Interim Results

Finsbury Technology Trust PLC
12 July 2002



Finsbury Technology Trust PLC

Preliminary results for the half year ended 31 May 2002


Finsbury Technology Trust PLC today announces preliminary results for the half
year ended 31 May 2002.

                                                    Half year ended               Year ended
                                                        31 May 2002         30 November 2001    % Increase /
                                                        (unaudited)                (audited)      (decrease)

Net Asset Value (£m)                                           67.1                     88.8          (24.4)
Net asset value per ordinary share (p)                        243.1                    321.7          (24.4)
Share Price (p)                                               230.5                    318.0          (27.5)
Discount (%)                                                    5.2                      1.2               -
MSCI World Net Index                                          1,588                    1,679           (5.4)


No interim dividend is proposed (2001: nil)

Mr Bryan Lenygon, Chairman, commented:


"In our opinion many technology shares have been oversold and represent good
long term value. However in the near term it is difficult to see a catalyst that
will drive a sustained increase in the sector, particularly as technology stocks
are traditionally weak over the summer. Indeed with mixed economic data, the
threat of further terrorist outrages, continuing violence in the Middle East and
the accounting scandals at Enron, Xerox and Worldcom it is possible that equity
markets will experience further declines.

The technology sector is a volatile one and in the past has experienced a number
of strong bull and bear markets. Its prospects in the short term are uncertain,
however the sector retains strong growth characteristics and at current
valuations we believe that a significant number of technology companies
represent good long term value"


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

12 July 2002

                                    - ENDS -


Finsbury Technology Trust PLC


The following are attached:


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



For further information please contact:

Alastair Smith, Close Finsbury Asset Management Ltd          020 7426 6240
Fiona Harris, Quill Communications                           020 7763 6970
Michael Bourne, Reabourne Technology Investment
Management Ltd                                               020 7426 6290
Dr Andrew Clark, Reabourne Technology Investment
Management Ltd                                               020 7426 6288


Finsbury Technology Trust PLC

Chairman's Statement


Results


In the six months to 31 May 2002 the net asset value per share ("NAV") fell by
24.4% from 321.7p to 243.1p.  This compares with a decline of 16.3% in the
NASDAQ Composite Index, 34.2% in the Techmark 100 Index and 5.4% in the MSCI
World Net Index, which is our benchmark index.

During the period the Company's share price fell 27.5% from 318.0p to 230.5p.
This resulted in the share price standing at a 5.2% discount to the NAV at 31
May 2002.

There have been further declines in both the technology sector and equities
generally since the half year. On 10 July 2002 the NAV stood at 184.4p whilst
the share price had fallen to 154.0p.


Statement of Total Return

The total deficit per share for the year was 78.6p (31 May 2001: 46.4p) made up
of a revenue deficit of 1.7p (31 May 2001: 2.4p) and a capital deficit of 76.9p
(31 May 2001: 44.0p).


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 six months to 31
May 2002 (2001: nil) and it is unlikely that a dividend will be paid in the
foreseeable future.


Review and outlook

During the last six months global equity markets have continued to decline and
we are in the midst of the most severe and sustained bear market since the
1970s.  The technology sector has been particularly badly hit with the NASDAQ
Composite Index, for example, having fallen by nearly 70% since its peak in
March 2000.

In our opinion many technology shares have been oversold and represent good long
term value. However in the near term it is difficult to see a catalyst that will
drive a sustained increase in the sector, particularly as technology stocks are
traditionally weak over the summer. Indeed with mixed economic data, the threat
of further terrorist outrages, continuing violence in the Middle East and the
accounting scandals at Enron, Xerox and Worldcom it is possible that equity
markets will experience further declines.


Finsbury Technology Trust PLC

Chairman's Statement (continued)

The technology sector is a volatile one and in the past has experienced a number
of strong bull and bear markets. Its prospects in the short term are uncertain,
however the sector retains strong growth characteristics and at current
valuations we believe that a significant number of technology companies
represent good long term value


Bryan Lenygon

Chairman

12 July 2002



Finsbury Technology Trust PLC


Statement of Total Return

Incorporating the revenue account for the six months ended 31 May 2002

                               (unaudited)                      (unaudited)                      (audited)
                             Half year ended                  Half year ended                    Year ended
                               31 May 2002                     31 May 2001 *                 30 November 2001 *
                        Revenue    Capital      Total   Revenue    Capital      Total    Revenue    Capital      Total
                           £000       £000       £000      £000       £000       £000       £000       £000       £000

Loss on investments           -   (21,173)   (21,173)         -   (11,791)   (11,791)          -   (24,646)   (24,646)
Exchange losses on            -       (52)       (52)         -      (124)      (124)          -      (216)      (216)
currency balances
Income (note 2)             158          -        158       283          -        283        431          -        431
Investment                (405)          -      (405)     (532)          -      (532)      (972)       (99)    (1,071)
management fees
(note 4)
Other expenses            (228)          -      (228)     (269)          -      (269)      (452)          -      (452)
Net loss before           (475)   (21,225)   (21,700)     (518)   (11,915)   (12,433)      (993)   (24,961)   (25,954)
finance costs and
taxation

