Interim Results

Finsbury Growth & Income Trust PLC
18 June 2004



                                                                    18 June 2004

                        Finsbury Growth & Income Trust PLC
                       (Formerly Finsbury Growth Trust PLC)

Announces Interim Results for the six months to 31 March 2004

Financial Highlights:
                                 31 March 2004       30 September     % change
                                                           2003
                                   (unaudited)        (audited)

Share Price (total return)               +21.1%           +24.0%           n/a
Net Asset Value per share
(total return)                           +15.7%           +16.9%           n/a
FTSE All-Share Index (total
return)                                   +7.1%           +16.7%           n/a
Share price (capital return)             177.5p           149.5p         +18.7
Net Asset Value per share
(capital return)                         188.3p           165.8p         +13.6
Discount                                   5.7%             9.8%           n/a
Shareholders' Funds                      £73.2m           £64.4m         +13.6
Market Capitalisation                    £69.0m           £58.1m         +18.8

The Chairman commented that:

   • In the period since 1 October 2003 to 17 June 2004 the discount has
    improved from 9.8% to 4.0%, and the market price of your Company's shares
    has increased by 26.3%.
   • The effect of the changes to the Investment Objective approved on 10 May
    2004 by shareholders have been very positive. As a result of the
    announcement of the board's policy to buy back shares at a discount of 5%,
    at 18 June 2004, the capital structure of the Company stands at 38,456,430
    Ordinary shares, of which 3,125,000 are held in treasury.
   • An interim dividend of 1.8p per share (2003: 1.8p) will be paid on 28
    July 2004 to shareholders registered at the close of business on 2 July
    2004.

For and on behalf of
Close Finsbury Asset Management Limited, Secretary
18 June 2004
                                    - ENDS -

The following are attached:
* Chairman's Statement
* Consolidated Statement of Total Return
* Consolidated Balance Sheet
* Consolidated Cash Flow Statement
* Notes to the interim accounts

For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited 020 7426 6240
Tracey Lago, Close Finsbury Asset Management Limited 020 7426 6219
Fiona Harris, Quill Communications 020 7618 8905
Nick Train, Lindsell Train Limited 020 7225 6400



Chairman's Statement

The directors of your Company are charged with increasing shareholder value.
Over the years your board has worked hard to achieve this. Some years ago the
majority of the shareholders in your Company were institutions but as a result
of marketing this has changed substantially so that now the majority are retail
investors which should assist in achieving a more liquid and improved market
rating in your Company's shares.

Three years ago your board appointed new Investment Advisers. Since then, during
a difficult period for the stock market, your Company's investment portfolio has
outperformed the FTSE All Share Index by 3.5%. However, the discount to net
asset value at which your Company's shares traded in the market, although less
than that of its peer group, was still significant. In order to make your
Company's shares more attractive to investors your board announced on 2 April
2004 that it was proposing a change in Investment Objective to give a greater
emphasis on the income component of total return, and to reflect this, proposed
that a new name, Finsbury Growth & Income Trust PLC be adopted. At the same time
your board announced a policy of buying back shares at a discount to net asset
value of 5%. These changes were approved by shareholders at the Extraordinary
General Meeting held on 10 May 2004.

The effect of these changes have been very positive. A few shareholders,
including Hansa Trust plc which for many years has held 17.8% of your Company's
equity, sold their holdings and new shareholders invested in your Company in
their place. To date your Company has bought into treasury 3,575,000 Ordinary
shares for reissue at a discount of not more than that paid. At the time of
writing, 450,000 of these shares have accordingly been reissued. In the period
since 1 October 2003 to 17 June 2004 (latest practicable date) the discount has
improved from 9.8% to 4.0%, and the market price of your Company's shares has
increased by 26.3%.

Return and Dividends
The Consolidated Statement of Total Return is set out in the Interim Report and
shows an increase of 24.3p made up of a revenue return of 2.5p and a capital
return of 21.8p.

An interim dividend of 1.8p which is the same as last year, is being declared
and will be paid on 28 July 2004 to shareholders on the register at the close of
business on 2 July 2004.

As I stated in my letter to you of 14 April 2004 accompanying the Notice of the
Extraordinary General Meeting held on 10 May 2004, subject to unforeseen
circumstances, your board anticipates recommending a final dividend for the year
ending 30 September 2004 of not less than 4.1p per share which would make a
total dividend of not less than 5.9p per share for the year compared with 3.4p
per share last year. I would emphasise that this statement of the final dividend
expected to be recommended for the year ending 30 September 2004 is not a profit
forecast.


Investments

Our Investment Adviser's review of investments, included in the Interim Report,
covers the six month period to 31 March 2004 and indicates the strategy being
adopted pursuant to the change in Investment Objective referred to above.

