Interim Results

Finsbury Worldwide Pharm Tst PLC
19 November 2004




                                                           For immediate release

19 November 2004


FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

Preliminary Results for the six months ended 30 September 2004

Finsbury Worldwide Pharmaceutical Trust PLC today announces its interim results
for the six months ended 30 September 2004.

Financial Highlights

                                      30 September      31 March      % Change
                                              2004          2004
Shareholders' Funds                         £185.1m       £188.6m         -1.8
Net Asset Value per share                    471.2p        480.0p         -1.8
Share price                                  464.5p        466.0p         -0.3
Discount                                       1.4%          2.9%            -
Datastream World Pharmaceutical Index
(total return, sterling adjusted)          6,192.8       6,154.4          +0.6
FTSE All-Share (total return)              2,460.2       2,340.2          +5.1
Gearing                                         21%           19%            -

Net Asset Value per share As at 17 November 2004
(unaudited)
449.3p

 Chairman, Ian Ivory, commented:

   • The Directors have today announced proposals for a Placing and Offer for
    Subscription of new Ordinary shares with warrants to raise up to £100
    million, before expenses.

   • The number of profitable biotechnology discovery companies is increasing
    and the prospects for these companies in the market place are looking
    increasingly bright.

   • Taken as a whole, we believe that the outlook for worldwide
    biotechnology and pharmaceutical investing is promising and your Board
    continue to believe that the long term investor in this sector will be well
    rewarded.

Attached: * Chairman's Statement
* Statement of Total Return
* Balance Sheet
* Cash Flow Statement
* Notes to the interim accounts

For further information please contact:
Ian Ivory, Finsbury Worldwide Pharmaceutical Trust PLC 01828 640 383
Alastair Smith, Close Finsbury Asset Management Limited 020 7426 6240
Tracey Lago, Close Finsbury Asset Management Limited 020 7426 6219
Jo Stonier/Eleanor Clarke, Quill Communications 020 7763 6976

Chairman's Statement

Performance

The six months to 30 September 2004 was a more difficult period relative to the
buoyant conditions of 2003 and in terms of investment performance the net asset
value per share declined by 1.8% from 480.0p per share to 471.2p per share (six
months ended 30 September 2003, increase of 28.5%). This compared to a small
increase in the Datastream World Pharmaceutical Index of 0.6% (six months ended
30 September 2003, increase of 5.8%). The Company's share price fell slightly
during the period by 0.3% from 466.0p per share to 464.5p per share (six months
ended 30 September 2003, increase of 32.1%).

The Company's rating in the market held up well over the period despite the more
difficult conditions and as at 30 September 2004 the share price discount to net
asset value per share stood at 1.4%.

Revenue and Dividends

The primary aim of the Company is capital growth and in line with expectations
the revenue generated by the Company's investment portfolio continues to be
modest. The Board's intention remains only to declare final dividends and then
only to the extent required to maintain investment trust status. Accordingly, no
interim dividend is proposed.

Proposed Secondary Issue of Shares

Your Board announced on 11 October 2004 that the Directors were considering
proposals for an issue of additional shares in the Company. The Directors have
today announced proposals for a Placing and Offer for Subscription of new
Ordinary shares with warrants to raise up to £100 million, before expenses. The
Directors are also proposing an issue of warrants without cost to qualifying
shareholders and changes to the Articles of Association in relation to the
continuation of the Company.

A separate circular is being despatched to shareholders providing full details
of these proposals. In order to proceed with the proposals, it will be necessary
for shareholders to pass certain resolutions to be proposed at an Extraordinary
General Meeting of the Company to be held on 13 December 2004. A notice
convening that EGM is enclosed within the shareholder circular.

Outlook

The number of profitable biotechnology discovery companies is increasing and the
prospects for these companies in the market place are looking increasingly
bright. To these companies can be added other promising opportunities based on
new skills such as genomics, which are now entering human trials.

Taken as a whole, we believe that the outlook for worldwide biotechnology and
pharmaceutical investing is promising and your Board continue to believe that
the long term investor in this sector will be well rewarded.



