Interim Results - 6 Months to 30 September 1999

Finsbury Trust PLC
29 November 1999


FINSBURY TRUST PLC


Finsbury  Trust  PLC, which invests in a portfolio of special  situations
intended  to  add  value over the medium to longer term, today  announces
preliminary results for the six months ended 30 September 1999.

                        Six months   Six months       Twelve
                                to           to    months to
                           30 Sept      30 Sept  31 Mar 1999
                              1999         1998    (audited)
                       (unaudited)  (unaudited)
                                                 
Capital return per           36.8p      (57.1p)      (29.1p)
equity share
Revenue return per            3.3p         2.9p         4.9p
equity share
Total return per             40.1p      (54.2p)      (24.2p)
equity share
                                                            
Investment income - £000     1,294        1,479        2,501
Other income - £000             87         (55)         (20)
Gross income - £000          1,381        1,424        2,481
                                                            
Revenue before                 881          896        1,511
taxation - £000
Revenue attributable           781          704        1,116
to equity shareholders
- £000
                                                            
Dividend per equity           1.8p         1.7p         4.2p
share
                                                 
Net asset value per         320.2p       254.5p       281.9p
equity share

The  Directors declare an interim dividend of 1.8p per ordinary  and  'A'
ordinary  share (1998: 1.7p) payable on 29 December 1999 to  shareholders
on the register of members at the close of business on 10 December 1999.

The Directors also announce that William Salomon has been appointed as  a
non-executive Director of the Company with immediate effect.  Mr  Salomon
is  deputy  chairman of Close Asset Management Holdings  Limited  (having
formerly  been  chairman of Rea Brothers Group plc), deputy  chairman  of
Ocean  Wilsons  Holdings  Limited and is  also  a  director  of  Aberdeen
Emerging Economies Investment Trust PLC and Adam & Harvey Group PLC.

Rea Brothers Limited - Secretary
29 November 1999

For further information please contact:-

Mark Mathias  Finsbury Asset Management Limited  0171 426 4000
Neil Mainland Mainland Public Relations          0171 439 4359

The following are attached:

    Chairman's Statement
    Consolidated Statement of Total Return
   Consolidated Balance Sheet

FINSBURY TRUST - INTERIM REPORT 1999

Chairman's Statement

Over  the  six  months  to 30 September 1999, the  net  asset  value  per
ordinary  and  'A' ordinary share in the Company increased  in  value  by
13.6% compared with a 2.4% fall in the FTSE All-Share Index.  We are very
pleased  that  performance in the six months has more than recovered  the
relative  underperformance  of last year.   Our  investments  in  special
situations  are  bound to cause a certain volatility, as investments  are
realised after a long period of time.

The  value  of  the  Company's strategic holdings  in  trading  companies
increased  by  39.5% in the period.  This strong performance  is  largely
attributable  to  the most significant event for the Company  during  the
period,  the take-over by Close Brothers Group plc of Rea Brothers  Group
plc, the parent company of our investment manager.  The Company's holding
in  Rea  Brothers represented 5.4% of the portfolio at 31 March 1999  and
accepting  the offer of new shares in Close Brothers led to an uplift  to
net asset value per share of 13p.  We first invested in this share in the
1950s.  The Company's investment management arrangements are unchanged by
the take-over.

The value of the Company's market investments, which represented 55.1% of
the  portfolio  at  30  September 1999, increased by  19.7%  during  this
period.   This portfolio has a bias towards medium and smaller companies,
which  have noticeably outperformed the larger constituents of  the  FTSE
All-Share Index over the period.

Gross  income  in the period was £1,381,000, a decrease of 3.0%  compared
with  the equivalent six months in 1998.  However, due mainly to  reduced
interest  charges, the revenue available for distribution to  the  equity
shareholders  has  increased  by  10.9%  to  £781,000.   The  Board  have
therefore declared an increased interim dividend of 1.8p per share to  be
paid on 29 December 1999 to ordinary and 'A' ordinary shareholders on the
register of members at the close of business on 10 December 1999.

