Interim Results

Finsbury Technology Trust PLC
1 August 2001


Finsbury Technology Trust PLC

Preliminary results for the six months ended 31 May 2001


*   Finsbury Technology continues to outperform the major technology indices

*   market weakness represents a good long term investment opportunity


Finsbury Technology Trust PLC today announces preliminary results for the six
months ended 31 May 2001.

                              
                               Half year           Year ended     
                                   ended     30 November 2001      % Increase /
                             31 May 2001            (audited)        (decrease)
                              (unaudited)

Net Asset Value (£m)               101.7                112.2             (9.4)
Net asset value per ordinary       371.5                417.7            (11.1)
share (p)
Share Price (p)                    393.5                431.0             (8.7)
Premium (%)                          5.9                  3.2                 -
MSCI World Net Index               1,894                2,037             (7.0)



No interim dividend is proposed (2000: nil)


Mr Bryan Lenygon, Chairman, commented:

'The last year or so has been a painful period for the technology investor and
there is widespread disenchantment with the sector. However the application of
scientific advancement and innovation continues and we believe that the
current problems present a good opportunity to the long term investor.'

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


31 July 2001



                                   - ENDS -



The following are attached:


* Chairman's Statement                 * Consolidated Cash Flow Statement
* Consolidated Statement of Total      * Notes to the interim financial
  Return                                 statement
* Consolidated Balance Sheet



For further information please contact:

Michael Bourne, Reabourne Technology Investment
Management Ltd                                         020 7426 6290
Colin Edge, Close Finsbury Asset Management Ltd        020 7426 6233
Alastair Smith, Close Finsbury Asset Management Ltd    020 7426 6240
Fiona Harris, Quill Communications                     020 7618 8905
Finsbury Technology Trust PLC


Chairman's Statement


Performance


During the half year ended 31 May 2001 the Net Asset Value per share ('NAV')
fell from 417.7p to 371.5p, a decline of 11.1%. The Morgan Stanley Capital
International World Index (sterling adjusted) without dividends reinvested,
against which we measure our performance, fell by 7.0% over the same period.



Results and dividend


The total return per share for the half year ended 31 May 2001 was a deficit
of 46.4p (May 2000: gain of 113.0p). This was made up of a capital deficit of
39.6p (May 2000: gain of 116.4p) and a revenue deficit of 6.8p (May 2000:
deficit of 3.4p).  The companies in which we invest tend to have low yields
and, as with last year, no interim dividend is proposed.



Issue of shares


In the first six months of the year the Company allotted a total of 500,000
shares at an average premium to the NAV of 6.9%.



Review and outlook


The year to date has been a torrid period for the technology sector, with the
NASDAQ Composite Index falling 18.8%, the Techmark 100 Index falling 47.3% and
the Neuer Markt plummeting 65.6%.  Whilst the Company has outperformed each of
these indices the year to date has nonetheless proved the most disappointing
period since the Company was launched.


The worldwide decline in technology share prices was initiated in the United
States where a series of leading companies such as Cisco, Lucent, Oracle and
Intel pre-announced very poor results. These poor trading conditions rapidly
spread to Europe where profit warnings were made by Nokia, Ericsson, Marconi
and Alcatel.


Whilst the short term outlook for the sector is uncertain, the long term
prospects for technology remain positive. We expect demand for digital
products will continue to grow, the next generation of games consoles should
prove highly successful and semiconductors will continue to infiltrate an ever
increasing range of products. Looking further ahead the prospects both
biotechnology and energy technology are bright.


Finsbury Technology Trust PLC


Chairman's Statement (continued)


The last year or so has been a painful period for the technology investor and
there is widespread disenchantment with the sector. However the application of
scientific advancement and innovation continues and we believe that the
current problems present a good opportunity to the long term investor.


