Interim Results

Finsbury Trust PLC
24 November 2000


                                                                 NEWS RELEASE



To:       City editors
                              For immediate release
                              Friday 24 November 2000



                             FINSBURY TRUST PLC
                     Announcement of Interim Results for the
                        six months ended 30 September 2000



*        Increase in net assets per Ordinary and 'A' Ordinary shares

*        Interim dividend of 1.8p per share



Finsbury Trust PLC today announces its interim results for the six months
ended 30 September 2000.



Financial Highlights
                                                      (Unaudited)     (Audited)

                                                 Six months ended    Year ended

                                                     30 September 31 March 2000
                                                             2000

Net asset value per Ordinary share                         473.6p        445.0p
Net asset value per 'A' Ordinary share                     473.6p        445.0p
Capital return per share                                    25.1p        161.0p
Revenue return per share                                     5.4p          7.0p
Investment income (£'000)                                   1,889         2,114
Other income (£'000)                                          173           893
Return on ordinary activities before taxation (£            1,303         1,818
'000)
Dividend per Ordinary and 'A' Ordinary share                 1.8p          5.0p

                                                                        (total)




                                                         As at 31 October 2000
                                                         (Unaudited)

Net asset value per Ordinary and
'A' Ordinary share (ex income)                           458.3p

Net asset value per Ordinary and
'A' Ordinary Share (incl income)                         463.9p



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 Ltd     020 7426 6240

Fiona Harris, Quill Communications                      020 7618 8905


Chairman's Statement


Performance

During the six months to 30 September 2000, the net asset value per share ('
NAV') rose by 6.4% to 473.6p, compared to an increase of 4.7% for the
Company's benchmark index, the FTSE All Share Index.


It is conventional to have a discount in an investment trust. However, our
Ordinary voting shares have been trading at a premium in recent months whereas
the 'A' Ordinary non-voting shares have been trading at a discount. The scale
of the difference is surprising, as they both have the same net asset value,
dividends and rights on liquidation. Your Board has asked the Manager to make
both investors and the media aware of the similarities between the two classes
of shares as well as the anomaly in the share prices.


Investments

Our investment approach is to invest in special situations where we believe
there is value. Although the portfolio is biased towards more traditional
investments, we believe it takes advantage of a combination of excellent
growth and value.

The value of the Company's holdings in trading companies and investment trusts
has increased marginally during the period and accounts for approximately 20%
of the total portfolio. Compared with the previous half year the proportion of
our assets invested in strategic holdings has been reduced due to the
continued out-performance of our overall portfolio and as a result of our
realisation of our long term investment in Rea Brothers following its takeover
by Close Brothers Group last year.

Our investment adviser, John Dodd, provides a review of the Company's market
investments in the Interim Report.


Revenue and Dividends

The Board has declared an interim dividend of 1.8p per share, payable on 18
December 2000 to both Ordinary and 'A' Ordinary shareholders on the register
of members on 8 December 2000.



Outlook

Clearly when stock markets are volatile, forecasting becomes more art than
science. What is completely clear is that the private sector is being squeezed
as the public sector expands its share of Britain's national output. It may be
that the growth of private sector demand is already slowing and the need for
higher interest rates thereby reduced. Nevertheless, the Chancellor's habit of
predicting large public expenditure while not actually spending it, though it
is much better than the reverse, may still cause strain as so much money is
moved from the private to the public sector.



Jamie Borwick
Chairman
24 November 2000


                              FINSBURY TRUST PLC



Consolidated Statement of Total Return
Incorporating the revenue account for the six months ended 30 September 2000

                        (Unaudited)        (Unaudited and             (Audited)
                                                restated)
                  6 months ended 30                                  Year ended
                     September 2000     6 months ended 30
                                           September 1999         31 March 2000
              Revenue Capital Total Revenue Capital Total Revenue Capital Total

                 £000    £000  £000    £000   £000  £000    £000   £000   £000
Gains on           -   5,984  5,984      -   8,955 8,955      -  38,651  38,651
investments

Exchange           -      25     25      -       -     -      -     (2)     (2)
gains/
(losses) on
currency
balances


Income from    1,889       - 1,889   1,214       - 1,214  2,114      -   2,114
investments


Other income     173       -   173      87       -    87    893      -     893


Investment      (361)      -  (361)   (240)      -  (240)  (671)     -    (671)
management
fees


Other           (187)      -  (187)   (182)      -  (182)  (330)     -    (330)
expenses


Net return      1,514   6,009 7,523    879   8,955 9,834  2,006 38,649  40,655
before
finance costs
and taxation


