Interim Results

Finsbury Technology Trust PLC
12 July 2006


                                                           For immediate release

                                                                    12 July 2006


                         FINSBURY TECHNOLOGY TRUST PLC

            Preliminary results for the six months ended 31 May 2006

Finsbury Technology Trust PLC today announces preliminary results for the six
months ended 31 May 2006.

                                        31 May 2006     30 November     % Change
                                                               2005

Shareholders' Funds *                       £58.0m          £62.0m        -6.5
Net Asset Value per Ordinary share          232.4p          237.2p        -2.0
Share price                                 210.5p          220.3p        -4.4
Discount                                      9.4%            7.1%           -
Dow Jones World Technology Index
(sterling adjusted, total return)           215.8           235.4         -8.3


* The cost of share buy-backs in the six months ended 31 May 2006 reduced
shareholders' funds by £2.6m.

The Company has not declared an interim dividend (2005: nil).









For and on behalf of

Close Finsbury Asset Management Limited - Company Secretary


12 July 2006


                                    - ENDS -


The following are attached:

* Chairman's Statement                      * Balance Sheet
* Income Statement                          * Cash Flow Statement
* Reconciliation of Movements in            * Notes to the interim financial
Shareholders' Funds                         statements





For further information please contact:

David Quysner, Chairman                                            020 7534 1500

Alastair Smith, Close Finsbury Asset Management Ltd                020 7426 6240

Mark Pope, Close Finsbury Asset Management Ltd                     020 7426 6294

Michael Bourne, Reabourne Technology Investment Management Ltd     020 7422 7801

Eleanor Mitchell/Jo Stonier, Quill Communications                  020 7758 2230



Chairman's Statement


Performance


During the six months ended 31 May 2006 the Company's net asset value per share
fell from 237.2p to 232.4p, a decline of 2.0 per cent. This compares with a fall
of 8.3 per cent. in the Company's benchmark, the Dow Jones World Technology
Index, which is measured in sterling terms on a total return basis. The
Company's share price fell by 4.4 per cent. from 220.3p to 210.5p but also
outperformed the benchmark. There was a slight widening of the discount of share
price to net asset value per share over the period from 7.1 per cent. to 9.4 per
cent.


Results and Dividend


There was a loss of 4.5p per share for the six months ending 31 May 2006
compared to a return of 4.0p per share for the corresponding period last year.
This was made up of a revenue loss of 2.1p per share (2005: loss of 1.7p per
share) and a capital loss of 2.4p per share (2005: return of 5.7p per share).


The Company's investments typically provide a very low yield and accordingly no
dividend is payable in respect of the six months ended 31 May 2006 (2005: Nil).


The Board


As I mentioned in my statement in the latest annual report, Dr David Potter, who
served as a director from the Company's inception in 1995, did not stand for
re-election at the Annual General Meeting in April 2006. The Board is currently
reviewing its composition but it is expected that a new appointment will be made
during the course of this year.


Discount Management Policy and Buy-Back Authority


As part of proposals put to shareholders in December 2005, the Board adopted a
discount management policy under which the Company will buy back shares, for
cancellation, at prices representing a discount of not less than 7.0 per cent.
to net asset value per share, where there is demand in the market for it to do
so. Shareholders will note that the discount may exceed 7.0 per cent., as at the
half-year end, but that there may be no unmet demand from selling shareholders
at this level. Under the discount management policy a total of 1,445,000 shares
have been purchased for cancellation since the year end, at an average discount
to net asset value per share of 8.3 per cent. and at a total cost of £3.2
million.


Changes in Accounting Policies - UK GAAP


The Company's financial statements are prepared in accordance with UK generally
accepted accounting principles ("GAAP"), the rules of which have recently
changed. Consequently, the Company has changed its accounting policy for the
valuation of listed investments, and these are now stated at 'bid' rather than
the previous 'mid-market' prices. Further details of these changes and the
associated impact on the results of the Company are referred to in the attached
notes to the financial statements.


Outlook


In recent weeks there has been a significant correction in world markets and
this has inevitably affected the Company's portfolio. However, the Board
believes that the medium to long-term outlook for technology investment remains
positive and that the sector can generate attractive returns for the longer-term
investor.