The Net Asset Value per share (total return) was 15.7% in the period compared to
an increase of 7.1% in the FTSE All Share Index (total return).

Full details of the investment portfolio are included in the Interim Report.

Borrowings
As already mentioned in my letter to you of 14 April 2004, in order to implement
the new Investment Objective your board has decided to increase gearing to up to
20% of assets. Therefore, in addition to the £5m uncommitted unsecured facility,
the revolving credit facility has been increased from £15m to £20m for a fixed
term expiring in December 2008. At present this facility is subject to a
variable rate of interest but this can be fixed should we so wish.

At 31 March 2004 £9m was outstanding under this facility and at the date of
writing that figure has increased to £15m.


Outlook

Inevitably the fortunes of your Company will reflect what is happening in the
stock market generally. However your board believes the changes it has initiated
and the investment strategy adopted by our Investment Advisers will not only
maintain but will continue to increase shareholder value.


Michael Reeve

Chairman
18 June 2004








Consolidated Statement of Total Return

Incorporating the revenue account for the six months ended 31 March 2004

                            (Unaudited)                  (Unaudited)                    (Audited)
                               Six months                   Six months                 Year ended
                                  ended                        ended
                          31 March 2004                31 March 2003                   30 September
                                                                                             2003
              Revenue   Capital   Total   Revenue   Capital    Total   Revenue   Capital    Total
                £'000     £'000   £'000     £'000     £'000    £'000     £'000     £'000    £'000
-------------   -------    ------  ------   -------   -------  -------   -------   -------  -------
Gains/
(losses)           
on
investments         -     8,766   8,766         -    (1,794)  (1,794)        -     7,892    7,892
Exchange
losses on
currency
balances            -         -       -         -        (1)      (1)        -        (1)      (1)
Income (note
2)              1,385         -   1,385     1,226         -    1,226     2,654         -    2,654
Investment
management
fees (note 3)     (81)     (163)   (244)      (62)     (126)    (188)     (134)     (271)    (405)
Other            
expenses         (246)        -    (246)     (221)        -     (221)     (449)        -     (449)
               -------    ------  ------   -------   -------  -------   -------   -------  -------

Net
return/(loss)
before
finance
costs and       
taxation        1,058     8,603   9,661       943    (1,921)    (978)    2,071     7,620    9,691
Interest
payable and
similar
charges (note
4)                (72)     (147)   (219)      (69)     (140)    (209)     (114)     (231)    (345)
-------------   -------    ------  ------   -------   -------  -------   -------   -------  -------
Return/(loss)
on ordinary
activities
before
taxation          986     8,456   9,442       874    (2,061)  (1,187)    1,957     7,389    9,346
Taxation on         
ordinary        
activities          -         -       -         -         -        -         -         -        -
-------------   -------    ------  ------   -------   -------  -------   -------   -------  -------
Return/(loss)
on ordinary
activities
after tax for
the financial
period/year       986     8,456   9,442       874    (2,061)  (1,187)    1,957     7,389    9,346
Dividends in
respect of
equity shares    (699)        -    (699)     (699)        -     (699)   (1,942)        -   (1,942)
-------------   -------    ------  ------   -------   -------  -------   -------   -------  -------

Transfer
to/(from)         
reserves          287     8,456   8,743       175    (2,061)  (1,886)       15     7,389    7,404
-------------   -------    ------  ------   -------   -------  -------   -------   -------  -------
Return/(loss)
per Ordinary
share            
(note 5)         2.54p    21.76p  24.30p     2.25p    (5.30p)  (3.05p)    5.04p    19.01p   24.05p
-------------   -------    ------  ------   -------   -------  -------   -------   -------  -------




Consolidated Balance Sheet
As at 31 March 2004

                              (Unaudited)         (Unaudited)        (Audited)
                            31 March 2004       31 March 2003       30 September
                                                                          2003
                                    £'000               £'000            £'000
----------------               ------------         -----------    -------------
Fixed asset investments            82,128              61,407           73,380
----------------               ------------         -----------    -------------


Current assets

Debtors                               708                 589              355
Cash at bank                          166               1,697              985
----------------               ------------         -----------    -------------
                                      874               2,286            1,340

Creditors

Amounts falling due within
one year                           (9,851)             (8,575)         (10,312)
----------------               ------------         -----------    -------------

Net current liabilities            (8,977)             (6,289)          (8,972)
----------------               ------------         -----------    -------------

Net assets                         73,151              55,118           64,408
----------------               ------------         -----------    -------------