Bryan Lenygon Chairman

31 July 2001



Finsbury Technology Trust PLC


Consolidated Statement of Total Return
Incorporating the revenue account for the six months ended 31 May 2001

                            (unaudited)                    (unaudited)
                            Half year ended                Half year ended
                              31 May 2001                   31 May 2000
                      Revenue  Capital    Total      Revenue  Capital    Total
                         £000     £000     £000         £000     £000     £000

  (Loss)/gains              -  (10,607) (10,607)           -   36,982   36,982
  on investments                                                
  Exchange                  -    (124)     (124)           -     (21)     (21)
  losses on                                                                   
  currency                                                                    
  balances                                                                    
  Income (see           (901)        -    (901)          301        -      301
  note 2)                                                                     
  Investment            (532)        -     (532)       (884)  (6,049)  (6,933)
  management fees                                                               
  Other expenses        (269)        -     (269)       (293)        -    (293)
  Net return          (1,702)  (10,731) (12,433)       (876)   30,912   30,036
  before finance                                                
  costs and                                                                   
  taxation                                                                    
  Interest              (114)        -     (114)        (15)        -     (15)
  payable and                                                                 
  similar charges                                                             
  (Deficit)/          (1,816)  (10,731) (12,547)       (891)   30,912   30,021
  return on                                                   
  ordinary                                                                    
  activities                                                                  
  before taxation                                                             
  Taxation on            (14)        -      (14)         (5)        -      (5)
  ordinary                                                                    
  activities                                                                  
  (Deficit)/return    (1,830)  (10,731) (12,561)       (896)   30,912   30,016
  on ordinary                                                
  activities                                                                  
  after                                                                       
  taxation                                                                    
  Dividend on               -        -        -            -        -        -
  ordinary                                                                    
  shares                                                                      
  Transfer            (1,830)  (10,731) (12,561)       (896)   30,912   30,016
  (from)/to                                                      
  reserves                                                                    
  Return per           (6.8p)   (39.6p)  (46.4p)      (3.4p)   116.4p   113.0p
  ordinary share                                                             
  - pence (note                                                               
  3)                                                                          
                                                                               
                                                            (audited)
                                                           Year ended
                                                         30 November 2000
                                                   Revenue   Capital     Total
                                                      £000      £000      £000

  (Loss)/gains on investments                            -    19,342    19,342
  Exchange losses on currency balances                   -     (351)     (351)
  Income (see note 2)                                   94         -        94
  Investment management fees                       (1,737)   (2,787)   (4,524)
  Other expenses                                     (630)         -     (630)
  Net return before finance costs and              (2,273)    16,204    13,931
  taxation                                                                    
  Interest payable and similar charges                (96)         -      (96)
  (Deficit)/ return on ordinary                    (2,369)    16,204    13,835
  activities before taxation                                                  
  Taxation on ordinary activities                      (7)         -       (7)
  (Deficit)/return on ordinary                     (2,376)    16,204    13,828
  activities after taxation                                                   
  Dividend on ordinary                                   -         -         -
  shares                                                                      
  Transfer (from)/to                               (2,376)    16,204    13,828
  reserves                                                                    
  Return per ordinary share - pence                 (8.9p)     60.9p     52.0p
  (note 3)                                                                    
 


Finsbury Technology Trust PLC
Consolidated Balance Sheet
As at 31 May 2001

                                  (unaudited)   (unaudited)          (audited)
                                  31 May 2001   31 May 2000   30 November 2000
                                         £000          £000               £000
  Fixed asset investments             100,676       135,811            121,312
  Current assets                                                              
  Debtors                                 463         1,098              1,200
  Investments                             833             -              1,166
  Cash at bank                          3,860         4,060              1,951
                                        5,156         5,158              4,317
  Creditors                                                                   
  Amounts falling due within          (4,167)      (14,392)           (13,418)
  one year                                                                    
  Net current                             989       (9,234)            (9,101)
  assets/(liabilities)                                                        
  Net assets                          101,665       126,577            112,211
  Capital                                                                     
  Called up share capital               6,841         6,641              6,716
  Share premium account                22,832        19,195             20,942
  Capital reserve - realised           72,009        44,727             71,802
  Capital reserves - unrealised         5,753        58,474             16,691
  Revenue reserve                     (5,770)       (2,460)            (3,940)
  Total shareholders' funds           101,665       126,577            112,211
  Net asset value per ordinary         371.5p        476.5p             417.7p
  share                                                                       


