Interim Results

Finsbury Technology Trust PLC
26 July 2005


                                                           For immediate release
                                                                    26 July 2005

FINSBURY TECHNOLOGY TRUST PLC

            Preliminary results for the six months ended 31 May 2005

Finsbury Technology Trust PLC today announces preliminary results for the six
months ended 31 May 2005.

                                            31 May    30 November    
                                              2005           2004     % Change

Shareholders' Funds                         £62.2m         £61.1m         +1.8
Net Asset Value per Ordinary share          225.1p         221.1p         +1.8
Share price                                 200.0p         200.5p         -0.2
Discount                                     11.2%           9.3%            -
MSCI World Index (sterling
adjusted without dividends
reinvested)                                 1,502          1,415          +6.1

The Company has not declared an interim dividend (2004: nil).


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

26 July 2005

                                    - ENDS -

The following are attached:

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


For further information please contact:
David Quysner, Chairman                                            020 7534 1500
Alastair Smith, Close Finsbury Asset Management Ltd                020 7426 6240
Tracey Lago, Close Finsbury Asset Management Ltd                   020 7246 6219
Michael Bourne, Reabourne Technology Investment Management Ltd     020 7422 7801
Eleanor Clarke/Jo Stonier, Quill Communications                    020 7763 6970

Chairman's Statement

Performance

During the six months ended 31 May 2005 the Company's net asset value ("NAV")
per share rose from 221.1p to 225.1p, an increase of 1.8%. This compares with an
increase of 3.4% in the NASDAQ Composite Index (sterling adjusted) and an
increase of 6.1% in the MSCI World Index (sterling adjusted, without dividends
reinvested), which is the Company's benchmark index. The Company's share price
fell from 200.5p to 200.0p, a fall of 0.2%. The share price discount at the
period end was 11.2% compared with 9.3% at 30 November 2004.

Results and Dividend

The result for the six months ended 31 May 2005 was a return of 4.0p per share
(2004: loss of 16.3p per share). This was made up of a revenue loss of 1.7p per
share (2004: loss of 2.0p per share) and a capital return of 5.7p per share
(2004: loss of 14.3p per share).

The investments making up the Company's investment portfolio typically provide a
very low yield and accordingly no dividend is recommended in respect of the six
months ended 31 May 2005 (2004: Nil).

Board

I am delighted to welcome John Cornish to the Board. John was appointed as a
director on 1 May 2005 and has a wealth of relevant experience. He retired from
Deloitte & Touche as a senior partner on 31 May 2004. John will chair the Audit
Committee with immediate effect.

Continuation vote

I referred to the forthcoming continuation vote in my statement covering the
year ended 30 November 2004. In anticipation of the vote, your Board is in the
process of concluding a thorough review of all aspects of the Company's affairs
so as to be in a position to make an appropriate recommendation to shareholders.

Outlook

The past few years have been difficult for the technology sector, as
expectations have been recalibrated following the extraordinary market of the
dotcom boom. For those who invested at that time, recent results have been very
disappointing. However, over a longer period, your Company has produced
generally satisfactory returns.

Your Board continues to believe that there will be significant growth in the
technology sector in the years ahead, with benefits likely for the long term
investor.


David Quysner
Chairman

Statement of Total Return

Incorporating the revenue account for the six months ended 31 May 2005

                          (Unaudited)                  (Unaudited)                   
                           Six months                   Six months                    (Audited)
                                ended                        ended                   Year ended
                          31 May 2005                  31 May 2004                  30 November
                                                                                           2004
            Revenue   Capital   Total   Revenue   Capital    Total   Revenue   Capital    Total
              £'000     £'000   £'000     £'000     £'000    £'000     £'000     £'000    £'000
------------------------------------------------------------------------------------------------
Gains/
(losses)          -     1,615   1,615         -    (3,869)  (3,869)        -    (6,099)  (6,099)
on
investments
Exchange
losses on
currency
balances          -       (22)    (22)        -       (81)     (81)        -      (104)    (104)
Income
(note           105         -     105        70         -       70       253         -      253
2)
Investment
management
fees (note     (327)        -    (327)     (370)        -     (370)     (677)        -     (677)
3)
Other          (221)        -    (221)     (226)        -     (226)     (417)        -     (417)
expenses   
------------------------------------------------------------------------------------------------
Net
(loss)/        (443)    1,593   1,150      (526)   (3,950)  (4,476)     (841)   (6,203)  (7,044)
return
before
finance
costs and
taxation
Interest
payable and
similar
charges         (22)        -     (22)      (27)        -      (27)      (37)        -      (37)
------------------------------------------------------------------------------------------------
(Loss)/
return
on ordinary
activities
before         (465)    1,593   1,128      (553)   (3,950)  (4,503)     (878)   (6,203)  (7,081)
taxation
Taxation
charge on
ordinary
activities       (8)        -      (8)       (5)        -       (5)      (23)        -      (23)
------------------------------------------------------------------------------------------------
Transfer
(from)/to      (473)    1,593   1,120      (558)   (3,950)  (4,508)     (901)   (6,203)  (7,104)
reserves
------------------------------------------------------------------------------------------------

(Loss)/
return
per
Ordinary       (1.7p)     5.7p    4.0p     (2.0p)   (14.3p)  (16.3p)    (3.2p)   (22.5p)  (25.7p)
share -   
pence
(note 4)
------------------------------------------------------------------------------------------------



Balance Sheet
as at 31 May 2005

                                     (Unaudited)   (Unaudited)     (Audited)
                                          31 May        31 May   30 November
                                            2005          2004          2004
                                           £'000         £'000         £'000
-----------------------------------------------------------------------------
Fixed asset investments                   62,266        62,832        60,561
-----------------------------------------------------------------------------