David Quysner

Chairman

12 July 2006





Income Statement

                           (Unaudited)                (Unaudited)                   (Audited)
                              Six months                 Six months                  Year ended
                                   ended                      ended
                             31 May 2006                31 May 2005                 30 November
                                                                                           2005
              Revenue  Capital   Total    Revenue  Capital  Total     Revenue  Capital  Total
               Return   Return   £'000     Return   Return  £'000      Return   Return  £'000
              £'000    £'000              £'000    £'000              £'000    £'000
 -----------  -------  -------   -------  -------   ------  -------   -------  -------  -------
(Losses)/
gains
on
investments
held at fair      
value
through
profit or
loss              -     (544)     (544)       -    1,615    1,615         -    5,543    5,543
Exchange
losses on
currency
balances          -      (75)      (75)       -      (22)     (22)        -     (147)    (147)
Income (note     
2)               61        -        61      105        -      105       326        -      326
Investment
management
fees (note     
3)             (320)       -      (320)    (327)       -     (327)     (658)       -     (658)
Other          
expenses       (262)       -      (262)    (221)       -     (221)     (851)       -     (851)
-----------  -------  -------   -------  -------   ------  -------   -------  -------  -------
Net
(loss)/        
return
before
finance
costs and
taxation       (521)    (619)   (1,140)    (443)   1,593    1,150    (1,183)   5,396    4,213
Interest
payable and
similar
charges         (12)       -       (12)     (22)       -      (22)      (39)       -      (39)
-----------   -------  -------   -------  -------   ------  -------   -------  -------  -------
(Loss)/
return
on ordinary
activities
before         
taxation       (533)    (619)   (1,152)    (465)   1,593    1,128    (1,222)   5,396    4,174
Taxation
charge on
ordinary
activities        -        -         -       (8)       -       (8)      (28)       -      (28)
-----------   -------  -------   -------  -------   ------  -------   -------  -------  -------
Transfer
(from)/to      
reserves       (533)    (619)   (1,152)    (473)   1,593    1,120    (1,250)   5,396    4,146
-----------   -------  -------   -------  -------   ------  -------   -------  -------  -------
(Loss)/
return
per Ordinary
share -        
pence         
(note 4)       (2.1p)   (2.4p)    (4.5p)   (1.7p)    5.7p     4.0p     (4.5p)   19.6p    15.1p
-----------   -------  -------   -------  -------   ------  -------   -------  -------  -------



The total columns of this statement represent the Company's Income statement.
The revenue return and capital return columns are supplementary to this and are
prepared under guidance published by the Association of Investment Trust
Companies.



Reconciliation of Movements in Shareholders' Funds



For the six months ended 31 May 2006

                       Called up          Share    Capital   
                           share        premium redemption   Capital   Revenue   
                         capital        account    reserve  reserves   reserve     Total
                           £'000          £'000      £'000     £'000     £'000     £'000
-----------------       --------       --------  ---------  --------  --------   -------
As at 30
November 2005              6,539         23,488        365    40,444    (8,803)   62,033
Adjustment to
bid valuations                 -              -          -      (194)        -      (194)
-----------------       --------       --------  ---------  --------  --------   -------
Total as at 30
November 2005
(as adjusted)              6,539         23,488        365    40,250    (8,803)   61,839
-----------------       --------       --------  ---------  --------  --------   -------
Net loss from
ordinary
activities                     -              -          -      (619)     (533)   (1,152)
Shares
purchased and
cancelled                   (294)             -        294    (2,642)        -    (2,642)
-----------------       --------       --------  ---------  --------  --------   -------
As at 31 May
2006                       6,245         23,488        659    36,989    (9,336)   58,045
-----------------       --------       --------  ---------  --------  --------   -------



For the year ended 30 November 2005

                       Called up          Share    Capital   
                           share        premium redemption   Capital   Revenue   
                         capital        account    reserve  reserves   reserve     Total
                           £'000          £'000      £'000     £'000     £'000     £'000
 -----------------      --------       --------  ---------  --------  --------   -------
As at 30
November 2004              6,904         23,488          -    38,214    (7,553)   61,053
Net
return/(loss)
from ordinary
activities                     -              -          -     5,396    (1,250)    4,146
Shares
purchased and
cancelled                   (365)             -        365    (3,166)        -    (3,166)
-----------------       --------       --------  ---------  --------  --------   -------
At 30 November
2005                       6,539         23,488        365    40,444    (8,803)   62,033
-----------------       --------       --------  ---------  --------  --------   -------





For the six months ended 31 May 2005

                       Called up          Share    Capital   
                           share        premium redemption   Capital   Revenue   
                         capital        account    reserve  reserves   reserve     Total
                           £'000          £'000      £'000     £'000     £'000     £'000
-----------------       --------       --------  ---------  --------  --------    ------
As at 30
November 2004              6,904         23,488          -    38,214    (7,553)   61,053
Net
return/(loss)
from ordinary
activities                     -              -          -     1,593      (473)    1,120
-----------------       --------       --------  ---------  --------  --------   -------
At 31 May 2005             6,904         23,488          -    39,807    (8,026)   62,173
-----------------       --------       --------  ---------  --------  --------   -------


