Final Results

Finsbury Worldwide Pharm Tst PLC
20 June 2003


Friday 20 June 2003



Finsbury Worldwide Pharmaceutical Trust PLC


Finsbury Worldwide Pharmaceutical Trust PLC today announces preliminary results
for the year ended 31 March 2003.

Financial Highlights                     Year ended       Year ended

                                      31 March 2003   31 March 2002          %
                                        (unaudited)        (audited)    change

Shareholders' Funds                          £143.5m          £219.1m    -34.5
Net asset value per share                     365.3p           557.6p    -34.5
Share price                                   330.5p           571.5p    -42.2
(Discount)/Premium                             (9.5%)            2.4%        -
Datastream Pharmaceutical Index             5,855.7          8,049.1     -27.2
(total return, sterling adjusted)



Net asset value per share       As at 17 June 2003
                                (unaudited)
                                479.2p


Chairman, Sir Stuart Burgess, commented:

'The Company's performance in the year to 31 March 2003 was disappointing. The
unusually difficult market conditions in the year led to the first annual fall
in the net asset value per share following seven years of uninterrupted growth.


The Company has staged a significant recovery since the end of the year and on
17 June 2003 the net asset value per share had risen to 479.2p and the share
price to 4421/2p.


The Board continues to believe that the pharmaceutical and biotechnology sectors
offer an attractive long term investment.'


The Directors are proposing a final dividend of 1.0p (2002: 1.6p) per Ordinary
share, payable on 15 August 2003 to equity shareholders on the register of
members at the close of business on 25 June 2003.


                                    - ENDS -


The following are attached:

• Chairman's Statement
• Statement of Total Return
• Balance Sheet for the Company
• Cash Flow Statement
• Notes

For further information please contact:-


Alastair Smith                 Close Finsbury Asset Management Limited
020 7426 6240

Sir Stuart Burgess             Chairman
01494 431579

Fiona Harris                   Quill Communications
020 7763 6970




FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

2003 Chairman's Statement


Performance

The Company's performance in the year to 31 March 2003 was disappointing. After
seven years of uninterrupted growth, the net asset value per share fell from
557.6p to 365.3p, an underperformance of 7.3% against the Company's benchmark
index, the Datastream Worldwide Pharmaceutical Index (total return). The share
price fell during the year from 571.5p to 330.5p and for much of the period the
shares traded at a small discount.


The decline in both net assets and share price resulted from unusually difficult
market conditions during the period, combined with the effect of an 11% drop in
the value of the US dollar on the Company's predominantly US investments.


However, since the year end close, the situation has improved and the Company
has staged a significant recovery. On 17 June 2003, the net asset value had
risen to 479.2p and the share price to 4421/2p.


It is too soon to know whether this signals a return of the market to steady
growth but the underlying fundamentals of the worldwide pharmaceutical and
biotechnology sectors remain and, as the investment manager's report indicates,
the near term prospects look encouraging. The Board continues to believe that
these sectors offer an attractive long term investment, particularly at today's
prices.


Gearing

The Company's borrowings were reduced during the year from £49.9 million to
£27.4 million. Gearing on 31 March 2003 was 20.8%, close to the previous year's
level of 22.8%.


Revenue and Dividends

Total revenue for the year was £0.5 million (2002: £0.8 million) and the Board
is proposing a final dividend of 1.0p per share (2002: 1.6p) which will maintain
the Company's investment trust status. The dividend will be payable on 15 August
2003 to equity shareholders on the register of members at the close of business
on 25 June 2003.


Corporate Governance

The last twelve months has seen two important initiatives aimed at raising the
standard of corporate governance in the financial investment sector. The
Financial Services Authority has made a number of proposals which have been out
to consultation and the Association of Investment Trust Companies has published
a Code of Corporate Governance. The Board supports these initiatives and has put
in hand action to bring the Company into compliance with the AITC Code in the
few cases where this is necessary. Similar prompt action, as appropriate, will
be taken to meet the FSA's requirements when these are known.


Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Close
Finsbury Asset Management Limited on 7 August 2003. I hope as many shareholders
as possible will attend. This will provide an opportunity to hear from the
Company's investment adviser, Mr Samuel D Isaly, on recent developments in the
pharmaceutical sector and the prospects for the future.


