Interim Results

Finsbury Growth & Income Trust PLC
09 June 2005


                                                           For immediate release
                                                                     9 June 2005
To: City Editors
Finsbury Growth & Income Trust PLC
Announces Interim Results for the six months to 31 March 2005

Financial Highlights:             (Unaudited)           (Audited)     % change
                                31 March 2005        30 September
                                                             2004

Share price                             235.0p             199.5p        +17.8
Net Asset Value per share               235.9p             203.5p        +15.9
Discount                                  0.4%               2.0%            -
Shareholders' Funds                     £90.7m             £74.2m        +22.2
Market capitalisation                   £90.4m             £72.8m        +24.2
Dividend Interim paid                     4.0p               1.8p       +122.2
Final paid                                  -                4.1p

                                 Six months to        One year to
                                 31 March 2005       30 September
                                                            2004

Share price (total return)              +22.0%             +37.4%            -
Net Asset Value per share
(total return)                          +20.5%             +26.0%            -
FTSE All-Share Index (total
return)                                  +9.9%             +15.7%            -

The Chairman commented that:

   • In the six months to 31 March 2005 the share price and net asset value
     per share (total return) increased by 22.0% and 20.5% respectively as
     against the FTSE All-Share increase of 9.9%.

   • This performance maintained the Company's position as deliverer of
     the highest such returns in its peer group over one year.

   • Since 31 March 2005 £10.92million (gross proceeds) has been
     raised by the issue of new shares at a premium to net asset value
     per share of 1.5% or more. Currently the Company has a total net
     asset value of £104.6million.

     For and on behalf of
     Close Finsbury Asset Management Limited, Secretary
     8 June 2005

                                    - 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/Tracey Lago,                                020 7426 6240/6219
 Close Finsbury Asset Management Limited                    
 Jo Stonier/Eleanor Clarke, Quill Communications            020 7618 8905
 Nick Train, Lindsell Train Limited                         020 7225 6400



Chairman's Statement

In my statement accompanying last year's annual report I said that your Board
believed that the changes which it initiated last year and the investment
strategy adopted by our Investment Adviser would continue to increase
shareholder value and enable your Company to grow organically thus increasing
liquidity in your shares and reducing the total expense ratio. I am pleased to
be able to report that that is exactly what has happened.

During the period under review a total of 1,972,178 Ordinary shares held in
treasury have been issued at an average discount to net asset value of 2.9%.
Furthermore, following shareholder approval at the Extraordinary General Meeting
held on 6 April 2005, 3,845,000 new Ordinary shares were issued at a premium to
net asset value (NAV) per share as a Placing and a further 725,000 new Ordinary
shares have subsequently been issued at a premium to NAV. These issues have
raised in aggregate further gross proceeds of £10.92million.

The effect of the above, which would not have been possible but for the
continuing excellent investment performance, is set out in the table below:

                                   30 September        *7 June        % change
                                           2004           2005

Share Price                              199.5p         249.0p           +24.8
Net asset value per share                203.5p         243.8p           +19.8
(Discount)/Premium                        (2.0%)          2.1%               -
Market capitalisation                    £72.8m        £106.9m           +46.8
*latest practicable date

As at 31 March 2005 your Company continued to deliver the highest share price
and NAV performance (total return) over the year to that date in its AITC peer
group.

International Financial Reporting Standards ('IFRS')
The Board is considering the adoption of IFRS in the coming year. When adopted
this will affect the valuations of the investments and the treatment of the
dividend in the financial statements. Further information on this is included in
the Notes to the Interim Financial Statements.

Return and Dividends
The Statement of Total Return shows a total return per Ordinary share of 36.72p
made up of a revenue return of 3.56p and a capital return of 33.16p.

An interim dividend of 4.0p (2004: 1.8p), an increase of 122.2%, was declared on
14 March 2005 and paid on 26 April 2005 to shareholders on the register at the
close of business on 29 March 2005. In accordance with the terms of the issue,
this interim dividend was not paid on the 3,845,000 new Ordinary shares detailed
above.

Investments

In the six months ended 31 March 2005 the NAV (total return) increased by 20.5%
compared with that of the FTSE All-Share Index (total return), the Company's
benchmark, of 9.9%. This represents an outperformance of 10.6%.

This outperformance is accounted for by exceptional gains from some of the major
portfolio investments. For instance, A.G. Barr, Cadbury Schweppes, Reuters and
Wolverhampton & Dudley Brewery, comprising together nearly 29.0% of net assets
at the end of March 2005, each rose by 25.0% or more. In addition, another four
holdings, Sage, Young & Co, Fullers and Euromoney, representing another near
10.0% of assets, registered 20.0% plus gains. In total, 66.0% of the portfolio
by closing value outperformed the market over the period under review. The best
performer in the portfolio was London Stock Exchange, which rose 31.0% in the
period, on a finally confirmed bid approach from the Deutsche Bourse. The
preference shares, that amount to 15.2% of net assets, all delivered capital
gains over the half year, led by the Warburg holding, up 12.0%, that, combined
with their dividends, yielded double digit annualised returns.