Finsbury Technology Trust PLC
Consolidated Cash Flow Statement
For the half year ended 31 May 2001



                                  (unaudited)       (unaudited)       (audited)
                             Half year ended   Half year ended      Year ended
                                 31 May 2001       31 May 2000     30 November
                                        £000              £000            2000
                                                                          £000
  Net cash outflow from             (11,913)           (7,925)        (10,562)
  operating activities                                                        
  Servicing of finance                                                        
  Bank overdraft and loan              (112)              (15)            (96)
  interest paid                                                               
  Financial investment                                                        
  Purchase of investments           (26,186)          (47,548)       (102,966)
  Sales of investments                38,172            52,070         103,462
  Net cash inflow from                11,986             4,522             496
  financial investment                                                        
  Financing                                                                   
  Drawdown on loans                       57                 -           3,143
  Proceeds from issue of               2,015               106           1,928
  ordinary shares                                                             
  Net cash inflow from                 2,072               106           5,071
  financing                                                                   
  Increase/(decrease) in               2,033           (3,312)         (5,091)
  cash                                                                        


Finsbury Technology Trust PLC

Notes to the interim accounts


1.    Revenue Account
      The revenue column of the Consolidated Statement of Total Return
      represents the revenue account of the Group.


2     Income
                                                                        
                                Half year ended        Half year    Year ended
                                    31 May 2001     ended 31 May   30 November
                                                            2000          2000
                                          £'000            £'000         £'000
      Income from                           228               64           207
      investments                                                  
      Loss on dealing                    (1,195)               -          (336)
      subsidiary                                                  
      Interest receivable                    66              237           223
      and other income                                                  
      Total                                (901)             301            94
                                                                              

3.    Return per ordinary share
      Revenue return per ordinary share is calculated by dividing the deficit
      of £1,830,000 (half year ended 31 May 2000: deficit of £896,000) by
      27,081,246 (half year ended 31 May 2000: 26,563,079) the weighted average
      number of ordinary shares. Capital return per ordinary share is
      calculated by dividing the net capital deficit of £10,731,000 (half year
      ended 31 May 2000: £30,912,000) by the weighted average number of
      ordinary shares as above.

4     Investment Management Fees

                                      half year        half year          Year
                                          ended            ended   30 November
                                         31 May           31 May          2000
                                           2001             2000              
                                          £'000            £'000         £'000

        Periodic fee                        489              833         1,572
        Annual performance fee                -            2,635           941
        Long term performance                 -            3,236         1,782
        fee                                                
        Irrecoverable VAT                    43              229           229
        thereon                                                
        Total                               532            6,933         4,524

5     Issue of ordinary shares

      During the half year ended 31 May 2001 the Company issued a total of
      500,000 ordinary shares. Following these issues the Company has
      27,365,312 ordinary shares in issue.


Finsbury Technology Trust PLC


Notes to the interim accounts (continued)


6.    Comparative information
      The figures and financial information for the year ended 30 November 2000
      are an extract from the latest published financial statements and do not
      constitute statutory financial statements for that year. Those financial
      statements have been delivered to the Registrar of Companies and included
      the report of the auditors which was unqualified and did not contain a
      statement under either section 237(2) and 237(3) of the Companies Act
      1985.

      The interim financial statements has neither been audited or reviewed by
      the Company's auditors. They have been prepared using the using the same
      accounting policies as those adopted in the annual financial statement
      for the year ended 30 November 2000.


Close Finsbury Asset Management Ltd - Secretary

31 July 2001