Final Results

Finsbury Technology Trust PLC
03 February 2006



                         Finsbury Technology Trust PLC


            Preliminary results for the year ended 30 November 2005


Finsbury Technology Trust PLC today announces preliminary results for the year
ended 30 November 2005.


Financial Summary

                                      (unaudited)       (audited)       % Change
                                        30 November     30 November
                                               2005            2004

*Net Assets                                 £62.0m          £61.1m        +1.5
Net Asset Value per share                   237.2p          221.1p        +7.3
Share Price                                 220.3p          200.5p        +9.9
Discount                                      7.1%            9.3%           -
MSCI World Index (sterling adjusted
without dividends reinvested)               1,708           1,415        +20.7
Dow Jones World Technology Index
(sterling adjusted, calculated on a
total return basis)                         235.4           195.8        +20.2

*As reduced by the share buy-backs made during the year under review which
amounted to £3,166,000.

The Company has not generated significant income and the Directors are not
proposing a dividend for the year (2004: nil).


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

3 February 2006


The following are attached:


   • Chairman's Statement
   • Statement of Total Return
   • Balance Sheet
   • Cash Flow Statement
   • Notes to the Financial Statements


For further information please contact:
Alastair Smith, Close Finsbury Asset           020 7426 6240
Management Ltd
Tracey Lago, Close Finsbury Asset Management   020 7426 6219
Ltd
Michael Bourne, Reabourne Technology           020 7422 7801
Investment Management Ltd
Jo Stonier, Quill Communications               020 7758 2236


Chairman's Statement


Performance


In the year to 30 November 2005 the Company's net asset
value ("NAV") per share increased by 7.3% from 221.1p to
237.2p. In the same period, the Company's share price rose
by 9.9% from 200.5p to 220.3p and the share price discount
to NAV per share narrowed from 9.3% to 7.1%.


The Company's net assets increased by 1.5% from £61.1
million to £62.0 million. However, the year-end net assets
are stated after a reduction of £3.2 million arising from
the buy-in of 1,460,000 shares during the period. The
buy-in, which was effected at a discount to NAV per share,
resulted in a small increase in NAV per share for the
remaining shareholders.


With effect from 1 December 2005 the Company has adopted the
Dow Jones World Technology Index (sterling adjusted, total
return) as its performance benchmark. In the year to
November 2005, this index increased by 20.2%. This compares
with an increase of 20.7% in the MSCI World Index (sterling
adjusted without dividends reinvested), which, to the end of
the period under review was the Company's benchmark index.


The Company's investment performance compared with these
benchmarks was disappointing. During the year, however, a
number of measures were taken by the Board and the Manager,
including a refinement of the investment mandate that we
believe will impact favourably on performance in the future.
A detailed commentary on the performance of the investment
portfolio is contained in the Investment Manager's Review
within the Annual Report.


Results and Dividend


The total return per share for the year was 15.1p (2004:
loss of 25.7p per share). This was made up of a revenue
deficit of 4.5p per share (2004: deficit of 3.2p per share)
and a capital gain of 19.6p per share (2004: loss of 22.5p
per share).


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 2005
(2004: nil) and it is unlikely that a dividend will be paid
for the foreseeable future.


Continuation Vote and Extraordinary General Meeting


At the time of launch in 1995, the Company adopted Articles
of Association that required a vote to be held in 2006 to
decide whether or not the Company should continue as an
investment trust for a further five-year period. During
2005, the Board conducted a thorough review of all aspects
of the Company's affairs in order to be in a position to
make an appropriate recommendation to shareholders.
Following completion of this review, it was announced in
November 2005 that the Board would be recommending approval
of the continuation vote. The Board also announced a number
of other proposals, including the introduction of a discount
management policy and a revised basis of remuneration for
the Manager and Investment Manager.


Following this announcement, the Company's brokers held
discussions with existing and prospective shareholders. As a
result, a number of significant new institutions invested in
the Company, for the most part replacing shareholders who
did not wish to participate in its longer term future. The
Board believes that a stable and committed shareholder base
is important and welcomes these new shareholders.


A circular, setting out details of the Board's proposals and
convening an Extraordinary General Meeting to seek approval
for the revised management contracts and for a number of
changes in the Articles of Association was sent to
shareholders in December 2005. I am pleased to report that
all of the resolutions put to the meeting on 9 December 2005
were carried by an overwhelming majority.