Borrowings
Your Company has a committed revolving credit facility of £20m for a fixed term
expiring in December 2008.

At 31 March 2005, £17.5 million was drawn down under the committed facility
which is subject to a variable rate of interest but which is capable of being
fixed at any time.

The Board

I am glad to report that Anthony Townsend rejoined the Board on 1 February 2005.
The Board looks forward to Anthony's welcome contribution in particular on
corporate finance matters and from his experience in the investment trust
industry.

Outlook

Your Board intends to grow your Company by issuing new shares at a premium to
net asset value per share as demand for your Company's shares requires in
accordance with the powers it has been given by shareholders. Its ability to do
so will depend on the continuation of the good investment performance, which it
has been enjoying, and to some extent on the performance of the market generally
from which your Company cannot be totally immune.

Michael Reeve

Chairman
8 June 2005







Consolidated Statement of Total Return

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

                             (Unaudited)                 (Unaudited)                    (Audited)
                              Six months                  Six months                   Year ended
                                   ended                       ended                 30 September
                           31 March 2005               31 March 2004                         2004
              Revenue   Capital    Total   Revenue   Capital   Total   Revenue   Capital    Total
                £'000     £'000    £'000     £'000     £'000   £'000     £'000     £'000    £'000
-------------   -------    ------   ------   -------   ------- -------   -------   -------  -------
Gains on
investments         -    13,019   13,019         -     8,766   8,766         -    14,617   14,617
Income (note
2)              1,821         -    1,821     1,385         -   1,385     3,283         -    3,283
Investment
management
fees (note 3)    (107)     (218)    (325)      (81)     (163)   (244)     (163)     (332)    (495)
Other            (215)        -     (215)     (246)        -    (246)     (631)        -     (631)
expenses        -------    ------   ------   -------   ------- -------   -------   -------  -------
-------------
Net return
before
finance
costs and       1,499    12,801   14,300     1,058     8,603   9,661     2,489    14,285   16,774
taxation
Interest
payable and
similar
charges (note
4)               (161)     (326)    (487)      (72)     (147)   (219)     (212)     (430)    (642)
-------------   -------    ------   ------   -------   ------- -------   -------   -------  -------
Return on
ordinary
activities
before
taxation        1,338    12,475   13,813       986     8,456   9,442     2,277    13,855   16,132
Taxation on         -         -        -         -         -       -         -         -        -
ordinary        -------    ------   ------   -------   ------- -------   -------   -------  -------
activities
-------------
Return on
ordinary
activities
after tax for
the financial
period/year     1,338    12,475   13,813       986     8,456   9,442     2,277    13,855   16,132
Dividends in
respect of
equity shares  (1,565)        -   (1,565)     (699)        -    (699)   (2,132)        -   (2,132)
-------------   -------    ------   ------   -------   ------- -------   -------   -------  -------

Transfer
(from)/to        (227)   12,475   12,248       287     8,456   8,743       145    13,855   14,000

reserves
-------------   -------    ------   ------   -------   ------- -------   -------   -------  -------

Return per
Ordinary
share            3.56p    33.16p   36.72p     2.54p    21.76p  24.30p     6.12p    37.27p   43.39p
(note 5)        -------    ------   ------   -------   ------- -------   -------   -------  -------
-------------




Consolidated Balance Sheet
As at 31 March 2005

                              (Unaudited)         (Unaudited)        (Audited)
                            31 March 2005       31 March 2004     30 September
                                                                          2004
                                    £'000               £'000            £'000
          ----------------     ------------         -----------    -------------
Fixed asset investments           108,455              82,128           90,539
----------------               ------------         -----------    -------------

Current assets

Debtors                             1,194                 708              530
Cash at bank                          287                 166              251
----------------               ------------         -----------    -------------
                                    1,481                 874              781
Creditors

Amounts falling due within
one year                          (19,223)             (9,851)         (17,090)
----------------               ------------         -----------    -------------
Net current liabilities           (17,742)             (8,977)         (16,309)
----------------               ------------         -----------    -------------
Net assets                         90,713              73,151           74,230
----------------               ------------         -----------    -------------
Capital and reserves
Called up share capital             9,614               9,714            9,614
Share premium                         842                   -              121
Special reserve                    15,938              13,160           12,424
Capital redemption reserve          3,453               3,353            3,453
Capital reserve- realised          40,918              38,769           34,159
Capital reserve -
unrealised                         18,363               6,201           12,647
Revenue reserve                     1,585               1,954            1,812
----------------               ------------         -----------    -------------
Total shareholders' funds          90,713              73,151           74,230
----------------               ------------         -----------    -------------
Net asset value per
Ordinary share                      235.9p              188.3p           203.5p
----------------               ------------         -----------    -------------