Capital
Called up share capital             9,714               9,714            9,714
Special reserve                    13,160              13,160           13,160
Capital redemption reserve          3,353               3,353            3,353
Capital reserve- realised          38,769              40,013           38,473
Capital reserve -
unrealised                          6,201             (12,949)          (1,959)
Revenue reserve                     1,954               1,827            1,667
----------------               ------------         -----------    -------------
Total shareholders' funds          73,151              55,118           64,408
----------------               ------------         -----------    -------------
Net asset value per
Ordinary share                      188.3p              141.9p           165.8p
----------------               ------------         -----------    -------------



Consolidated Cash Flow Statement
For the six months ended 31 March 2004

                                     (Unaudited)     (Unaudited)     (audited)
                                        Six months      Six months  Year ended
                                           ended           ended
                                   31 March 2004   31 March 2003    30 September
                                                                          2003
                                           £'000           £'000         £'000
-----------------                     ------------    ------------ -------------
Net cash inflow from
operating activities                         503             656         1,927

Servicing of finance
Loan and bank overdraft                     
interest paid                               (188)           (149)         (355)

Financial investment
Purchase of investments                   (3,403)         (4,199)       (7,938)
Sale of investments                        3,212           7,920         9,581
-----------------                     ------------    ------------ -------------
Net cash (outflow)/inflow
from financial investment                   (191)          3,721         1,643

Equity dividends paid                     (1,243)           (991)       (1,690)


Financing

Drawdown/(repayment) of
loans                                        300          (1,766)         (766)
-----------------                     ------------    ------------ -------------

(Decrease)/increase in
cash                                        (819)          1,471           759
-----------------                     ------------    ------------ -------------

Reconciliation of net cash flow to
movement in net debt
(Decrease)/increase in
cash resulting from
cashflows                                   (819)          1,471           759
(Increase)/decrease in
debt                                        (300)          1,766           766
Exchange movements                             -              (1)           (1)
-----------------                     ------------    ------------ -------------
Movement in (debt)/funds                  (1,119)          3,236         1,524
Net debt at start of
period/year                               (7,715)         (9,239)       (9,239)
-----------------                     ------------    ------------ -------------
Net debt at end of
period/year                               (8,834)         (6,003)       (7,715)
-----------------                     ------------    ------------ -------------





Notes to the interim accounts

1.  Revenue Account

    The revenue column of the Consolidated Statement of Total Return represents the
    profit and loss account of the Group.

2.  Income
                                              Six months      Six months  Year ended
                                                 ended           ended
                                         31 March 2004   31 March 2003    30 September
                                                                                2003
                                                 £'000           £'000         £'000

    Investment income                            1,379           1,219         2,634
    Bank interest                                    6               7            17
    Other                                            -               -             3
                                              ----------      ----------   -----------
                                 Total           1,385           1,226         2,654
                                              ----------      ----------   -----------

3.  Investment management fees

                                               Six months      Six months Year ended
                                                  ended           ended
                                          31 March 2004   31 March 2003   30 September
                                                                                2003
                                                  £'000           £'000        £'000

    Investment management fee                       208             160          345
    Irrecoverable VAT thereon                        36              28           60
                                              -----------      ----------  -----------
                                                    244             188          405
                                              -----------      ----------  -----------

4.  Interest payable and similar charges

                                              Six months      Six months  Year ended
                                                 ended           ended
                                         31 March 2004   31 March 2003    30 September
                                                                                2003
                                                 £'000           £'000         £'000

    Interest payable on AIB revolving              210             182           340
    credit facility
    Fees relating to AIB facilities                  -              26             -
    Other bank interest                              9               1             5
                                              ----------      ----------   -----------
                                 Total             219             209           345
                                              ----------      ----------   -----------

5.  Return per Ordinary share

    The revenue return per Ordinary share is calculated by dividing the net revenue
    return of £986,000 (six months ended 31 March 2003: return of £874,000; year ended
    30 September 2003: return of £1,957,000) by 38,856,430 (six months ended 31 March
    2003: 38,856,430; year ended 30 September 2003: 38,856,430), being the number of
    Ordinary shares in issue. The capital return per Ordinary share is calculated by
    dividing the net capital gain attributable to Ordinary shareholders of £8,456,000
    (six months ended 31 March 2003: loss of £2,061,000; year ended 30 September 2003:
    gain of £7,389,000) by the number of Ordinary shares in issues, as above.
6.  Comparative information

    The figures and financial information for the year ended 30 September 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)
    or 237(3) of the Companies Act 1985. The interim accounts have been neither
    audited nor reviewed by the Company's auditors. They have been prepared using the
    same accounting policies as those adopted in the financial statements for the year
    ended 30 September 2003.





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