Final Results

Finsbury Technology Trust PLC
07 March 2003

                                                            Friday 7 March 2003





Finsbury Technology Trust PLC

Preliminary results for the year ended 30 November 2002

Finsbury Technology Trust PLC today announces preliminary results for the year
ended 30 November 2002.



Financial Summary


                                                             (unaudited)            (audited)
                                                                30.11.02             30.11.01             % Change

Net Assets                                                        £49.8m               £88.8m                -43.9
Net Asset Value per share                                         180.3p               321.7p                -43.9
Share Price                                                       171.0p               318.0p                -46.2
Discount                                                            5.2%                 1.2%                    -
MSCI World Net Index (sterling adjusted without                    1,286                1,679                -23.4
dividends reinvested)

The Company has not generated significant income and the Directors are not
proposing a dividend for the year (2001: nil).



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

7 March 2003





The following are attached:



•    Chairman's Statement

•    Statement of Total Return

•    Balance Sheet

•    Cash Flow Statement

•    Notes to the Preliminary Results



For further information please contact:

Alastair Smith, Close Finsbury Asset Management Limited             020 7426 6240
Faith Pengelly, Close Finsbury Asset Management Limited             020 7426 6229
Michael Bourne, Reabourne Technology Investment Management Limited  020 7426 6290
Jo Stonier, Quill Communications                                    020 7763 6970




Finsbury Technology Trust PLC



Chairman's Statement



Results

In the year ended 30 November 2002, the net asset value per share fell by 43.9%
from 321.7p to 180.3 p. This compares with a decline of 28.7% in the NASDAQ
Composite Index (sterling adjusted) and of 23.4% in the MSCI World Net Index,
which is our benchmark index.



During the year ended 30 November 2002, the Company's share price fell by 46.2%
from 318p to 171p. This resulted in the share price standing at a 5.2% discount
to the net asset value at 30 November 2002. Since the end of the year there have
been further declines in the technology sector and equities generally. On 4
March 2003 the net asset value per share was 151.4p and the share price was
123.5p, a discount to net asset value of 18.4%.



Statement of Total Return

The Statement of Total Return is set out in the Annual Report. The total deficit
per share for the year was 141.4p (2001: deficit of 95.8p) made up of a revenue
deficit of 2.9p (2001:4.2p) and a capital deficit of 138.5p (2001: deficit of
91.6p).



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 2002 (2001: nil) and it is unlikely that a dividend will be paid for
the foreseeable future.



Outlook

In these uncertain times it is difficult to predict when markets will recover,
particularly following the corporate scandals in the US and the continuing
political uncertainty over potential military action in the Middle East.



Your Board maintains a policy of being fully invested in technology shares as
set out in the original investment mandate and continues to be confident that in
the long-term this strategy is appropriate to providing enhanced shareholder
value.



The Board

I am pleased to announce that Mr Chris Martin and Mr David Quysner have joined
the Board as non-executive directors with effect from today, brief details of
whom are given in the Annual Report. We welcome the knowledge and expertise that
they will bring to the issues facing your Company and I hope that you will vote
for their re-election at the forthcoming Annual General Meeting.


Finsbury Technology Trust PLC

Chairman's Statement (continued)

Annual General Meeting

The Annual General Meeting will be held at 10 Crown Place, London, EC2 on 2
April 2003 at 12.00 noon and I hope that as many shareholders as possible will
be able to attend. Our investment adviser, Michael Bourne, will make a
presentation after the meeting. A map showing the location of 10 Crown Place can
be found at the back of the Annual Report.



Bryan Lenygon, Chairman
7 March 2003



Finsbury Technology Trust PLC 
 
Statement of Total Return 
incorporating the revenue account for the year ended 30 November 2002

                                                                        
                                                                                          Restated*
                                                                        (unaudited)                       (audited)
                                                     Revenue    Capital      Total   Revenue    Capital      Total
                                                        2002       2002       2002      2001       2001       2001
                                                        £000       £000       £000      £000       £000       £000

      Losses on investments                                -   (38,213)   (38,213)         -   (24,646)   (24,646)
      Exchange losses on currency balances                 -       (55)       (55)         -      (216)      (216)
      Income (see note 2)                                327          -        327       431          -        431
      Investment management fee                        (666)          -      (666)     (972)       (99)    (1,071)
      (see note 3)                                                                                                
      Other expenses                                   (427)          -      (427)     (452)          -      (452)

      Net loss before finance                          (766)   (38,268)   (39,034)     (993)   (24,961)   (25,954)
      costs and taxation                                                                                          
      Interest payable                                  (12)          -       (12)     (134)          -      (134)
      and similar charges                                                                                         

      Loss on ordinary activities before taxation      (778)   (38,268)   (39,046)   (1,127)   (24,961)   (26,088)
      Taxation on ordinary activities                   (11)          -       (11)      (12)          -       (12)

      Loss on ordinary activities after taxation       (789)   (38,268)   (39,057)   (1,139)   (24,961)   (26,100)
      Dividends on Ordinary shares                         -          -          -         -          -          -

      Transfer from reserves                           (789)   (38,268)   (39,057)   (1,139)   (24,961)   (26,100)
      Loss per Ordinary share                         (2.9p)   (138.5p)   (141.4p)    (4.2p)    (91.6p)    (95.8p)
      (see note 4)                                                                                                


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

*Restated to exclude subsidiary company (see note 1).

