for companies involved in
telecommunications. Some of the very largest companies remain on unrealistic
valuations; however the steep decline in share prices since the bursting of the
"internet bubble" has resulted in a number of small to medium capitalised
companies trading on attractive valuations.



The Board

I am very sorry to report that Richard Hoare will be retiring as a Director at
the Annual General Meeting. He has been with the Company since its launch in
1995 and the Board will miss his help and advice.



Annual General Meeting

The Annual General Meeting will be held at 10 Crown Place, London EC2, on 26
April at 12.00pm and I hope that as many shareholders as possible will be able
to attend.


Bryan Lenygon
Chairman

6 March 2002










Finsbury Technology Trust PLC


Consolidated Statement of Total Return
incorporating the revenue account for the year ended 30 November 2001


                                                          (unaudited)                            (audited)
                                         Revenue     Capital       Total        Revenue    Capital        Total
                                            2001        2001        2001           2000       2000         2000
                                            £000        £000        £000           £000       £000         £000


(Losses)/gains on  investments                 -    (23,019)    (23,019)              -     19,342       19,342
Loss on investment dealing by
subsidiary undertaking                   (1,672)           -     (1,672)          (336)          -        (336)
Exchange losses on currency balances           -       (216)       (216)              -      (351)        (351)
Income (see note 3)                          476           -         476            430          -          430
Investment management fee (see note 4)     (972)        (99)     (1,071)        (1,737)    (2,787)      (4,524)
Other expenses                             (452)           -       (452)          (630)          -        (630)

Net (loss)/return before finance
costs and taxation                       (2,620)    (23,334)    (25,954)        (2,273)     16,204       13,931
Interest payable
and similar charges                        (134)           -       (134)           (96)          -         (96)
(Loss)/return on ordinary activities
before taxation                          (2,754)    (23,334)    (26,088)        (2,369)     16,204       13,835
Taxation on ordinary activities             (12)           -        (12)            (7)          -          (7)

(Loss)/return on ordinary activities
after taxation                           (2,766)    (23,334)    (26,100)        (2,376)     16,204       13,828
Dividends on ordinary shares                   -           -           -              -          -            -

Transfer (from)/to reserves              (2,766)    (23,334)    (26,100)        (2,376)     16,204       13,828

(Loss)/return per
ordinary share (see note 5)              (10.2p)     (85.6p)     (95.8p)         (8.9p)      60.9p        52.0p

All revenue and capital items in the above statement derive from continuing
operations.



Finsbury Technology Trust PLC

Balance Sheets of the Group and Company
as at 30 November


                                                (unaudited)      (audited)       (unaudited)       (audited)
                                                      Group          Group           Company         Company

                                                       2001           2000              2001            2000
                                                       £000           £000              £000            £000

Fixed Asset Investments
Subsidiary undertaking                                    -              -                 -               -
Other investments                                    86,621        121,312            86,621         121,312

                                                     86,621        121,312            86,621         121,312

Current Assets
Debtors                                               1,918          1,200             3,961           2,364
Investments                                               -          1,166                 -               -
Cash at Bank                                          2,272          1,951               229           1,951

                                                      4,190          4,317             4,190           4,315

Creditors
Amounts falling due within one year                 (1,966)       (13,418)           (1,966)        (13,416)
Net current assets/(liabilities)                      2,224        (9,101)             2,224         (9,101)
Net assets                                           88,845        112,211            88,845         112,211

Capital and reserves
Called up share capital                               6,904          6,716             6,904           6,716
Share premium account                                23,488         20,942            23,488          20,942
Capital reserve - realised                           70,538         71,802            70,538          71,802
Capital reserve - unrealised                        (5,379)         16,691           (7,006)          16,691
Revenue reserve                                     (6,706)        (3,940)           (5,079)         (3,940)

Total shareholders' funds                            88,845        112,211            88,845         112,211

Net asset value per ordinary
share (see note 6)                                   321.7p         417.7p            321.7p          417.7p




Finsbury Technology Trust PLC


Consolidated Cash Flow Statement
for the year ended 30 November



                                                           (unaudited)                           (audited)
                                                                  2001                        2000
                                                     £000         £000             £000       £000

Net cash outflow from operating activities                    (11,988)                    (10,562)

Servicing of finance
Bank overdraft and loan interest paid                            (134)                        (96)

Taxation
Tax recovered                                                        6                           -


Financial investment
Purchase of investments                          (43,956)                     (102,966)
Sales of investments                               57,018                       103,462
Net cash inflow from financial investments                      13,062                         496


Financing

(Repayment)/drawdown of loans                     (3,143)                         3,143
Issue of ordinary shares                            2,734                         1,928
Net cash (outflow)/inflow
from financing                                                   (409)                       5,071
Increase/(decrease) in cash                                        537                     (5,091)


Reconciliation of net cash flow to
movement in net funds/(debt)
Increase/(decrease) in cash as above                               537                     (5,091)
Cash outflow/(inflow) from repayment/
(increase) of loan                                               3,143                     (3,143)
Exchange movements                                               (216)                       (351)
Movement in net funds/(debt)                                     3,464                     (8,585)
Net (debt)/funds at 1 December                                 (1,192)                       7,393
Net funds/(debt) at 30 November                                  2,272                     (1,192)



Finsbury Technology Trust PLC



Notes



1          Accounting Policies


Unless otherwise disclosed, the figures in this announcement have been prepared
using accounting policies that are consistent with those adopted in the last
published set of accounts.



2        Revenue Account

The revenue column of the Statement of Total Return represents the revenue 
account of the Group.



3        Income

Income for the year was derived from the following sources:


                                                                         2001                      2000
                                                                         £000                      £000

Income from investments                                                   362                       207
Interest receivable and other income                                      114                       223
Total                                                                     476                       430



4          Investment management fee


                            Revenue      Capital        Total          Revenue      Capital        Total
                               2001         2001         2001             2000         2000         2000
                               £000         £000         £000             £000         £000         £000

Periodic fee                    905            -          905            1,572            -        1,572
Annual
performance fee                   -            -            -                -          941          941
Long term
performance fee                   -            -            -                -        1,782        1,782
Irrecoverable
VAT thereon                      67           99          166              165           64          229
Total                           972           99        1,071            1,737        2,787        4,524




5        Return per share


The revenue return per ordinary share is based upon the loss attributable to 
ordinary shareholders of £2,766,000 (2000: £2,376,000) and 27,240,312 ordinary 
shares being the weighted average number of ordinary shares in issue during the 
year of (2000: 26,615,801). Capital return per ordinary share upon net capital 
losses attributable to ordinary shareholders of £23,334,000 (2000: gains of 
£16,204,000) and 27,240,312 ordinary shares being the weighted average number of 
ordinary shares in issue during the year of (2000: 26,615,801).



Finsbury Technology Trust PLC

Notes (continued)


6        Net asset value per share

The net asset value per ordinary share is based on the net assets attributable
to ordinary shareholders of £88,845,000 (2000: £112,211,000) and 27,615,312
(2000: 26,865,312) ordinary shares in issue at 30 November 2001.


7        Comparative information

These accounts are not statutory accounts. The above results have been agreed
with the auditors and are an abridged version of the Company's full draft
accounts, which have not yet been approved, audited or filed with the Registrar
of Companies.

Statutory accounts for the year ended 30 November 2000 have been delivered to
the Registrar of Companies and received an audit report which was unqualified
and did not contain statements under Section 237 (2) and (3) of the Companies
Act 1985.


Close Finsbury Asset Management Limited - Secretary
6 March 2002





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