Balance Sheet
as at 31 May 2006

                                     (Unaudited)    (Unaudited)      (Audited)
                                          31 May         31 May    30 November
                                            2006           2005           2005
                                           £'000          £'000          £'000
--------------------                 -----------   ------------  -------------
Fixed assets                              
Investments held at fair value
through profit or loss                    57,986         62,266         61,743
--------------------                 -----------   ------------  -------------
Current assets
Debtors                                       86          2,398          3,080
Cash at bank                                 165              -          2,432
--------------------                 -----------   ------------  -------------
                                             251          2,398          5,512

Creditors
Amounts falling due within one year         (192)        (2,491)        (5,222)
--------------------                 -----------   ------------  -------------
Net current assets/(liabilities)              59            (93)           290
--------------------                 -----------   ------------  -------------
Net assets                                58,045         62,173         62,033
--------------------                 -----------   ------------  -------------

Capital and reserves
Called up share capital                    6,245          6,904          6,539
Share premium account                     23,488         23,488         23,488
Capital redemption reserve                   659              -            365
Capital reserve - realised                47,242         43,934         40,053
Capital reserve - unrealised             (10,253)        (4,127)           391
Revenue reserve                           (9,336)        (8,026)        (8,803)
--------------------                 -----------   ------------  -------------
Total Equity Shareholders' funds          58,045         62,173         62,033
--------------------                 -----------   ------------  -------------

Net asset value per Ordinary share
(note 5)                                   232.4p         225.1p         237.2p
--------------------                 -----------   ------------  -------------








Cash Flow Statement
for the six months ended 31 May 2006

                                     (Unaudited)    (Unaudited)      (Audited)
                                      Six months     Six months     Year ended
                                           ended          ended
                                          31 May         31 May    30 November
                                            2006           2005           2005
                                           £'000          £'000          £'000
---------------------              -------------  -------------  -------------
Net cash outflow from
operating activities                      (1,081)          (423)          (779)

Servicing of finance
Bank overdraft and loan
interest paid                                (12)           (19)           (39)

Taxation
Tax recovered                                  1              9              8

Financial investment
Purchases of investments                 (18,079)       (26,729)       (47,362)
Sales of investments                      19,636         24,270         53,180
---------------------              -------------  -------------  -------------
Net cash inflow/(outflow)
from financial investment                  1,557         (2,459)         5,818

Financing

Purchase of Ordinary shares               (2,642)             -         (3,166)
Drawdown of loans                              -          2,000              -
---------------------              -------------  -------------  -------------
Net cash (outflow)/inflow
from financing                            (2,642)         2,000         (3,166)
---------------------              -------------  -------------  -------------
(Decrease)/increase in cash
during the period                         (2,177)          (892)         1,842
---------------------              -------------  -------------  -------------
Reconciliation of net cash flow to
movement in net (debt)/funds
(Decrease)/increase in cash
as above                                  (2,177)          (892)         1,842
Cash inflow from financing                     -         (2,000)             -
Exchange movements                           (75)           (22)          (147)
---------------------              -------------  -------------  -------------

Movement in net
(debt)/funds                              (2,252)        (2,914)         1,695
Net funds at start of
period                                     2,417            722            722
---------------------              -------------  -------------  -------------

Net funds/(debt) at end of
period                                       165         (2,192)         2,417
---------------------              -------------  -------------  -------------



Notes to the interim financial statements

  1.  Accounting Policies

      Changes in presentation

      The company has adopted the provisions of the Revised SORP (statement of
      recommended practice, dated December 2005) and revised UK Accounting
      Standards, which have resulted in some changes to the presentation of the
      Company's accounts.

      The Statement of Total Return is now called the Income Statement. Dividends,
      if they were to become payable to equity shareholders, will no longer be
      reflected in the Income Statement, although they will continue to be shown in
      the Reconciliation of Movements in Shareholders' Funds which is now presented
      as a primary statement.

      Changes in accounting policies

      The company has changed its accounting policy for the valuation of listed
      investments, in accordance with the provisions of FRS 26 - Financial
      instruments: Recognition and Measurement ("FRS 26"). This change in policy and
      the associated impact on the results of the Company are referred to below. As
      permitted by FRS 26, comparatives have not been restated for the change in
      basis of valuation from mid to bid and therefore listed investments shown at
      31 May 2005 and 30 November 2005 are stated at middle market prices.

      Valuation of fixed asset investments

      Following the introduction of FRS 26, listed investments have been designated
      by the Board as held at fair value through profit or loss and accordingly are
      valued at fair value, deemed to be bid market prices. The market value of
      listed investments for previous periods, have not been restated.

      The adoption of bid market prices at 1 December 2005 decreased the value of
      investments by £194,000. The effect of this change in accounting policy is to
      decrease the value of investments at 31 May 2006 by £157,000 and increase the
      net return on ordinary activities after taxation for the period then ended by
      £37,000.

