Final Results

Finsbury Worldwide Pharm Tst PLC
16 June 2004


16 June 2004



 Finsbury Worldwide Pharmaceutical Trust PLC today announces preliminary results
for the year ended 31 March 2004.

Financial Highlights                     Year ended       Year ended
                                      31 March 2004   31 March 2003          %
                                        (unaudited)        (audited)    change

Shareholders' Funds                          £188.6m          £143.5m    +31.4
Net asset value per share                     480.0p           365.3p    +31.4
Share price                                   466.0p           330.5p    +41.0
Premium/(discount)                             (2.9%)           (9.5%)       -
Datastream Pharmaceutical Index
(total return, sterling adjusted)           6,154.4          5,855.7      +5.1
FTSE All-Share (total return)               2,340.2          1,786.6     +31.0





Chairman, Ian Ivory, commented:


The Company's performance in the year under review was strong with the net asset
value per share increasing by 31.4% compared to a rise in the benchmark index of
only 5.1%. The Company's share price performed even more strongly, increasing by
41.0%.


As the continuation vote approaches your board continues to believe that the
outlook for the biotechnology and pharmaceutical sectors is bright.


The Board is proposing a final dividend of 1.3p per share (2003: 1.0p) per
Ordinary share, payable on 12 August 2004 to equity shareholders on the register
of members at the close of business on 2 July 2004.





                                    - 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

Fiona Harris        Quill Communications                             020 7763  6970

Ian Ivory           Chairman (care of the Company Secretary)         020 7426 6219




Chairman's Statement


On 1 April 2004 I became Chairman of the Board of this first class investment
trust and I am looking to the future with great optimism.  I succeed Sir Stuart
Burgess who has chaired the board since the launch of the Company in 1995.  His
record is an impressive one indeed and during his tenure the share price
achieved an annual growth rate of 20%.  I have inherited a company in an
excellent state of health, which is in no small measure a reflection of Sir
Stuart's tireless pursuit of excellence.  On behalf of my fellow directors I
wish him well in his retirement which takes effect from the Annual General
Meeting.


I am pleased to advise that on 25 February 2004 Josephine ('Jo') Dixon and James
Noble joined the Board as non-executive directors.  Jo is a chartered accountant
and has held various high profile financial positions including Finance Director
of Newcastle United plc.  Jo has also agreed and has been appointed as Chairman
of the Audit Committee.  James is currently CEO of Avidex Limited and has also
held various non-executive directorships of other biotech and healthcare
companies.  The Board believe both Jo and James bring a wealth of experience to
the Company and welcome the opportunity of working with them in the future.


Performance

During the year under review your Company recovered strongly from the difficult
period experienced in 2002/2003.  The Company's net asset value per share
increased by 31.4% compared with the decline of 34.5% last year.  In contrast
the Company's benchmark index, the Datastream World Pharmaceutical Index rose by
a mere 5.1% having declined by 27.2% in the previous year.


The Company's share price performed even more strongly, increasing by 41.0% and
during the year the discount of the share price to the net asset value per share
reduced from 9.5% to 2.9%, a level which has largely been maintained since the
year end.


Gearing

The Company's borrowings increased during the year from £29.8 million to £37.2
million which was a contributor to the out performance of the Company when
compared to the benchmark index.  Gearing on 31 March 2004 was 19.7%, close to
the previous year's level of 20.8%.


Revenue and Dividends

The revenue return for the year was £0.8 million (2003: £0.5 million) and the
Board is proposing a final dividend of 1.3p per share (2003: 1.0p) in order to
maintain the Company's investment trust status.  The dividend will be payable on
12 August 2004 to equity shareholders on the register of members at the close of
business on 2 July 2004.


Corporate Governance

During the year under review the Financial Reporting Council issued a revised
combined code on Corporate Governance which is effective for financial years
beginning on or after 1 November 2003.  Your board has thoroughly reviewed the
provisions of the revised code and believes that full compliance was achieved by
31 March 2004.


Outlook

Your board firmly believes that the outlook for the biotechnology and
pharmaceutical sectors is bright.  In particular many biotechnology companies
are experiencing strong product driven earnings growth and continued improvement
in sector fundamentals is expected.  Despite recent share price increases,
valuations remain attractive and well below the levels achieved in 2000.  Your
board continues to believe that investment in this Company will provide superior
investment returns to the long term investor.




Chairman's Statement (cont'd)


Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Close
Finsbury Asset Management Limited on 5 August 2004.  I hope as many shareholders
as possible will attend.  This will provide an opportunity to meet the new
directors and to hear from the Company's investment adviser, Mr Samuel D Isaly
of OrbiMed, on recent developments in the pharmaceutical sector and the
prospects for the future.



