Interim Results

FINSBURY TECHNOLOGY TRUST PLC
28 July 1999


FINSBURY TECHNOLOGY TRUST PLC

PRELIMINARY RESULTS FOR THE HALF YEAR ENDED 31 MAY 1999

Finsbury Technology Trust PLC, which invests in equity securities of quoted
technology companies on a world-wide basis, today announces preliminary results
for the half year ended 31 May 1999.

                                                 Six months     Sixth months
                                                   ended 31         ended 31
                                                   May 1999         May 1998
Gains on investments (£'000)                         13,925            5,930
Investment income (£'000)                                48               74
Other income (£'000)                                    308               88
Net return before finance costs and taxation         12,252            5,342
(£'000)
Return on ordinary activities after taxation         12,252            5,251
(£'000)
Total return per ordinary share                        46.1p            19.8p
Net assets per ordinary share                         187.7p           142.9p
Percentage increase in net asset value per share       32.6%            16.1%
Percentage increase in MSCI World Index                27.1%            18.4%

No interim dividend is proposed.

For and on behalf of Rea Brothers Limited - Secretary

27 July 1999
                                   

The following are attached:

- Chairman's Statement
- Consolidated Statement of Total Return
- Balance Sheet of the Company
- Note to the accounts

For further information please contact:

Mark Mathias, Rea Brothers Limited                0171 397 6902
Anthony Townsend, Director                        0171 816 6854
Neil Mainland, Mainland Public Relations          0171 439 4359


Chairman's Statement

I  am  pleased  to report on the performance of the Company for the  six  months
ended  31  May 1999. The total return amounted to 46.1p (1998: 19.8p) per  share
after  a revenue loss of 0.1p (1998: loss - 0.9p) and a capital return of  46.2p
(1998: 20.7p). The Net Asset Value ('NAV') increased over the six months by 32.6
per  cent. from 141.6p per share to 187.7p per share. The Morgan Stanley Capital
International  World  Index  (sterling adjusted without  dividends  reinvested),
against  which we measure our performance, increased by 27.1 per cent. over  the
same  period. The companies in which we invest tend to have low yields  and,  as
with last year, no interim dividend is proposed.

Following the collapse of share prices in the Autumn of 1998, technology  stocks
have  performed strongly. The dramatic growth in transaction volumes across  the
Internet provided exciting opportunities for growth in areas such as the  supply
of  bandwidth, data storage and data encryption. However the Investment  Adviser
continues  to  believe  that the valuations of some of  the  more  high  profile
Internet  stocks,  such  as Amazon, remain difficult to justify  on  fundamental
considerations.  The  Company has traditionally had an  overweight  position  in
smaller  sized technology companies and it is pleasing to note that the  smaller
company  shares  have  out-performed in the year to  date.  We  anticipate  that
mergers and acquisitions will continue to act as a driver for such shares.

Whilst  I  must  once again caution investors that technology shares  can  prove
volatile,  your  Board  remains convinced that the sector continues  to  provide
significant long term prospects for capital growth.

Bryan Lenygon, Chairman

27 July 1999


FINSBURY TECHNOLOGY TRUST PLC
Statement of Total Return
(incorporating the revenue account for the six months ended 31 May 1999)


                          Revenue  Capital    Total  Revenue   Capital    Total
                             1999     1999     1999     1998      1998     1998
                            £'000    £'000    £'000    £'000     £'000    £'000

Gains on investments            -   13,925   13,925        -     5,930    5,930
Exchange gains/(losses) on      -      313       31        -        (8)      (8)
 currency balances 
Investment income              48        -       48       74         -       74
Other income                  308        -      308       88         -       88
Investment management fee    (252)  (1,986)  (2,238)    (186)     (426)    (612)
Other expenses               (105)       -     (105)    (130)        -     (130)
Net return before finance      (1)  12,252   12,251     (154)    5,496    5,342
 costs and taxation
Interest payable and similar  (15)       -      (15)     (80)        -      (80)
 charges
Return on ordinary activities (16)  12,252   12,236     (234)    5,496    5,262
 before taxation 
Taxation on ordinary           (5)       -       (5)     (11)        -      (11)
 activities
Return on ordinary activities (21)  12,252   12,231     (245)    5,496    5,251
 after taxation 
Dividends on ordinary shares    -        -        -        -         -        -
Transfer (from)/to reserves   (21)  12,252   12,231     (245)    5,496    5,251
Return per ordinary share -  (0.1)p   46.2p    46.1p    (0.9)p    20.7p    19.8p
 pence 



Balance Sheet 
as at 31 May 1999

                              (unaudited)  (unaudited)    (audited)
                              31 May 1999  31 May 1998  30 November
                                                               1998
                                    £'000        £'000        £'000
Fixed Asset Investments            52,087       39,630       37,385
Net current (liabilities)/assets   (1,127)      (1,714)         368
Total assets less current 
liabilities                        50,960       37,916       37,753

Creditors: amounts falling 
due after more than one year       (1,157)          -          (181) 
Net assets                         49,803        37,916       37,572 

Capital and reserves 
Called up share capital             6,635         6,635        6,635
Share premium account              19,095        19,095       19,095 
Capital reserve - realised         14,869         8,729       10,763 
Capital reserve - unrealised       10,328         4,305        2,182 
Revenue reserve                    (1,124)         (848)      (1,103) 

Total shareholders' funds          49,803        37,916       37,572 

Net asset value per ordinary share  187.7p        142.9p       141.6p 


Notes

1. Return per ordinary share

Revenue  return  per ordinary share is calculated by dividing  the  net  revenue
return available for ordinary share holders of £21,000 loss (six months ended 31
May  1998:  £245,000 loss) by the 26,539,250 (31 May 1998: 26,539,250)  ordinary
shares in issue.

Capital  return  per ordinary share is calculated by dividing  the  net  capital
return available for ordinary share holders of £12,252,000 (six months ended  31
May  1998:  £5,496,000)  by  the 26,539,250 (31 May 1998:  26,539,250)  ordinary
shares in issue.

2. Investment Management Fee

The  investment  management  fee  of £2.238m (1998:  £0.612m)  is  made  of  the
following:

                                  1999     1998

Periodic fee (£'000)               252      186
Annual performance fee (£'000)   1,011      445
5 year performance fee (£'000)     975      (19)

The  figures  for the Annual and 5 year performance fees represent  accruals  to
date. The exact amount paid by the Company (if any) will depend on the value  of
the fund as at the relevant calculation date.

3. Comparative Figures

The figures and financial information for the year ended 30 November 1998 are an
extract from the latest published accounts, and do not contain a statement under
either section 237 (2) or section 237 (3) of the Companies Act 1985.

4. Statutory Accounts

These  accounts  are not statutory accounts. The above results are  an  abridged
version  of the Company's full interim accounts, which have not been filed  with
the Registrar of Companies. The 1998 accounts received an audit report which was
unqualified and did not contain under a statement under either section  237  (2)
or section 237 (3) of the Companies Act 1985.