Interim Results

Finsbury Worldwide Pharm Tst PLC
08 November 2002


To: City editors                                         For immediate release
                                                         8 November 2002


        FINSBURY WORLDWIDE PHARMACEUTICAL TRUST ANNOUNCES INTERIM RESULTS

Finsbury Worldwide Pharmaceutical Trust PLC today announced its interim results
for the six months ended 30 September 2002.


Financial Highlights
                                                                (Unaudited)           (Audited)
                                                           Six months ended          Year ended
                                                          30 September 2002       31 March 2002

Total assets                                                        £161.5m             £269.0m
Total net assets                                                    £134.6m             £219.1m
Net asset value per share                                            342.6p              557.6p
Share price                                                          287.5p              571.5p
(Discount)/premium                                                  (16.1%)                2.4%
Datastream Worldwide Pharmaceutical Index                           
(total return, sterling adjusted)                                   5,629.1             8,049.1


Net asset value per share                         As at 31 October 2002
                                                  (unaudited)

                                                  373.0 p


Chairman, Sir Stuart Burgess, commented:

'The past six months has been a particularly difficult period for global stock
markets and the pharmaceutical and biotechnology sectors have followed the
general market trend, with biotechnology stocks the worse affected.  However,
the Board continues to believe that the fundamentals for the pharmaceutical and
biotechnology sectors remain strong and is confident that investment in these
stocks will provide superior returns over the long term.'

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



For further information please contact:

Alastair Smith, Close Finsbury Asset Management Ltd            020 7426 6240
Sir Stuart Burgess, Finsbury Worldwide Pharmaceutical Trust    01494 670 650
Jo Stonier, Quill Communications                               020 7763 6976



Chairman's Statement

Performance

The past six months has been a particularly difficult period for global stock
markets with exceptionally sharp falls - the worst for many years - adding to
the general market weakness experienced previously.  The pharmaceutical and
biotechnology sectors followed the general market trend, with biotechnology
stocks the worse affected.

The Company's performance in the period to 30 September 2002 was, as a result,
very disappointing.  Market sentiment tended to move against the biotechnology
sector and this contributed to an underperformance against both the Company's
benchmark index and the market as a whole.  The Company's net asset value per
share fell by 38.6% from 557.6p to 342.6p, compared with a decline of 30.1% in
the Datastream World Pharmaceutical Index (total return) and a fall in the FTSE
All Share Index of 28.4%.

Since the end of the period the market has tended to level off and the net asset
value per share improved to 373.0p on 31 October 2002. The Company's share price
fell by 49.7% during the six months, with shares trading at a discount to net
asset value.  On 30 September 2002 the discount was 16.1% but by 31 October it
had narrowed to 7.4%.

Over the longer time frame, the Company continues to show significant gains
against the market, as illustrated in the Interim Report.

Gearing

Over the six months, the Company has reduced its level of gearing and as at 30
September 2002, £27 million of the loan facility was drawn down compared with
£50 million at the end of March 2002.

Dividends

Revenue generated from the Company's investments continues to be modest and no
interim dividend is being declared.  It remains the Board's intention to declare
dividends only to the extent required to maintain investment trust status.

Outlook

In these uncertain times it is difficult to predict when markets will recover,
particularly following the corporate scandals in the US and the continuing
political uncertainty over Iraq.

However, your Board continues to believe that the relative fundamentals for the
sector remain strong and is confident that investment in these stocks will
provide superior returns over the long term.


Sir Stuart Burgess
Chairman
8 November 2002



FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

Statement of Total Return
(Incorporating the revenue account) for the six months ended 30 September 2002


                        (Unaudited) six months ended  (Unaudited) six months ended            (Audited)Year ended
                                   30 September 2002             30 September 2001                  31 March 2002
                      Revenue     Capital      Total    Revenue  Capital     Total    Revenue   Capital     Total
                         £000        £000       £000       £000     £000      £000       £000      £000      £000

(Losses)/gains on           
investments                 -    (85,831)   (85,831)          -  (1,101)   (1,101)          -    21,826    21,826

Exchange gains/
(losses) on
currency balances           -       1,561      1,561          -      767       767          -      (21)      (21)

Income                    837           -        837        960        -       960      1,778         -     1,778

Other income               33           -         33        156        -       156        196         -       196

Investment                  
management and
performance fees            -       (981)      (981)          -  (5,240)   (5,240)          -   (6,965)   (6,965)

Other expenses          (320)         870        550      (301)       20     (281)      (739)     (231)     (970)

Net return/(loss)
before finance
costs and taxation        550    (84,381)   (83,831)        815  (5,554)   (4,739)      1,235    14,609    15,844