Ian Ivory
Chairman
16 June 2004




  Statement of Total Return                                                                                           

     Incorporating the revenue account for the year ended 31 March 2004                                               

                                                    Revenue     Capital      Total      Revenue    Capital       Total
                                                      2004        2004        2004       2003       2003          2003
                                                      £'000       £'000      £'000       £'000      £'000        £'000

  Gains/(losses) on investments                             -      47,110     47,110           -   (74,800)   (74,800)
  Exchange gains on currency balances                       -       4,337      4,337           -      1,039      1,039
  Income                                                1,854           -      1,854       1,564          -      1,564
  Investment management and performance fees                -     (5,586)    (5,586)           -    (1,834)    (1,834)  
  Other expenses                                        (727)       (503)    (1,230)       (774)        743       (31)

  Net return/(loss) before finance costs and                                                                          
  taxation                                              1,127      45,358     46,485         790   (74,852)   (74,062)

  Interest payable and similar charges                      -       (704)      (704)           -      (868)      (868)

  Return/(loss) on ordinary activities before                                                                         
  taxation                                              1,127      44,654     45,781         790   (75,720)   (74,930)

  Taxation on ordinary activities                       (344)         131      (213)       (254)         32      (222)

  Return/(loss) on ordinary activities after                                                                          
  taxation                                                783      44,785     45,568         536   (75,688)   (75,152)

  Dividends on Ordinary shares (equity)                 (511)           -      (511)       (393)          -      (393)

  Transfer to/(from) reserves                             272      44,785     45,057         143   (75,688)   (75,545)

  Return/(loss) per Ordinary share                       2.0p      114.0p     116.0p        1.4p   (192.6p)   (191.2p)


Balance Sheet
As at 31 March 2004

                                                       2004            2003
                                                      £'000           £'000
                                       ------  ---   --------  ---   --------

Fixed asset investments                             234,432         175,857

Current assets
Debtors                                                 443             495
Cash at bank                                            188           1,416
                                                     --------        --------
                                                        631           1,911

Creditors
Amounts falling due within one year                 (46,480)        (34,242)
                                                     --------        --------

Net current liabilities                             (45,849)        (32,331)

                                                     --------        --------
Net assets                                          188,583         143,526
                                                     --------        --------

Capital and reserves
Share capital                                         9,823           9,823
Share premium account                                46,763          46,763
Capital reserve - realised                           92,826          88,539
Capital reserve - unrealised                         37,968          (2,530)
Capital redemption reserve                              375             375
Revenue reserve                                         828             556
                                                     --------        --------
Total equity shareholders' funds                    188,583         143,526
                                                     --------        --------

Net asset value per Ordinary share                    480.0p          365.3p
(note 2)                                             --------        --------




Cash Flow Statement
For the year ended 31 March 2004
                                                          2004           2003
                                                         £'000          £'000
                                                      ----------     ----------

Net cash outflow from operating activities              (1,246)          (561)

Servicing of finance
Interest paid                                             (721)          (861)

Taxation
Taxation recovered                                          94             13

Financial investments
Purchases of investments                               (81,920)       (47,757)
Sales of investments                                    72,478         63,058
                                                      ----------     ----------
Net cashflow from financial investment                  (9,442)        15,301

Equity dividends paid                                     (393)          (629)
                                                      ----------     ----------

Net cash (outflow)/inflow before financing             (11,708)        13,263

Financing
Increase/(decrease) in short term loans                  9,065        (22,513)
                                                      ----------     ----------
Net cash inflow/(outflow) from financing                 9,065        (22,513)
                                                      ----------     ----------
Decrease in cash for the year                           (2,643)        (9,250)
                                                      ----------     ----------



Notes:

1.       Return per Ordinary share

Revenue return per share is based on the revenue return attributable to equity
shareholders of £783,000 (2003: £536,000).  Capital return per share is based on
the capital return attributable to equity shareholders of £44,785,000 (2003:
£75,688,000 loss).  Both the revenue return and the capital return are based on
the weighted average of 39,290,000 ordinary shares in issue throughout the year
(2003: 39,290,000).


2.       Net Asset Value per Ordinary share

The net asset value per ordinary share is based on the assets attributable to
equity shareholders of £188,583,000 (2003: £143,526,000) and on the number of
Ordinary shares in issue at the year end of 39,290,000 (2003: 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 2003
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 2004 will be delivered to the Registrar of Companies. The audit report is
yet to be signed.


4.      The accounts have been prepared under the same accounting policies as
the accounts for the year ended 31 March 2003.


Close Finsbury Asset Management Limited
Company Secretary
16 June 2004



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