Consolidated Cash Flow Statement
For the six months ended 31 March 2005

                                     (Unaudited)     (Unaudited)     (Audited)
                                      Six months      Six months    Year ended
                                           ended           ended  30 September
                                   31 March 2005   31 March 2004          2004
                                           £'000           £'000         £'000
                 -----------------    ------------    ------------ -------------
Net cash inflow from
operating activities                         593             503         1,952
Servicing of finance
Loan and bank overdraft
interest paid                               (472)           (188)         (577)
Financial investment
Purchase of investments                  (17,526)         (3,403)      (10,169)
Sale of investments                       12,478           3,212         7,567
-----------------                     ------------    ------------ -------------
Net cash outflow from
financial investment                      (5,048)           (191)       (2,602)
Equity dividends paid                     (1,523)         (1,243)       (1,879)


Financing

Purchase and cancellation
of own shares                                  -               -          (736)

Shares purchased and held
in Treasury                                    -               -        (7,013)

Treasury shares sold                       4,236               -         3,571

Drawdown of loans                          2,250             300         6,550
-----------------                     ------------    ------------ -------------

Increase/(decrease) in
cash                                          36            (819)         (734)
-----------------                     ------------    ------------ -------------
Reconciliation of net cash flow to
movement in net debt
Increase/(decrease) in
cash resulting from
cashflows                                     36            (819)         (734)
Increase in debt                          (2,250)           (300)       (6,550)
-----------------                     ------------    ------------ -------------
Movement in debt                          (2,214)         (1,119)       (7,284)
Net debt at start of
period/year                              (14,999)         (7,715)       (7,715)
-----------------                     ------------    ------------ -------------
Net debt at end of
period/year                              (17,213)         (8,834)      (14,999)
-----------------                     ------------    ------------ -------------


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  30 September
                                         31 March 2005   31 March 2004          2004
                                                 £'000           £'000         £'000

    Investment income                            1,788           1,379         3,265
    Bank interest                                   33               6            18
                                              ----------      ----------   -----------
                                 Total           1,821           1,385         3,283
                                              ----------      ----------   -----------

3.  Investment management fees

                                             Six months      Six months   Year ended
                                                  ended           ended 30 September
                                          31 March 2005   31 March 2004         2004
                                                  £'000           £'000        £'000

    Investment management fee                       277             208          421
    Irrecoverable VAT thereon                        48              36           74
                                              -----------      ----------  -----------
                                Total               325             244          495
                                              -----------      ----------  -----------

4.  Interest payable and similar charges

                                            Six months      Six months    Year ended
                                                 ended           ended  30 September
                                         31 March 2005   31 March 2004          2004
                                                 £'000           £'000         £'000

    Interest payable on revolving credit           480             210           615
    facility
    Other bank interest                              7               9            27
                                              ----------      ----------   -----------
                                 Total             487             219           642
                                              ----------      ----------   -----------

5.  Return per Ordinary share

    The revenue return per Ordinary share is calculated by dividing the net 
    revenue return of £1,338,000 (six months ended 31 March 2004: return of 
    £986,000; year ended 30 September 2004: return of £2,277,000) by 37,616,627 
    (six months ended 31 March 2004: 38,856,430; year ended 30 September 2004: 
    37,177,663), being the weighted average number of Ordinary shares in issue. 
    The capital return per Ordinary share is calculated by dividing the net 
    capital return attributable to Ordinary shareholders of £12,475,000 (six 
    months ended 31 March 2004: return of £8,456,000; year ended 30 September 
    2004: return of £13,855,000) by the weighted average number of Ordinary 
    shares in issue, as above.

6.  International Financial Reporting Standards ('IFRS')
    The financial statements are currently prepared in accordance with UK GAAP. 
    If IFRS had been applied as at 31 March 2005, the main effect would be the 
    valuation of investments on a fair value (bid) basis, and the exclusion of 
    the proposed dividend. As an indication of the effect of this, if 
    investments were valued on a bid, as opposed to mid, basis the effect on the 
    net asset value (NAV) would be a reduction in the investment value of 
    £29,000.

    The effect of excluding the proposed dividend from the financial statements 
    would increase both shareholders funds and revenue retained by £1,565,000 
    and, with investments at bid, result in a increase to the NAV of £1,536,000.

7.  Comparative information

    The figures and financial information for the year ended 30 September 2004 
    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 
    2004.





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