Interim Results

Finsbury Life Sciences Inv Tst PLC
24 November 2003

                                                                    NEWS RELEASE
To:  City Editors

                                                           For immediate release

                                                                24 November 2003


                  Finsbury Life Sciences Investment Trust PLC


           Interim Results for the six months ended 30 September 2003



Financial Highlights                                    As at 30/09/03       As at 31/03/03           % Change
                                                           (unaudited)            (audited)

Shareholders' Funds (£m)                                        £29.8m               £19.6m               52.1
Net asset value per share (pence)                                99.0p                65.1p               52.1
Share price (pence)                                              75.0p                44.0p               70.5
Discount (%)                                                     24.2%                32.4%                  -
FTSE All-Share Index (total return)                            2,125.7              1,786.6               19.0
Lehman's UK/Europe Biotechnology                                 165.7                130.2               27.3
Index



No interim dividend is proposed.



Chairman John Sclater, commented:



'The strong gains made by the investment portfolio during the period, admittedly
from a low base, have been particularly pleasing.  Investor sentiment has
improved against a background of product approvals in the US, clinical success
and overall revenue and earnings growth across the sector.



Whilst in the short term the sector may be volatile, your board continues to
believe that the prospects for the European biotechnology sector are bright and
a maturing biotechnology market will provide superior investment returns to the
long term investor.'







The following are attached:



•       Chairman's Statement

•       Consolidated Statement of Total Return

•       Consolidated Balance Sheet

•       Consolidated Cash Flow Statement

•       Notes to the Interim Financial Statements



For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited                                       020 7426 6240
Tracey Gower, Close Finsbury Asset Management Limited                                         020 7426 6219
Michael Bourne, Reabourne Technology Investment Management Limited                            020 7426 6290
Jo Stonier, Quill Communications                                                              020 7763 6976



Chairman's Statement



Performance

During the six months ended 30 September 2003 the Company's net asset value per
share (NAV) increased from 65.1p to 99.0p, a rise of 52.1%.  This compares with
an increase in the Lehman's UK and European Biotechnology Index of 27.3% and an
increase in the FTSE All-Share Index (total return) of 19.0%.



During the six month period the share price increased by 70.5% from 44.0p to
75.0p resulting in a narrowing in the discount of the share price to net asset
value per share from 32.4% to 24.2%.



Results and Dividend

The total return for the six months ended 30 September 2003 was 33.9p per share
(six months to 30 September 2002: loss of 49.5p).  This was made up of a revenue
loss of 1.0p per share (2002: loss of 0.5p) and a capital return of 34.9p per
share (2002: loss of 49.0p). The increased revenue loss during the period has
arisen due to one off expenses incurred by the Company in connection with the
continuation vote tabled at the AGM on 31 July 2003.



The investments making up the Company's investment portfolio typically provide
little, if any, income and accordingly no interim dividend has been declared
(2002: nil)

Review and outlook

The strong gains made by the investment portfolio during the period, admittedly
from a low base, have been particularly pleasing.  Investor sentiment has
improved against a background of product approvals in the US, clinical success
and overall revenue and earnings growth across the sector. Of particular note
has been the strong performance of some of the longer term holdings such as
Alizyme, Evotec, Flamel Technologies and Teva Pharmaceutical.



After three years of extremely difficult business conditions within the sector,
the surviving biotechnology companies are now well placed to grow successful and
sustainable businesses. Merger activity is also increasing with a notable
announcement being the acquisition of Powderject by Chiron and we are looking
forward to seeing the realisation of some of our unquoted investments through
other corporate activity.



Whilst in the short term the sector may be volatile, your board continues to
believe that the prospects for the European biotechnology sector are bright and
a maturing biotechnology market will provide superior investment returns to the
long term investor.





John Sclater

Chairman

24 November 2003




Consolidated Statement of Total Return
incorporating the revenue account for the six months ended 30 September 2003


                                      (unaudited)                     (unaudited)                       (audited)
                                    Six months to                   Six months to                      Year ended
                                30 September 2003               30 September 2002                   31 March 2003
                      Revenue   Capital     Total   Revenue    Capital      Total   Revenue    Capital      Total

                         £000      £000      £000      £000       £000       £000      £000       £000       £000
Gains/(losses) on           -    10,726    10,726         -   (14,566)   (14,566)         -   (15,593)   (15,593)
investments
Loss on currency            -      (36)      (36)         -       (11)       (11)         -        (8)        (8)
balances
Income (note 2)            49         -        49        21          -         21        28          -         28
Investment                  -     (180)     (180)         -      (144)      (144)         -      (284)      (284)
management fees
(note 3)
Other expenses          (341)         -     (341)     (169)          -      (169)     (352)          -      (352)
Net (loss)/profit       (292)    10,510    10,218     (148)   (14,721)   (14,869)     (324)   (15,885)   (16,209)
before finance
costs and taxation

Interest payable            -       (6)       (6)       (4)       (19)       (23)       (6)       (47)       (53)
and similar charges
Loss/(profit) on        (292)    10,504    10,212     (152)   (14,740)   (14,892)     (330)   (15,932)   (16,262)
ordinary activities
before taxation
Taxation on               (3)         -       (3)       (3)          -        (3)       (6)          -        (6)
ordinary activities
Loss/(profit) on        (295)    10,504    10,209     (155)   (14,740)   (14,895)     (336)   (15,932)   (16,268)
ordinary activities
after taxation
Transfer (from)/to      (295)    10,504    10,209     (155)   (14,740)   (14,895)     (336)   (15,932)   (16,268)
reserves
(Loss)/return per      (1.0)p     34.9p     33.9p    (0.5)p    (49.0)p    (49.5)p    (1.1)p    (52.9)p    (54.0)p
Ordinary share -
pence (note 1)



The revenue column of this statement is the profit and loss account of the
Group.