Summary of changes


The principal changes resulting from adoption of the Board's
proposals and the passing of the resolutions at the EGM may
be summarised as follows:
- • the next continuation vote is to be proposed at the
AGM in 2011;
- • the benchmark index has been changed, as noted
above;
- • the management fee remains at 1 per cent. but is to
be based on the Company's market capitalisation rather
than its NAV;
- • a performance fee, calculated every three years,
will be payable at 20% of the amount by which the NAV
outperforms the benchmark or, if lower, exceeds the
highest previous NAV. For the first time, there is a
"high water mark" which must be exceeded before any
further incentive fee is paid;
- • the notice period under the relevant contract is
reduced from 24 months to 12 months;
- • the Company has adopted a discount management
policy; and
- • the investment mandate has been refined so that the
Company will make no new investments in unquoted
companies or in the biotechnology sector. The Company's
portfolio of investments will also be more focused by
number.


Discount management policy and buy-back authority


Under its newly adopted discount management policy, the
Company intends to buy-back shares, for cancellation, at
prices representing a discount greater than 7 per cent. to
NAV where there is demand in the market for it to do so.


In pursuance of this policy, in the period to 2 February
2006 the Company has bought back, and cancelled 2,075,000
shares representing 7.5 per cent. of the outstanding shares
in issue as at the date of the original announcement dated
16 November 2005.


In the event that the Board buys back the maximum permitted
amount of 14.99 per cent. of its issued ordinary share
capital the Board will seek shareholder approval to renew
this authority. The Board will closely monitor the effect of
the discount management policy and will review the Company's
future if it deems that the effect of the policy has been to
reduce the Company's market capitalisation to the
significant detriment of Shareholders.


Board of Directors


David Potter, the Senior Independent Director, will not be
seeking re-election at the Annual General Meeting. David has
served the Company since launch and I would like to thank
him for the significant contribution he has made over the
past ten years. David will be replaced as Senior Independent
Director by John Cornish. The Board is in the process of
recruiting an additional independent Director with
appropriate experience.


Outlook


Your Board continues to believe that there will be
significant growth in the technology sector in the years
ahead. The Board also believes that the extension of the
Company's life for a further five year period, together with
the other proposals that have been implemented, give the
Company a stable basis from which to address the
opportunities that will be available.


Annual General Meeting


The Annual General Meeting will be held at 10 Crown Place,
London EC2A 4FT, on 6 April 2006 at 12 noon. I hope that as
many shareholders as possible will be able to attend.
Representatives of our Investment Manager, Reabourne
Technology Investment Management Limited, will make a
presentation to the meeting.



David Quysner

Chairman






                    Statement of Total Return

                    incorporating the revenue account for the year ended 30
                    November 2005


                                                     (unaudited)                     (audited)
                                          Revenue  Capital  Total       Revenue   Capital   Total
                                           2005     2005     2005        2004      2004      2004
                                          £'000    £'000    £'000       £'000     £'000     £'000
                     ------------------   -------  -------  -------     -------   -------   -------

                    Gains/(losses) on
                    investments               -    5,543    5,543           -    (6,099)   (6,099)
                    Exchange losses on
                    currency balances         -     (147)    (147)          -      (104)     (104)
                    Income (see note 2)     326        -      326         253         -       253
                    Investment
                    management             (658)       -     (658)       (677)        -      (677)
                    fee
                    (see note 3)
                    Other expenses         (851)       -     (851)       (417)        -      (417)
                     ------------------   -------  -------  -------     -------   -------   -------

                    Net (loss)/return
                    before finance
                    costs                (1,183)   5,396    4,213        (841)   (6,203)   (7,044)
                    and taxation                                                            -------
                    ------------------
                    Interest payable        (39)       -      (39)        (37)        -       (37)
                    and similar charges
                    ------------------    -------  -------  -------     -------   -------   -------

                    (Loss)/return on
                    ordinary activities
                    before taxation      (1,222)   5,396    4,174        (878)   (6,203)   (7,081)
                    Taxation on
                    ordinary                (28)       -      (28)        (23)        -       (23)
                    activities
                     ------------------   -------  -------  -------     -------   -------   -------

                    Transfer (from)/to
                    reserves             (1,250)   5,396    4,146        (901)   (6,203)   (7,104)
                     ------------------   -------  -------  -------     -------   -------   -------

                    (Loss)/return per
                    Ordinary share (see
                    note 4)                (4.5p)   19.6p    15.1p       (3.2p)   (22.5p)   (25.7p)



                    The Revenue column of this statement is the revenue account
                    of the Company.