The  recent  'green' budget announced by the Chancellor  presages  modest
improvements  to  the capital gains tax system.  These  link  in  to  the
AITC's  'its'  campaign for investment trusts.  The private  investor  is
vital  for  the liquidity and success of the smaller company  sector,  of
which we form a part, and in which we invest.  We certainly hope that the
idea of allowing the private investor to enjoy the results of risk taking
will materialise.  So often in the past good ideas have been strangled at
birth by the Inland Revenue.  It is vital for the Chancellor to create  a
structure  that is understandable and liked by the private investor,  and
not the normal structure which requires complex professional advice.



Jamie Borwick
November 1999

Finsbury Trust PLC

Consolidated Statement of Total Return
Incorporating the Revenue Account for the six months ended 30 September
1999 (unaudited)

                                                               
                      Six months to 30 Sept     Six months to 30 Sept 
                              1999                      1998
                          (unaudited)                 (unaudited)
                      Revenue Capital  Total   Revenue Capital  Total
                       £000   £000     £000       £000  £000   £000
                                                               
                                                               
Gains/(losses) on         -   8,955    8,955         -  (13,714)(13,714)
investments                                           
Investment income     1,294       -    1,294     1,479       -    1,479
Other income/(losses)    87       -       87      (55)       -      (55)
Investment management  (240)      -     (240)    (229)       -     (229)
fee                          
Other expenses         (182)      -     (182)     (97)       -      (97)
                                                               
                                                               
Net return before       959   8,955    9,914     1,098  (13,714)(12,616)
finance                                               
costs and taxation
Interest payable        (78)      -      (78)    (202)        -    (202)
and similar charges
Return on ordinary      881   8,955    9,836      896   (13,714)(12,818)
activities before                                    
taxation
Taxation on ordinary    (89)      -      (89)    (184)        -    (184)
activities
                                                               
                                                               
Return on ordinary      792  8,955     9,747      712   (13,714) (13,002)
activities after                                     
taxation
Dividends in respect   (11)      -      (11)      (8)         -       (8)
of non-equity shares
Premium paid on          -    (112)    (112)        -         -        -
redemption of non-
equity shares
                                                               
                                                               
Return attributable     781  8,843    9,624       704   (13,714) (13,010)
to equity                                             
shareholders
Dividends in respect   (432)     -     (432)     (408)        -     (408)
of equity shares
                                                               
                                                               
Transfer to/(from)      349  8,843    9,192       296   (13,714) (13,418)
reserves                                              
                                                               
Return per equity      3.3p  36.8p    40.1p      2.9p   (57.1p)   (54.2p)
share                                                 

Finsbury Trust PLC

Consolidated Balance Sheet
At 30 September 1999 (unaudited)
                             30 Sept     30 Sept    31 March
                                1999        1998        1999
                          (unaudited) (unaudited)   (audited)
                                £000        £000        £000
                                                            
                                                            
Fixed asset investments       81,122      65,313      68,868
Net current liabilities      (4,272)     (3,942)       (910)
                                                            
                                                            
Net assets                    76,850      61,371      67,958
                                                            
                                                            
Capital and reserves                                        
Called up share capital        1,200       1,500       1,500
Capital redemption               300           -           -
reserve
Capital reserve -             41,779      36,333      38,974
realised
Capital reserve -             31,662      21,840      25,924
unrealised
Revenue reserve                1,909       1,698       1,560
                                                            
                                                            
Total shareholders' funds     76,850      61,371      67,958
                                                            
                                                            
Total shareholders' funds                                   
Are attributable to:
Equity shareholders           76,850      61,071      67,658
Non-equity shareholders            -         300         300
                                                            
                                                            
                              76,850      61,371      67,958
                                                            
                                                            
Net asset value per           320.2p      254.5p      281.9p
equity share

Notes

These accounts are non-statutory accounts.  Statutory accounts for the 12
months  ended  31  March 1999 have been delivered  to  the  Registrar  of
Companies and received an audit report which was unqualified and did  not
contain statements under Section 237 (ii) and (iii) of the Companies  Act
1985.

Rea Brothers Limited - Secretary
29 November 1999