Interim Results

Finsbury Worldwide Pharm Tst PLC
05 November 2003


NEWS RELEASE

For immediate release

5 November 2003

       FINSBURY WORLDWIDE PHARMACEUTICAL TRUST ANNOUNCES INTERIM RESULTS


Finsbury Worldwide Pharmaceutical Trust PLC today announces its interim results
for the six months ended 30 September 2003.

Financial Highlights
                                                             (Unaudited)             (Audited)
                                                        Six months ended            Year ended
                                                       30 September 2003         31 March 2003         % Change
                                                                                                       
Shareholders' Funds                                              £184.4m               £143.5m             28.5
Net asset value per share                                         469.5p                365.3p             28.5
Share price                                                       436.5p                330.5p             32.1
Discount                                                            7.0%                  9.5%                -
Datastream World Pharmaceutical Index (total                     6,195.4               5,855.7              5.8
return, sterling adjusted)
FTSE All-Share (total return)                                      2,126                 1,787             19.0
Gearing                                                              21%                   21%                -

                   Net asset value per share               As at 31 October 2003
                                                                     (unaudited)

                                                                          461.6p

Chairman, Sir Stuart Burgess, commented:

'The Company grew very strongly in the six months to 30  September 2003,
significantly outpacing both its benchmark and the FTSE All-Share Index. This
strong performance supports the Board's view that the pharmaceutical and
specialist biotechnology sectors offer an  attractive long-term investment.'

*     Chairman's Statement

*     Statement of Total Return

*     Balance Sheet

*     Cash Flow Statement

*     Notes to the interim accounts

For further information please contact:

Tracey Gower, Close Finsbury Asset Management Ltd               020 7426 6219

Sir Stuart Burgess, Finsbury Worldwide Pharmaceutical Trust     01494 670 650

Jo Stonier, Quill Communications                                020 7763 6976



Chairman's Statement

Performance

I am happy to report that the Company grew very strongly in the six months to 30
September 2003, significantly outpacing both its benchmark and the FTSE
All-Share Index. This recovery from the depressed level of a year ago was due
primarily to the improved profit performance of the Company's portfolio of
pharmaceutical and biotechnology companies but it also benefited from the
general rise in world stock markets.

The net asset value per share rose by 28.5% to 469.5p which compares with an
increase of 5.8% in the Datastream World Pharmaceutical Index (total return) and
a 19.0% increase in the FTSE All-Share Index (total return). The share price
grew by 32.1% to 436.5p and shares continued to trade during the period at a
small discount.

The Company's strong performance supports the Board's view that the
pharmaceutical and specialist biotechnology sectors offer an attractive
long-term investment. The prospects for the medium term are particularly
encouraging.

Dividend

The primary aim of the Company is capital growth. The revenue generated by its
investments continues to be modest and, as usual at the half-year point, no
interim dividend is being declared. The Board's intention is to declare
dividends only to the extent required to maintain investment trust status.

Corporate Governance

The issue of the revised Combined Code in July and the FSA's revised Listing
Rules in September, together with the earlier AITC Code of Corporate Governance,
effectively completed the present round of corporate governance changes. The
Company already meets most of the new requirements but is introducing revised
procedures where necessary and intends to be in full compliance by the end of
the fiscal year. The Company's policy is not to invest more than 15% of its
gross assets in other listed investment companies and it does not intend to make
any such investments in the foreseeable future.

Chairman Succession

I intend to stand down as Chairman on 31 March 2004 and I will not be seeking
re-election when my present three-year cycle ends at the next AGM. This will
enable my successor to take the Company through the continuation vote due in
2005. I am delighted that the Board has chosen Ian Ivory to succeed me. He has
been on the Board since the Company's formation in 1995 and has a wealth of
experience in investment trusts and financial management generally. I will be
leaving the Company in good hands.