Sir Stuart Burgess
Chairman
20 June 2003



Finsbury Worldwide Pharmaceutical Trust
PLC

Statement of
Total Return
Incorporating the revenue account
for the year ended 31 March 2003

                    Revenue      Capital           Total    Revenue     Capital       Total
                        2003          2003          2003        2002         2002      2002
                       £'000         £'000         £'000       £'000        £'000     £'000

(Losses)/gains          -       (74,800)      (74,800)          -       21,826       21,826
on
investments
Exchange gains/         -         1,039         1,039           -          (21)         (21)
(losses) on
currency
balances
Income              1,564             -         1,564       1,974            -        1,974
Investment              -        (1,834)       (1,834)          -       (6,965)      (6,965)
management and
performance
fees
Other                (774)          743           (31)       (739)        (231)        (970)
expenses
                    -------       -------       -------     -------      -------      -------
Net return/           790       (74,852)      (74,062)      1,235       14,609       15,844
(loss) before
finance costs
and taxation

Interest                -          (868)         (868)          -       (2,001)      (2,001)
payable and
similar
charges
                    -------       -------       -------     -------      -------      -------
Return/(loss)         790       (75,720)      (74,930)      1,235       12,608       13,843
on ordinary
activities
before
taxation

Taxation on          (254)           32          (222)       (394)         142         (252)
ordinary
activities
                    -------       -------       -------     -------      -------      -------
Return/(loss)         536       (75,688)      (75,152)        841       12,750       13,591
on ordinary
activities
after
taxation

Dividends on         (393)            -          (393)       (629)           -         (629)
Ordinary shares
(equity)
                    -------       -------       -------     -------      -------      -------
Transfer to/          143       (75,688)      (75,545)        212       12,750       12,962
(from)              -------       -------       -------     -------      -------      -------
reserves

Return/(loss)         1.4p       (192.6p)      (191.2p)       2.2p        32.7p        34.9p
per Ordinary        -------       -------       -------     -------      -------      -------
share - pence
(note 1)





Finsbury Worldwide Pharmaceutical Trust PLC

Balance Sheet
As at 31 March 2003

                                                       2003            2002
                                                      £'000           £'000
                                       ------  ---   --------  ---   --------

Fixed asset investments                             175,857         264,628

Current assets
Debtors                                                 495           2,815
Cash at bank                                          1,416           5,769
                                                     --------        --------
                                                      1,911           8,584

Creditors
Amounts falling due within one year                 (34,242)        (54,141)
                                                     --------        --------

Net current liabilities                             (32,331)        (45,557)

                                                     --------        --------
Net assets                                          143,526         219,071
                                                     --------        --------

Capital and reserves
Share capital                                         9,823           9,823
Share premium account                                46,763          46,763
Capital reserve - realised                           88,539          88,449
Capital reserve - unrealised                         (2,530)         73,248
Capital redemption reserve                              375             375
Revenue reserve                                         556             413
                                                     --------        --------
Total equity shareholders' funds                    143,526         219,071
                                                     --------        --------

Net asset value per Ordinary share                    365.3p          557.6p
(note 2)                                             --------        --------





Finsbury Worldwide Pharmaceutical Trust PLC

Cash Flow Statement
For the year ended 31 March 2003
                                                        2003           2002
                                                       £'000          £'000
                                                    ----------     ----------

Net cash outflow from operating activities              (561)       (18,952)

Servicing of finance
Interest paid                                           (861)        (2,076)

Taxation
Taxation recovered                                        13             25

Financial investments
Purchases of investments                             (47,757)       (85,722)
Sales of investments                                  63,058         92,643
                                                    ----------     ----------
                                                      15,301          6,921

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

Net cash inflow/(outflow) before financing            13,263        (14,855)

Financing
(Decrease)/increase in short term loans              (22,513)        14,131
Issue of ordinary shares                                   -          3,783
                                                    ----------     ----------
Net cash (outflow)/inflow from financing             (22,513)        17,914
                                                    ----------     ----------
(Decrease)/increase in cash for the year              (9,250)         3,059
                                                    ----------     ----------

Notes:

1.   Return per Ordinary share

Revenue return per share is based on the revenue return attributable to equity
shareholders of £536,000 (2002: £841,000). Capital loss per share is based on
the capital loss attributable to equity shareholders of £75,688,000 (2002:
£12,750,000 gain). Both the revenue return and the capital loss are based on the
weighted average of 39,290,000 ordinary shares in issue throughout the year
(2002: 38,916,849)


2.   Net Asset Value per Ordinary Share

The net asset value per ordinary share is based on the assets attributable to
equity shareholders of £143,526,000 (2002: £219,071,000) and on the number of
Ordinary shares in issue at the year end of 39,290,000 (2002: 39,290,000).


3.   These accounts are not statutory accounts as defined by section 240 of the
Companies Act 1985. Statutory accounts for the 12 months ended 31 March 2002
have been delivered to the Registrar of Companies and received an audit report
which was unqualified and did not contain statements under Section 237 (2) and
(3) of the Companies Act 1985. Statutory accounts for the 12 months ended 31
March 2003 will be delivered to the Registrar of Companies.


4.  The accounts have been prepared under the same accounting policies as the
accounts for the year ended 31 March 2002.


Close Finsbury Asset Management Limited - Secretary
20 June 2003







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