Interim Results

Finsbury Worldwide Pharm Tst PLC
19 November 2001




To:     City editors                         For immediate release

                                             19 November  2001


FINSBURY WORLDWIDE PHARMACEUTICAL TRUST ANNOUNCES INTERIM RESULTS


Finsbury Worldwide Pharmaceutical Trust PLC today announced its interim
results for the six months ended 30 September 2001. Chairman, Sir Stuart
Burgess, said 'the Company has performed well during the last six months in an
unusually difficult environment. The net asset value has been sustained and
the defensive qualities of the Company's investment policy have been amply
demonstrated. The Company long term growth prospects remain attractive.'



Financial Highlights
                                                                    (Audited)
                                                        (Unaudited)      Year
                                                         Six months    ended 
                                                              ended  31 March
                                                       30 September      2001
                                                               2001

Total Net Assets                                            £198.0m   £202.3m
Shareholders' Funds                                         £198.0m   £202.3m
Net asset value per share                                    508.5p    523.6p
Share price                                                  491.0p    495.5p
Discount                                                       3.4%      5.4%
Datastream Worldwide Pharmaceutical Index (total            7,572.9   7,754.3
return, sterling adjusted)


Net asset value per share                          As at 31 October 2001
                                                          (unaudited)  
                                                              557.9p



*  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

Fiona Harris, Quill Communications                            020 7618 8905



Chairman's Statement



Performance

The economic environment over the last six months has been unusually
difficult.  The steady decline in the world's stock markets followed by the
tragic events of 11 September produced a fall of 13.7% in the FTSE All Share
Index.



Against this background the Company's performance in the six months to 30
September was very good.  The net asset value per share fell 2.9% to 508.5p,
broadly in line with our benchmark, the Datastream World Pharmaceutical (total
return) Index, which fell by 2.3%.  Since then the net asset value has
recovered sharply and on 31 October was 557.9p, a 6.5% increase over the 31
March level, 7.8% better than the benchmark and 17.5% better than the
corresponding movement of the FTSE All Share Index.



Recent events have amply demonstrated the defensive qualities of the
pharmaceuticals sector and the Trust in particular.  Our overall performance
has been reflected in the share price, with shares generally trading at a
premium throughout the period.  We have been consistently listed in the
Financial Times top five performing investment trusts in each of the
three-year and five-year categories.



Share Issues and Gearing

The Company has taken advantage of its premium rating to issue a total of
400,000 new shares, at a small premium to net asset value, raising
approximately £2.2 million.



As at 30 September, the Trust had £42 million of its £50 million loan facility
drawn down and invested in the market.  The remainder of the facility has been
drawn down since the interim end and is being invested as attractive
opportunities arise.



Dividend

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

The Company continues to perform well in today's uncertain environment.  We
can, inevitably, expect some volatility in the Trust's net asset value,
particularly associated with the biotechnology component of our investments,
but the long term growth prospects remain attractive.



Sir Stuart Burgess
Chairman



19 November 2001





     FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC



Statement of Total Return

Incorporating the revenue account for the six months ended 30 September 2001


                        (Unaudited)             (Unaudited)           (Audited)
                  6 months ended 30       6 months ended 30          Year ended
                     September 2001          September 2000       31 March 2001
          Revenue Capital   Total Revenue Capital   Total Revenue Capital  Total

            £000    £000    £000    £000    £000    £000    £000    £000    £000
(Losses)/      - (1,101) (1,101)       -  91,370  91,370       -  38,765  38,765
Gains on
investments

Exchange
gains
(losses) on    -     767     767       -   (682)   (682)       - (1,461) (1,461)
currency
balances


Income from  960       -     960     891       -     891   1,548       -   1,548
investments


Other        156       -     156     155       -     155     308       -     308
income


Investment     - (5,240) (5,240)       - (9,506) (9,506)       - (3,388) (3,388)
management
and performance
fees


Other      (301)      20   (281)   (265) (1,071) (1,336)   (532)   (366)   (898)
expenses