Current assets
Debtors                                    2,398            69         1,687
Cash at bank                                   -         1,494           722
-----------------------------------------------------------------------------
                                           2,398         1,563         2,409
Creditors

Amounts falling due within one year       (2,491)         (746)       (1,917)
-----------------------------------------------------------------------------
Net current (liabilities)/assets             (93)          817           492
-----------------------------------------------------------------------------
Net assets                                62,173        63,649        61,053
-----------------------------------------------------------------------------

Capital and reserves
Called up share capital                    6,904         6,904         6,904
Share premium account                     23,488        23,488        23,488
Capital reserve - realised                43,934        45,779        43,555
Capital reserve - unrealised              (4,127)       (5,312)       (5,341)
Revenue reserve                           (8,026)       (7,210)       (7,553)
-----------------------------------------------------------------------------
Total Shareholders' funds                 62,173        63,649        61,053
-----------------------------------------------------------------------------

Net asset value per Ordinary share
(note 5)                                   225.1p        230.5p        221.1p
-----------------------------------------------------------------------------


Cash Flow Statement
for the six months ended 31 May 2005

                                       (Unaudited)   (Unaudited)    
                                          Six months    Six months   (Audited)
                                             ended         ended    Year ended
                                            31 May        31 May   30 November
                                              2005          2004          2004
                                             £'000         £'000         £'000
--------------------------------------------------------------------------------
Net cash outflow from
operating activities                          (423)       (2,164)       (2,528)

Servicing of finance
Bank overdraft and loan
interest paid                                  (19)          (28)          (37)

Taxation
Tax recovered                                    9            10            12

Financial investments
Purchases of investments                   (26,729)      (15,767)      (26,054)
Sales of investments                        24,270        20,640        30,548
--------------------------------------------------------------------------------
Net cash (outflow)/inflow
from financial investment                   (2,459)        4,873         4,494

Financing

Drawdown/(repayment) of
loans                                        2,000        (1,100)       (1,100)
--------------------------------------------------------------------------------
Net cash inflow/(outflow)
from financing                               2,000        (1,100)       (1,100)
--------------------------------------------------------------------------------
(Decrease)/increase in cash
during the period                             (892)        1,591           841
--------------------------------------------------------------------------------
Reconciliation of net cash flow to
movement in net (debt)/funds
(Decrease)/increase in cash
as above                                      (892)        1,591           841
Cash (inflow)/outflow from
financing                                   (2,000)        1,100         1,100
Exchange movements                             (22)          (82)         (104)
--------------------------------------------------------------------------------

Movement in net
(debt)/funds                                (2,914)        2,609         1,837
Net funds/(debt) at start
of period                                      722        (1,115)       (1,115)
--------------------------------------------------------------------------------

Net (debt)/funds at end of
period                                      (2,192)        1,494           722
--------------------------------------------------------------------------------

Notes to the interim financial statements

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

2.  Income
                                     (Unaudited)     (Unaudited)     
                                        Six months      Six months   (Audited)
                                           ended           ended    Year ended
                                          31 May          31 May   30 November
                                            2005            2004          2004
                                           £'000           £'000         £'000
    Income from                               94              65           221
    investments
    Interest receivable                       11               5            32
    and other income      
    ---------------------------------------------------------------------------
                  Total                      105              70           253
    ---------------------------------------------------------------------------

3.  Investment Management Fees

                            (Unaudited)            (Unaudited)       
                               Six months             Six months     (Audited)
                                  ended                  ended      Year ended
                                 31 May                 31 May     30 November
                                   2005                   2004            2004
                                  £'000                  £'000           £'000

    Periodic fee                    311                    350             640
    Performance fee                   -                      -               -
    Irrecoverable VAT                16                     20              37
    thereon          
    ---------------------------------------------------------------------------
                  Total             327                    370             677
    ---------------------------------------------------------------------------


4.  (Loss)/return per Ordinary share

    The revenue loss per Ordinary share is calculated by dividing the net
    revenue loss of £473,000 (six months ended 31 May 2004: £558,000; year ended
    30 November 2004: £901,000) by 27,615,312 (six months ended 31 May 2004:
    27,615,312; year ended 30 November 2004: 27,615,312) being the number of
    Ordinary shares in issue during the period. The capital return per Ordinary
    share is calculated by dividing the net capital return of £1,593,000 (six
    months ended 31 May 2004: loss of £3,950,000; year ended 30 November 2004:
    loss of £6,203,000) by the number of Ordinary shares, as above.

Notes to the interim financial statements (continued)

5.  Net Asset Value per Ordinary share
    ---------------------------------------------------------------------------
                                       (Unaudited)   (Unaudited)    
                                          Six months    Six months   (Audited)
                                             ended         ended    Year ended
                                            31 May        31 May   30 November
                                              2005          2004          2004
                                             £'000         £'000         £'000
    ---------------------------------------------------------------------------
    Net asset value per Ordinary             225.1p        230.5p        221.1p
    share                             
    ---------------------------------------------------------------------------

    The net asset value per Ordinary share is based on the assets attributable
    to ordinary shareholders of £62,173,000 (six months ended 31 May 2004:
    £63,649,000; year ended 30 November 2004: £61,053,000) and on 27,615,312
    Ordinary shares (31 May 2004: 27,615,312; 30 November 2004: 27,615,312)
    being the number of Ordinary shares in issue at the end of the period.

6.  Comparative information
    The figures and financial information for the year ended 30 November 2004
    are an extract from the latest published financial statements and do not
    constitute statutory financial statements for that year. Those financial
    statements were 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 have neither been audited nor reviewed by
    the Company's auditors. They have been prepared using the using the same
    accounting policies as those adopted in the financial statements for the
    year ended 30 November 2004.

Close Finsbury Asset Management Ltd - Company Secretary
26 July 2005



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