Interest payable
and similar charges         -       (510)      (510)          -  (1,180)   (1,180)          -   (2,001)   (2,001)

Return/(loss) on
ordinary activities
before taxation           550    (84,891)   (84,341)        815 (6,734)    (5,919)      1,235    12,608    13,843

Taxation on
ordinary activities     (160)          43      (117)      (227)       99     (128)      (394)       142     (252)

Return/(loss) on
ordinary activities
after taxation            390    (84,848)   (84,458)        588  (6,635)   (6,047)        841    12,750    13,591

Dividends on
Ordinary shares             -           -          -          -        -         -      (629)         -     (629)

Transfer to/(from)        
reserves                  390    (84,848)   (84,458)        588  (6,635)   (6,047)        212    12,750    12,962

Return/(loss) per        
Ordinary share           1.0p    (216.0)p   (215.0)p       1.5p  (17.1)p   (15.6)p       2.2p     32.7p     34.9p



The revenue columns of this statement represent the revenue account of the
Company.





FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

Balance Sheet
As at 30 September 2002
                                                                (Unaudited)       (Unaudited)        (Audited)
                                                          30 September 2002 30 September 2001    31 March 2002
                                                                       £000              £000             £000

Fixed asset investments                                             161,458           234,090          264,628

Current assets
Debtors                                                                 445             5,261            2,815
Cash at bank                                                          1,863             3,984            5,769
                                                                      2,308             9,245            8,584

Creditors
Amounts falling due within one year                                (29,153)          (45,339)         (54,141)

Net current liabilities                                            (26,845)          (36,094)         (45,557)

Net Assets                                                          134,613           197,996          219,071

Capital and reserves
Called up share capital                                               9,823             9,735            9,823
Share premium                                                        46,763            44,785           46,763
Capital reserves - realised                                         100,067            90,412           88,449
Capital reserves - unrealised                                      (23,218)            51,900           73,248
Capital redemption reserve                                              375               375              375
Revenue reserve                                                         803               789              413

Total shareholders' funds                                           134,613           197,996          219,071

Net asset value per Ordinary share                                   342.6p            508.5p           557.6p




FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

Cash Flow Statement
For the six months ended 30 September 2002
                                                           (Unaudited)           (Unaudited)          (Audited)
                                                          30 September          30 September           31 March
                                                                  2002                  2001               2002
                                                                  £000                  £000               £000

Net inflow/(outflow) from operating activities                      81              (16,668)           (18,952)

Servicing of finance
Interest paid                                                    (509)               (1,183)            (2,076)
                                                                 (428)              (17,851)           (21,028)

Taxation
Taxation recovered                                                  14                    26                 25

Financial Investments
Purchases of investments                                      (18,009)              (39,795)           (85,722)
Sales of investments                                            36,627                50,802             92,643
Net cash inflow from financial instruments                      18,618                11,007              6,921

Equity dividends paid                                            (629)                 (773)              (773)

Net cash inflow/(outflow) before financing                      17,575               (7,591)           (14,855)

Financing
(Decrease)/increase in short term loans                       (23,042)                 6,360             14,131
Issue of Ordinary shares                                             -                 1,717
                                                                                                     3,783
Net cash (outflow)/inflow from financing                      (23,042)                 8,077             17,914

(Decrease)/increase in cash for the period                     (5,467)                   486              3,059





Notes to the Interim Accounts

1. Return per Ordinary share

Revenue return per Ordinary share is calculated by dividing the net revenue
available for Ordinary shareholders of £390,000 (six months ended 30 September
2001:  £588,000; year ended 31 March 2002:  £841,000) by the 39,290,000 (30
September 2001:  38,738,907; 31 March 2002: 38,916,849) weighted average shares
in issue during the period as well as the same number of shares in issue at 30
September 2002.

Capital return per Ordinary share is calculated by dividing the net capital loss
available for Ordinary shareholders of £84,848,000 (six months ended 30
September 2001:  £6,635,000; year ended 31 March 2002:  £12,750,000) by the
39,290,000 (30 September 2001: 38,738,907; 31 March 2002: 38,916,849) weighted
average shares in issue during the period as well as the same number of shares
in issue at 30 September 2002.

2. Comparative information

The figures and the financial information for the year ended 31 March 2002 are
an extract from the latest published accounts and do not constitute statutory
accounts for that year as defined by Section 240 of the Companies Act 1985.

Those accounts have been delivered to the Registrar of Companies and included in
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.

3. Issued Share Capital

Between 31 March 2002 and 30 September 2002 no Ordinary shares were issued and
no Ordinary shares were repurchased. At 30 September 2002 there were 39,290,000
Ordinary shares in issue.



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