Interest payable and        (3)          -        (3)     (114)          -      (114)      (134)          -      (134)
similar charges
Loss on ordinary          (478)   (21,225)   (21,703)     (632)   (11,915)   (12,547)    (1,127)   (24,961)   (26,088)
activities before
taxation

Taxation on ordinary        (4)          -        (4)      (14)          -       (14)       (12)          -       (12)
activities
Loss on ordinary          (482)   (21,225)   (21,707)     (646)   (11,915)   (12,561)    (1,139)   (24,961)   (26,100)
activities after
taxation
Dividend on ordinary          -          -          -         -          -          -          -          -          -
shares

Transfer from             (482)   (21,225)   (21,707)     (646)   (11,915)   (12,561)    (1,139)   (24,961)   (26,100)
reserves

Loss per ordinary        (1.7p)    (76.9p)    (78.6p)    (2.4p)    (44.0p)    (46.4p)     (4.2)p    (91.6)p    (95.8)p
share - pence
(note 3)

* re-stated: see note 5


Finsbury Technology Trust PLC


Balance Sheet

As at 31 May 2002

                                                  (unaudited)           (unaudited)                 (audited)
                                                  31 May 2002          31 May 2001*         30 November 2001*
                                                         £000                  £000                      £000

Fixed asset investments                                67,282               100,676                    86,621


Current assets

Debtors                                                    64                 3,306                     3,961
Cash at bank                                              889                 1,850                       229
                                                          953                 5,156                     4,190

Creditors

Amounts falling due within one year                   (1,097)               (4,167)                   (1,966)

Net current (liabilities)/assaets                       (144)                   989                     2,224

Net assets                                             67,138               101,665                    88,845

Capital
Called up share capital                                 6,904                 6,841                     6,904
Share premium account                                  23,488                22,832                    23,488
Capital reserve - realised                             65,191                72,009                    70,538
Capital reserves - unrealised                        (22,884)                 4,569                   (7,006)
Revenue reserve                                       (5,561)               (4,586)                   (5,079)
Total shareholders' funds                              67,138               101,665                    88,845

Net asset value per ordinary share                     243.1p                371.5p                    321.7p


* re-stated: see note 5


Finsbury Technology Trust PLC


Cash Flow Statement

For the half year ended 31 May 2002


                                                      (unaudited)          (unaudited)               (audited)
                                                  Half year ended      Half year ended              Year ended
                                                      31 May 2002          31 May 2001        30 November 2001
                                                             £000                 £000                    £000

Net cash inflow/(outflow) from operating                    1,884             (12,727)                (12,408)
activities

Servicing of finance
Bank overdraft and loan interest paid                         (3)                (112)                   (134)

Taxation
Taxation recovered                                              1                    -                       6

Financial investment
Purchase of investments                                  (21,381)             (27,382)                (45,579)
Sales of investments                                       19,790               38,172                  57,018
Net cash (outlfow)/inflow from financial
investment                                                (1,591)               10,790                  11,439
                                                         

Financing

Drawdown/(repayment) of loans                                   -                   57                 (3,143)
Proceeds from issue of ordinary shares                          -                2,015                   2,734
                                                                
                                                               
Net cash inflow/(outflow) from financing                        -                2,072                   (409)

Increase/(decrease) in cash during the
period                                                        291                   23                 (1,506)
                                                             


Finsbury Technology Trust PLC


Notes to the interim accounts


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


2     Income
                                        Half year ended 31  Half year ended 31            Year ended
                                                  May 2002            May 2001           30 November
                                                                                                2001
                                                     £'000               £'000                 £'000

      Income from investments                          150                 228                   362
      Interest receivable and other                      8                  55                    69
      income
      Total                                            158                 283                   431


3     Return per ordinary share
      Revenue return per ordinary share is calculated by dividing the deficit of £482,000 (half year
      ended 31 May 2001: £646,000; year ended 30 November 2001: £1,139,000) by 27,615,312 (half year
      ended 31 May 2001: 27,081,246; year ended 30 November 2001: 27,240,312) the weighted average
      number of ordinary shares in issue for the period. Capital return per ordinary share is
      calculated by dividing the net capital deficit of £21,225,000 (half year ended 31 May 2001:
      £11,915,000; year ended 30 November 2001: £24,961,000) by the weighted average number of
      ordinary shares as above.

4     Investment Management Fees

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

      Periodic fee                                        363                489                  905
      Annual performance fee                                -                  -                    -
      Long term performance fee                             -                  -                    -
      Irrecoverable VAT thereon                            42                 43                  166
      Total                                               405                532                1,071


Finsbury Technology Trust PLC


Notes to the interim accounts (continued)


5.   Comparative information

     The figures and financial information for the year ended 30 November 2001 
     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 Company's subsidiary, Fintech Investments Limited was placed into 
     members voluntary (solvent) liquidation on 1 March 2002. As a result the 
     Company no longer prepares group accounts and the comparative information 
     has been re-stated accordingly.

     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 2001.



Close Finsbury Asset Management Ltd - Secretary

12 July 2002



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