Net return
before
finance
costs and
taxation    815 (5,554) (4,739)     781  80,111  80,892   1,324  33,550  34,874


Interest
payable and
similar       - (1,180) (1,180)       -   (609)   (609)       - (1,414) (1,414)
charges


Return on
ordinary
activities
before
taxation    815 (6,734) (5,919)     781  79,502  80,283   1,324  32,136  33,460


Taxation on
Ordinary
activities (227)      99   (128)   (315)     178   (137)   (368)     153   (215)


Return on
ordinary
activities
after
taxation    588 (6,635) (6,047)     466  79,680  80,146     956  32,289  33,245


Dividends
on ordinary
shares       -       -       -       -       -       -   (773)       -   (773)


Transfer to 588 (6,635) (6,047)     466  79,680  80,146     183  32,289  32,472
reserves


Return per  1.5p (17.1p) (15.6p)    1.2p  206.2p  207.4p    2.5p   83.6p   86.1p
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 2001


                                      (Unaudited)     (Unaudited)    (Audited)
                                     30 September    30 September     31 March
                                             2001            2000         2001
                                             £000            £000         £000


Fixed asset investments                   234,090         297,102      252,836

Current assets

Debtors                                     5,261             325          275
Cash at bank                                3,984             272        2,731
                                            9,245             597        3,006

Creditors

Amounts falling due within one           (45,339)        (47,699)     (53,516)
year
Net current liabilities                  (36,094)        (47,102)     (50,510)

Net Assets                                197,996         250,000      202,326


Capital and reserves
Called up share capital                     9,735           9,660        9,660
Share premium                              44,785          43,143       43,143
Capital reserves - realised                90,412          57,526       76,793
Capital reserves - unrealised              51,900         138,812       72,154
Capital redemption reserve                    375             375          375
Revenue Reserve                               789             484          201
Total shareholders' funds                 197,996         250,000      202,326
Net asset value per Ordinary               508.5p          647.0p       523.6p
share



                 FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC



Cash Flow Statement
For the six months ended 30 September 2001


                                             (Unaudited)  (Unaudited) (Audited)
                                            30 September 30 September  31 March
                                                    2001         2000      2001
                                                    £000         £000      £000
Net outflow from operating activities           (16,668)        (666)   (3,774)

Servicing of finance
Interest paid                                    (1,183)        (619)   (1,540)
                                                (17,851)      (1,285)   (5,314)
Taxation

Taxation recovered/(paid)                             26           33     (103)

Financial Investments

Purchases of investments                        (39,795)     (50,252)  (85,592)
Sales of investments                              50,802       40,476    66,711
                                                  11,007      (9,776)  (16,881)
Equity dividends paid                              (773)        (155)     (155)

                                                  10,234      (9,931)  (17,036)

Net cash outflow before financing                (7,591)     (11,183)  (22,453)

Financing

Increase/(decrease) in short term loans            6,360      (2,117)    13,144
Issue of Ordinary shares                           1,717            -         -
Net cash inflow/(outflow) from financing           8,077      (2,117)    13,144


Increase/(decrease) in cash for the period           486     (13,300)   (9,309)



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 £588,000 (six months ended 30 September
2000:  £466,000; year ended 31 March 2001:  £956,000) by the 38,738,907 (30
September 2000:  38,640,000; 31 March 2001:38,640,000) weighted average shares
in issue.



Capital return per Ordinary share is calculated by dividing the net capital
loss available for Ordinary shareholders of £6,635,000 (six months ended 30
September 2000:  £79,680,000; year ended 31 March 2001:  £32,289,000) by the
38,738,907 (30 September 2000:  38,640,000; 31 March 2001:38,640,000) weighted
average shares in issue.



2.     Comparative information

The figures and the financial information for the year ended 31 March 2001 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 and 31 October 2001, 400,000 new shares were issued at a
premium to net asset value.  At 31 October there were 39,040,000 Ordinary
shares in issue.