Sir Stuart Burgess

Chairman

5 November 2003



Statement of Total Return
Incorporating the revenue account for the six months ended 30 September 2003
(unaudited)
              (Unaudited) six months ended     (Unaudited) six months ended         (Audited) 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/               -     42,327    42,327          -    (85,831)   (85,831)         -    (74,800)   (74,800)
(losses) on
investments
Exchange             -      1,413     1,413          -      1,561      1,561          -      1,039      1,039
gains on
currency
balances
Income           1,017          -     1,017        870          -        870      1,564          -      1,564
Investment           -     (2,627)   (2,627)         -       (981)      (981)         -     (1,834)    (1,834)
management
and
performance
fees
Other             (297)      (455)     (752)      (320)       870        550       (774)       743        (31)
expenses
Net return/        720     40,658    41,378        550    (84,381)   (83,831)       790    (74,852)   (74,062)
(loss) before
finance costs
and
taxation
Interest             -       (345)     (345)         -       (510)      (510)         -       (868)      (868)
payable and
similar
charges
Return/(loss)      720     40,313    41,033        550    (84,891)   (84,341)       790    (75,720)   (74,930)
on ordinary
activities
before
taxation
Taxation on       (214)       100      (114)      (160)        43       (117)      (254)        32       (222)
ordinary
activities
Return/(loss)      506     40,413    40,919        390    (84,848)   (84,458)       536    (75,688)   (75,152)
on ordinary
activities
after
taxation
Dividends on         -          -         -          -          -          -       (393)         -       (393)
Ordinary
shares
Transfer to/       506     40,413    40,919        390    (84,848)   (84,458)       143    (75,688)   (75,545)
(from)
reserves
Return/(loss)      1.3p     102.9p    104.2p       1.0p    (216.0p)   (215.0p)      1.4p    (192.6p)   (191.2p)
per Ordinary
share

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


FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC
Balance Sheet
As at 30 September 2003
                                       (Unaudited)    (Unaudited)    (Audited)
                                        30 September   30 September   31 March
                                              2003           2002         2003
                                              £000           £000         £000
                                                                          
Fixed asset investments                    219,005        161,458      175,857

Current assets
Debtors                                        404            445          495
Cash at bank                                 9,168          1,863        1,416
                                             9,572          2,308        1,911

Creditors
Amounts falling due within one year        (44,132)       (29,153)     (34,242)
Net current liabilities                    (34,560)       (26,845)     (32,331)

Net Assets                                 184,445        134,613      143,526

Capital and reserves
Called up share capital                      9,823          9,823        9,823
Share premium                               46,763         46,763       46,763
Capital reserves - realised                 98,624        100,067       88,539
Capital reserves - unrealised               27,798        (23,218)      (2,530)
Capital redemption reserve                     375            375          375
Revenue reserve                              1,062            803          556
Total shareholders' funds                  184,445        134,613      143,526
Net asset value per Ordinary share           469.5p         342.6p       365.3p



FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC
Cash Flow Statement
For the six months ended 30 September 2003

                                     (Unaudited)     (Unaudited)     (Audited)
                                      six months      six months    year ended
                                           ended           ended
                                    30 September    30 September      31 March
                                            2003            2002          2003
                                            £000            £000          £000

Net (outflow)/inflow from                   (432)             81          (561)
operating activities
Servicing of finance
Interest paid                               (361)           (509)         (861)
                                            (793)           (428)       (1,422)
Taxation                                      92              14            13
Taxation recovered
Financial Investments
Purchases of investments                 (46,707)        (18,009)      (47,757)
Sales of investments                      45,835          36,627        63,058
Net cash (outflow)/inflow from              (872)         18,618        15,301
financial investments
Equity dividends paid                       (393)           (629)         (629)

Net cash (outflow)/inflow before          (1,966)         17,575        13,263
financing
Financing
Increase/(decrease) in short term         12,150         (23,042)      (22,513)
loans
Net cash inflow/(outflow) from            12,150         (23,042)      (22,513)
financing

Increase/(decrease) in cash for           10,184          (5,467)       (9,250)
the period


NOTES TO THE INTERIM ACCOUNTS

1. Return/(loss) per Ordinary share

Revenue return per Ordinary share is calculated by dividing the net revenue
available for Ordinary shareholders of £506,000 (six months ended 30 September
2002: £390,000; year ended 31 March 2003: £536,000) by 39,290,000 (30 September
2002: 39,290,000; 31 March 2003: 39,290,000) being the weighted average number
of Ordinary shares in issue during the period.

Capital return or loss per Ordinary share is calculated by dividing the net
capital profit or loss attributable to Ordinary shareholders of £40,413,000 (six
months ended 30 September 2002: loss £84,848,000; year ended 31 March 2003: loss
£75,688,000) by 39,290,000 (30 September 2002: 39,290,000; 31 March 2003:
39,290,000) being the weighted average number of Ordinary shares in issue during
the period. 2. Comparative information

The figures and the financial information for the year ended 31 March 2003 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 2003 and 30 September 2003 no Ordinary shares were issued. At
30 September 2003 there were 39,290,000 Ordinary shares in issue.



                                    - END -


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