      Changes in the fair value of investments held at fair value through profit or
      loss and gains and losses on disposal are recognised in the Income Statement
      as "Gains or losses on investments held at fair value through profit or loss".
      Also included within this caption are transaction costs in relation to the
      purchase or sale of investments, including the difference between the purchase
      price of an investment and its bid price at the date of purchase. The
      transaction costs incurred on the acquisition and disposal of investments are
      included within the Income Statement and allocated to the capital reserve
      amounted to £77,000 for the six months ended 31 May 2006 (six months ended 31
      May 2005: £120,000; year ended 30 November 2005: £270,000). All purchases and
      sales are accounted for on a trade date basis.

      Notes to the interim financial statements (continued)

      In respect of unquoted investments, fair value is established by using
      valuation techniques, which may include using recent arm's length market
      transactions between knowledgeable, willing parties. Where there is a
      valuation technique commonly used by market participants to price an
      instrument, which has been demonstrated to provide reliable estimates of
      prices obtained in actual market transactions, that technique is utilised.
      Where the fair value cannot reliably be measured the investment will be
      carried at the previous reporting date value unless there is evidence that the
      investment has since been impaired, in which case the value will be reduced.

  2.  Income
                                     (Unaudited)         (Unaudited)     (Audited)
                                      Six months          Six months    Year ended
                                           ended               ended
                                          31 May              31 May   30 November
                                            2006                2005          2005
                                           £'000               £'000         £'000
      ---------------              -------------        ------------    ----------
      Income from investments                 57                  94           303
      Interest receivable and                  4                  11            23
      other income                 -------------        ------------    ----------
      ---------------
      Total                                   61                 105           326
      ---------------              -------------        ------------    ----------



  3.  Investment Management Fees

                                    (Unaudited)       (Unaudited)        (Audited)
                                     Six months        Six months       Year ended
                                          ended             ended
                                         31 May            31 May      30 November
                                           2006              2005             2005
                                          £'000             £'000            £'000
      ---------------              ------------       -----------      -----------
      Periodic fee                          290               311              630
      Performance fee                         -                 -                -
      Irrecoverable VAT                      30                16               28
      thereon                      ------------       -----------      -----------
      ---------------
      Total                                 320               327              658
      ---------------               ------------       -----------      -----------

  4.  (Loss)/return per Ordinary share

      The total loss per Ordinary share is calculated by dividing the net total loss
      of £1,152,000 (six months ended 31 May 2005: return £1,120,000; year ended 30
      November 2005: return £4,146,000) by 25,479,515 (six months ended 31 May 2005:
      27,615,312; year ended 30 November 2005: 27,559,312) being the weighted
      average number of Ordinary shares in issue during the periods. The (loss)/
      return per Ordinary share can be further analysed as follows: the revenue loss
      per Ordinary share is calculated by dividing the net revenue loss of £533,000
      (six months ended 31 May 2005: £473,000; year ended 30 November 2005:
      £1,250,000) by 25,479,515 (six months ended 31 May 2005: 27,615,312; year
      ended 30 November 2005: 27,559,312)

      Notes to the interim financial statements (continued)
      being the weighted average number of Ordinary shares in issue during the
      period. The capital loss per Ordinary share is calculated by dividing the net
      capital loss of £619,000 (six months ended 31 May 2005: return of £1,593,000;
      year ended 30 November 2005: return of £5,396,000) by the number of Ordinary
      shares, as above.

 5.  Net Asset Value per Ordinary share

                              (Unaudited)          (Unaudited)           (Audited)
                                   31 May               31 May         30 November
                                     2006                 2005                2005
                                    £'000                £'000               £'000
     -------------            ------------        -------------       -------------
     Net asset value per            232.4p               225.1p              237.2p
     Ordinary share            ------------        -------------       -------------
     -------------

     The net asset value per Ordinary share is based on the assets attributable to
     ordinary shareholders of £58,045,000 (six months ended 31 May 2005:
     £62,173,000; year ended 30 November 2005: £62,033,000) and on 24,980,312
     Ordinary shares (31 May 2005: 27,615,312; 30 November 2005: 26,155,312) being
     the number of Ordinary shares in issue at the end of the periods.

 6.  2005 Accounts

     The figures and financial information for the year ended 30 November 2005 are
     extracted from the latest published accounts of the Company and do not
     constitute the statutory accounts for the year.

     Those accounts have been delivered to the Registrar of Companies and received
     an audit report which was unqualified, did not include a reference to any
     matters to which the auditors drew attention by way of emphasis without
     qualifying the report, and did not contain a statement under either Section 237
     (2) or 237 (3) of the Companies Act 1985.


   The interim financial statements have not been audited nor reviewed by the
   Company's auditors. They have been prepared using the accounting policies as
   set out in Note 1 above.

Close Finsbury Asset Management Limited
Company Secretary

12 July 2006






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