Consolidated Balance Sheet

as at 30 September 2003


                                                    (unaudited)            (unaudited)             (audited)
                                              30 September 2003      30 September 2002       31 March   2003            
                                                           £000                   £000                  £000

Fixed assets - investments                               28,501                 21,537                20,752

Current assets
Debtors                                                     334                     24                    14
Cash at bank                                              1,178                      -                    12
                                                          1,512                     24                    26

Creditors
Amounts falling due within one year                       (201)                  (585)               (1,175)
Net current assets/(liabilities)                          1,311                  (561)               (1,149)
Net assets                                               29,812                 20,976                19,603

Capital and reserves
Called up share capital                                   7,525                  7,525                 7,525
Share premium                                                 -                 21,679                21,679
Special reserve (note 4)                                 21,679                      -                     -
Capital reserve - realised                                8,476                 15,997                11,667
Capital reserve - unrealised                            (7,290)               (24,123)              (20,985)
Revenue reserve                                           (578)                  (102)                 (283)

Total shareholders' funds                                29,812                 20,976                19,603

Net asset value per Ordinary share                        99.0p                  69.7p                 65.1p







Consolidated Cash Flow Statement
for the six months ended 30 September 2003


                                                        (unaudited)           (unaudited)           (audited)
                                                   Six months ended      Six months ended          Year ended
                                                  30 September 2003          30 September            31 March
                                                               £000                  2002                2003
                                                                                     £000                £000


Net cash outflow from operating activities                    (458)                 (415)               (715)

Servicing of finance
Bank overdraft and interest paid                                (6)                  (21)                (31)


Taxation

Withholding tax recovered                                         1                     -                   -

Net tax recovered                                                 1                     -                   -



Financial investment

Purchases of investments                                    (5,567)               (2,179)             (3,497)
Sales of investments                                          8,232                 1,707               2,785
Net cash inflow/(outflow) from financial                      2,665                 (472)               (712)
investment

Equity dividends paid                                             -                     -                   -

Net cash inflow/(outflow) before financing                    2,202                 (908)             (1,458)

Financing
(Repayment)/drawdown of loans                               (1,000)                   350               1,000
Increase/(Decrease) in cash                                   1,202                 (558)               (458)


Reconciliation of net cash flow to movement                   1,202                 (558)               (458)
in net funds/(debt)
Cashflow from repayment/(drawdown) of loan                    1,000                 (350)             (1,000)
Exchange movements                                             (36)                  (11)                 (8)
Movement in net funds/(debt)                                  2,166                 (919)             (1,466)

Net debt at beginning of period                               (988)                   478                 478

Net funds/(debt) at end of period                             1,178                 (441)               (988)









Notes to the Interim Financial Statements



1.   Loss/(return) per Ordinary share



Revenue loss per Ordinary share is calculated by dividing the net revenue loss
of £295,000 (six months ended 30 September 2002: loss £155,000; year ended 31
March 2003: loss £336,000) by 30,100,000 being the number of Ordinary shares in
issue throughout the period.  Capital return per Ordinary share is calculated by
dividing the net capital gain available for Ordinary shareholders of £10,504,000
(six months ended 30 September 2002: loss £14,470,000; year ended 31 March 2003:
loss £15,932,000) by 30,100,000 Ordinary shares as above.



2.   Income

                                                     Six months to         Six months to             Year ended
                                                      30 September          30 September               31 March
                                                              2003                  2002                   2003
                                                             £'000                 £'000                  £'000


Investment income                                               45                    19                     26
Other income                                                     4                     2                      2
                                                                49                    21                     28



3.   Investment Management Fees

                                                     Six months to         Six months to             Year ended
                                                      30 September          30 September               31 March
                                                              2003                  2002                   2003
                                                             £'000                 £'000                  £'000


Periodic fee                                                   150                   125                    245
Performance fee                                                  -                     -                      -
Irrecoverable VAT thereon                                       30                    19                     39
                                                               180                   144                    284



4.   Special Reserve



As detailed in the Annual Report for the year ended 31 March 2003, on 21 August
2003 the share premium account of the Company was cancelled. A special reserve
was created which can be treated as a distributable reserve and used, to the
extent necessary, for the purposes of any share buy-backs.


Notes to the Interim Financial Statements  (continued)



5.   Comparative Information



The figures and financial information for the year ended 31 March 2003 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 Report has
been neither audited nor reviewed by the Company's auditors. The Interim Report
has been prepared using accounting policies that are consistent with those
adopted in the statutory accounts for the year ended 31 March 2003.




                                    - ENDS -


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