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






                    Balance Sheet

                    as at 30 November 2005

                                                      (unaudited)    (audited)
                                                             2005         2004
                                                            £'000        £'000
                    ---------------------                 ---------     --------

                    Fixed asset investments                61,743       60,561

                    Current assets
                    Debtors                                 3,080        1,687
                    Cash at bank                            2,432          722
                    ---------------------                 ---------     --------
                                                            5,512        2,409

                    Creditors
                    Amounts falling due within one         (5,222)      (1,917)
                    year                                  ---------     --------
                    ---------------------
                    Net current assets                        290          492
                    ---------------------                 ---------     --------
                    Net assets                             62,033       61,053
                    ---------------------                 ---------     --------

                    Capital and reserves
                    Called up share capital                 6,539        6,904
                    Share premium account                  23,488       23,488
                    Capital redemption reserve                365            -
                    Capital reserve - realised             40,053       43,555
                    Capital reserve - unrealised              391       (5,341)
                    Revenue reserve                        (8,803)      (7,553)
                    ---------------------                 ---------     --------
                    Total shareholders' funds              62,033       61,053
                    ---------------------                 ---------     --------
                    ---------------------                 ---------     --------
                    Net asset value per Ordinary            237.2p       221.1p
                    share (see note 5)
                    ---------------------                 ---------     --------







                    Cash Flow Statement

                    for the year ended 30 November 2005

                                                         (unaudited)       (audited)
                                                                2005            2004
                                                               £'000           £'000
                    ----------------------                  ----------        --------

                    Net cash outflow from operating             (779)         (2,528)
                    activities

                    Servicing of finance

                    Bank overdraft and loan interest             (39)            (37)
                    paid

                    Taxation

                    Tax recovered                                  8              12

                    Financial investment

                    Purchases of investments                 (47,362)        (26,054)
                    Sales of investments                      53,180          30,548
                    ----------------------                  ----------        --------
                    Net cash inflow from financial             5,818           4,494
                    investments

                    Financing
                    Purchase of Ordinary shares               (3,166)              -

                    Repayment of loans                             -          (1,100)
                    ----------------------                  ----------        --------
                    Net cash outflow from financing           (3,166)         (1,100)
                    ----------------------                  ----------        --------
                    Increase in cash                           1,842             841
                    ----------------------                  ----------        --------

                    Reconciliation of net cash flow
                    to movement in net funds
                    Increase in cash as above                  1,842             841
                    Cash outflow from loans                        -           1,100
                    Exchange movements                          (147)           (104)
                    ----------------------                  ----------        --------
                    Movement in net funds                      1,695           1,837
                    Net funds/(debt) at 1 December               722          (1,115)
                    ----------------------                  ----------        --------
                    Net funds at 30 November                   2,417             722
                    ----------------------                  ----------        --------







                    Notes to the Financial Statements


                    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.


                    2. Income


                    Income for the year was derived from the following sources:

                                                              2005        2004
                                                             £'000       £'000

                    Income from investments                    303         221
                    Interest receivable and other income        23          32
                    -------------------------             ----------  ----------
                                                 Total         326         253
                               -------------------------  ----------  ----------


                    3. Investment Management Fees

                                   Revenue  Capital  Total    Revenue  Capital  Total
                                    2005     2005     2005     2004     2004     2004
                                   £'000    £'000    £'000    £'000    £'000    £'000

                    Periodic fee     630        -      630      640        -      640
                    Irrecoverable     28        -       28       37        -       37
                    VAT thereon
                    -----------    -------  -------  -------  -------  -------  -------
                          Total      658        -      658      677        -      677
                      -----------  -------  -------  -------  -------  -------  -------


                    4. (Loss)/Return Per Ordinary Share


                    The revenue loss per Ordinary share is based upon the loss
                    attributable to ordinary shareholders of £1,250,000 (2004:
                    £901,000) and 27,559,312 (2004: 27,615,312) Ordinary shares
                    being the weighted average number of shares in issue during
                    the year.


                    Capital return per Ordinary share is based upon net capital
                    gain attributable to ordinary shareholders of £5,396,000
                    (2004: loss of £6,203,000) and 27,559,312 (2004: 27,615,312)
                    Ordinary shares being the weighted average number of shares
                    in issue during the year.


                    5. Net Asset Value Per Ordinary Share


                    The net asset value per Ordinary share is based on the net
                    assets attributable to equity shareholders of £62,033,000
                    (2004: £61,053,000) and on 26,155,312 (2004: 27,615,312)
                    Ordinary shares in issue at 30 November 2005.





                    Notes to the Financial Statements (continued)



                    6. Comparative Information


                    This preliminary statement is not the Company's statutory
                    accounts. The statutory accounts for the year ended 30
                    November 2004 have been delivered to the Registrar of
                    Companies and received an audit report which was unqualified
                    and did not contain statements under s237 (2) and (3) of the
                    Companies Act 1985. The statutory accounts for the year
                    ended 30 November 2005 have not yet been approved, audited
                    or filed.





                    Close Finsbury Asset Management Limited

                    Company Secretary

                    3 February 2006





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