Interest         (211)     -  (211)   (78)       -   (78)  (188)     -    (188)
payable and
similar
charges


Return on      1,303   6,009 7,312    801    8,955 9,756  1,818  38,649 40,467
ordinary
activities
before
taxation


Taxation on       (2)     -    (2)    (9)       -    (9)    (14)      -   (14)
ordinary
activities


Return on      1,301  6,009 7,310    792    8,955 9,747   1,804  38,649 40,453
ordinary
activities
after
taxation


Dividends in       -      -     -    (11)      -   (11)    (11)      -    (11)
respect on
non-equity
shares

Premium paid       -      -     -   (112)      - (112)   (112)       -   (112)
on redemption
of non-equity
shares

Return         1,301   6,009 7,310   669   8,955 9,624  1,681  38,649  40,330
attributable
to equity
shareholders

Dividends on   (432)      -  (432)  (432)     -   (432)(1,200)     -  (1,200)
Ordinary and
'A' Ordinary
shares
(equity)


Transfer to     869   6,009 6,878    237  8,955  9,192   481  38,649  39,130
reserves


Return per     5.4p   25.1p 30.5p   2.8p  37.3p  40.1p  7.0p  161.0p  168.0p
Ordinary and
'A' Ordinary
share

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




                              FINSBURY TRUST PLC



Consolidated Balance Sheet

As at 30 September 2000




                                           (Unaudited)   (Unaudited)  (Audited)

                                          30 September  30 September   31 March
                                                  2000          1999       2000

                                                  £000          £000       £000


Fixed asset investments                        113,674        81,122    109,970


Current assets

Debtors                                          1,720           319      3,000
Investments                                      3,823           643      4,653
Cash at bank                                     3,047           511        477
                                                 8,590         1,473      8,130

Creditors

Amounts falling due within one year            (8,598)       (5,745)   (11,312)
Net current liabilities                            (8)       (4,272)    (3,182)

Net Assets                                     113,666        76,850    106,788


Capital and reserves
Called up share capital                          1,200         1,200      1,200
Capital redemption reserve                         300           300        300
Capital reserves - realised                     72,178        41,779     66,256
Capital reserves - unrealised                   37,078        31,662     36,991
Revenue Reserve                                  2,910         1,909      2,041
Total shareholders' funds                      113,666        76,850    106,788
Net asset value per Ordinary and 'A'            473.6p        320.2p     445.0p
Ordinary share





                              FINSBURY TRUST PLC



Consolidated Cash Flow Statement

For the six months ended 30 September 2000


                                              (Unaudited) (Unaudited) (Audited)

                                                        30          30 31 March
                                                 September   September
                                                                           2000
                                                      2000        1999
                                                                           £000
                                                      £000        £000
Net cash inflow/(outflow) from operating             4,450       1,222  (1,478)
activities


Servicing of finance
Interest paid                                        (196)        (78)    (188)
Preference dividend                                      -        (11)     (11)
Net cash outflow from servicing of finance           (196)        (89)    (199)

Taxation

Taxation recovered/(paid)                                -           1      (6)


Financial Investments

Purchases of investments                          (21,825)    (16,666) (55,028)
Sales of investments                                20,882      13,515   54,094

Net cash outflow from financial investment

                                                     (943)     (3,151)    (934)
Equity dividends paid                                (768)       (600)  (1,032)


Financing

Redemption of non-equity shares                          -       (412)    (412)

Increase/(decrease) in cash for the period           2,543     (3,029)  (4,061)





Notes to the Interim Accounts



1.    Return per Ordinary and 'A' Ordinary share

Revenue return per share is calculated by dividing the net revenue available
for shareholders of £1,301,000 (six months ended 30 September 1999: £669,000;
year ended 31 March 2000: £1,681,000) by the 24,000,000 shares in issue.



Capital return per share is calculated by dividing the net capital return
available for shareholders of £6,009,000 (six months ended 30 September 1999:
£8,955,000; year ended 31 March 2000: £38,649,000) by the shares in issue as
above.



2.        Comparative information

The figures and the financial information for the year ended 31 March 2000 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.     The Company has adopted Financial Reporting Standard No.16 Current
Taxation and accordingly, franked dividends are stated

net of related tax credits.  The figures for the six months ended 30 September
1999 have been restated on this basis.



4.     All revenue and capital items in the above statement derive from
continuing operations.



5.     The Interim Report has been prepared using accounting policies that are
consistent with those adopted in the statutory accounts for the year ended 31
March 2000.