Finsbury Technology Trust PLC 
 
Balance Sheet
as at 30 November 2002
 

                                                                                           
                                        (unaudited)   (audited)
                                              2002        2001
                                              £000        £000
Fixed Asset Investments                     50,053      86,621
Current Assets                                                
Debtors                                        315       3,961
Cash at bank                                   704         229
                                             1,019       4,190
Creditors                                                     
Amounts falling due within one year        (1,284)     (1,966)
Net current (liabilities)/assets             (265)       2,224
Net assets                                  49,788      88,845
Capital and reserves                                          
Called up share capital                      6,904       6,904
Share premium account                       23,488      23,488
Capital reserve - realised                  58,264      70,538
Capital reserve - unrealised              (33,000)     (7,006)
Revenue reserve                            (5,868)     (5,079)
Total shareholders' funds                   49,788      88,845
Net asset value per Ordinary                180.3p      321.7p
share (see note 5)                                            




Finsbury Technology Trust PLC 
 
Cash Flow Statement 
for the year ended 30 November 2002 

                                                                        
                                                                  Restated*
                                                         (unaudited)   (audited)
                                                                                                   
                                                                2002       2001
                                                                £000       £000
Net cash inflow/(outflow) from operating activities            1,494   (12,408)                    

Servicing of finance                                                           
Bank overdraft and loan interest paid                           (12)      (134)

Taxation                                                                       
Tax recovered                                                      -          6

Financial investment                                                           
Purchases of investments                                    (25,998)   (45,579)
Sales of investments                                          25,046     57,018
Net cash (outflow)/inflow from financial investments           (952)     11,439

Financing                                                                      
Repayment of loans                                                 -    (3,143)
Issue of Ordinary shares                                           -      2,734

Net cash outflow from financing                                    -      (409)
Increase/(decrease) in cash                                      530    (1,506)

Reconciliation of net cash flow to movement in net funds                       
Increase/(decrease) in cash as above                             530    (1,506)
Cash outflow from repayment of loan                                -      3,143
Exchange movements                                              (55)      (216)
Movement in net funds                                            475      1,421
Net funds/(debt) at 1 December                                   229    (1,192)
Net funds at 30 November                                         704        229


*Restated to exclude subsidiary company (see note 1).

Finsbury Technology Trust PLC 
 
Notes 

1     Accounting Policies 

The figures in this announcement have been prepared using accounting policies
that are consistent with those adopted in the last published set of accounts, 
with the exception of the adoption of Financial Reporting Standard 19.

The Company's wholly owned subsidiary, Fintech Investments Limited, was placed 
into members voluntary (solvent) liquidation on 11 November 2002. As a result 
the Company no longer prepares group accounts. Comparative information
has been provided for the Company only.


2     Income 

      Income for the year was derived from the following sources:

                                                                                     
                                               2002   2001
                                               £000   £000
       Income from investments                  317    362
       Interest receivable and other income      10     69
       Total                                    327    431



3     Investment Management Fee 

                                                                                               
                                          Revenue   Capital   Total   Revenue   Capital   Total
                                             2002      2002    2002      2001      2001    2001
                                             £000      £000    £000      £000      £000    £000
                         Periodic fee         607         -     607       905         -     905
                         Irrecoverable         59         -      59        67        99     166
                         VAT thereon                                                           
                         Total                666         -     666       972        99   1,071



4.     Loss Per Share



The revenue loss per Ordinary share is based upon the loss attributable to
Ordinary shareholders of £789,000 (2001: £1,139,000) and 27,615,312 Ordinary
shares being the weighted average number of Ordinary shares in issue during the
year of (2001: 27,240,312). Capital loss per Ordinary share is based upon net
capital losses attributable to Ordinary shareholders of £38,268,000 (2001:losses
of £24,961,000) and 27,615,312 Ordinary shares being the weighted average number
of Ordinary shares in issue during the year of (2001: 27,240,312).



5.     Net Asset Value Per Share



       The net asset value per Ordinary share is based on the net assets
attributable to Ordinary shareholders of £49,788,000 (2001: £88,845,000) and
27,615,312 (2001: 27,615,312) Ordinary shares in issue at 30 November 2002.



6.     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 2001 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

7 March 2003




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