Ian Ivory
Chairman
19 November 2004

Statement of Total Return
Incorporating the revenue account for the six months ended 30 September 2004
(unaudited)

                              (Unaudited)                  (Unaudited)                   (Audited)
                               Six months                   Six months                 Year ended
                                  ended                        ended
                             30 September                 30 September              31 March 2004
------------                       2004                         2003
               -------   -------  -------   -------   -------  -------   -------   -------  -------
             Revenue   Capital    Total   Revenue   Capital    Total   Revenue   Capital    Total
               £'000     £'000    £'000     £'000     £'000    £'000     £'000     £'000    £'000
------------   -------   -------  -------   -------   -------  -------   -------   -------  -------
(Losses)/
gains              -    (2,809)  (2,809)        -    42,327   42,327         -    47,110   47,110
on
investments
Exchange
(losses)/
gains on
currency
balances           -      (592)    (592)        -     1,413    1,413         -     4,337    4,337
Income (note
2)               809         -      809     1,017         -    1,017     1,854         -    1,854
Investment
management
and
performance        -       (55)     (55)        -    (2,627)  (2,627)        -    (5,586)  (5,586)
fees
(note 4)
Other           (323)       30     (293)     (297)     (455)    (752)     (727)     (503)  (1,230)
expenses       -------   -------  -------   -------   -------  -------   -------   -------  -------
------------
Net
return/
(loss)
before
finance          486    (3,426)  (2,940)      720    40,658   41,378     1,127    45,358   46,485
costs and
taxation
Interest
payable and
similar
charges            -      (417)    (417)        -      (345)    (345)        -      (704)    (704)
------------   -------   -------  -------   -------   -------  -------   -------   -------  -------
Return/
(loss)
on ordinary
activities
before           486    (3,843)  (3,357)      720    40,313   41,033     1,127    44,654   45,781
taxation
Taxation on
ordinary
activities      (158)       50     (108)     (214)      100     (114)     (344)      131     (213)
------------   -------   -------  -------   -------   -------  -------   -------   -------  -------
Return/
(loss)
on ordinary
activities       328    (3,793)  (3,465)      506    40,413   40,919       783    44,785   45,568
after
taxation
Dividends on
Ordinary
shares             -         -        -         -         -        -      (511)        -     (511)
------------   -------   -------  -------   -------   -------  -------   -------   -------  -------
Transfer
to/(from)
reserves         328    (3,793)  (3,465)      506    40,413   40,919       272    44,785   45,057
------------   -------   -------  -------   -------   -------  -------   -------   -------  -------
Return/
(loss)
per Ordinary     0.8p     (9.7)p   (7.9)p     1.3p    102.9p   104.2p      2.0p    114.0p   116.0p
share (note    -------   -------  -------   -------   -------  -------   -------   -------  -------
1)
------------
The revenue columns of this statement represent the revenue accounts of the
Company.



Balance Sheet
As at 30 September 2004
   --------------------------     -----------         ----------      ----------
                                (Unaudited)        (Unaudited)       (Audited)
                                 30 September       30 September      31 March
                                       2004               2003
                                      £'000              £'000            2004
                                                                         £'000
   --------------------------     -----------         ----------      ----------
Fixed asset investments             223,135            219,005         234,432
--------------------------        -----------         ----------      ----------

Current assets
Debtors                                 429                404             443
Cash at bank                          6,529              9,168             188
--------------------------        -----------         ----------      ----------
                                      6,958              9,572             631
Creditors
Amounts falling due within
one year                            (44,975)           (44,132)        (46,480)
--------------------------        -----------         ----------      ----------
Net current liabilities             (38,017)           (34,560)        (45,849)
--------------------------        -----------         ----------      ----------

Net Assets                          185,118            184,445         188,583
--------------------------        -----------         ----------      ----------

Capital and reserves
Called up share capital               9,823              9,823           9,823
Share premium                        46,763             46,763          46,763
Capital reserves - realised          99,343             98,624          92,826
Capital reserves -
unrealised                           27,658             27,798          37,968
Capital redemption reserve              375                375             375
Revenue reserve                       1,156              1,062             828
--------------------------        -----------         ----------      ----------

Total shareholders' funds           185,118            184,445         188,583
--------------------------        -----------         ----------      ----------
Net asset value per
Ordinary share (note 3)               471.2p             469.5p          480.0p
--------------------------        -----------         ----------      ----------



Cash Flow Statement
For the six months ended 30 September 2004
   -------------------------      ----------        -----------      -----------
                               (Unaudited)        (Unaudited)        (Audited)
                                  Six months         Six months     Year ended
                                     ended              ended
                              30 September       30 September         31 March
                                      2004               2003             2004
                                     £'000              £'000            £'000
   -------------------------      ----------        -----------      -----------

Net outflow from operating
activities                            (822)              (432)          (1,246)
Servicing of finance
Interest paid                         (408)              (361)            (721)
-------------------------         ----------        -----------      -----------
                                    (1,230)              (793)          (1,967)
   -------------------------      ----------        -----------      -----------
Taxation                                26                 92               94
Taxation recovered
-------------------------         ----------        -----------      -----------

Financial Investments
Purchases of investments           (22,824)           (46,707)         (81,920)
Sales of investments                29,238             45,835           72,478
-------------------------         ----------        -----------      -----------
Net cash inflow/(outflow)
from financial investments           6,414               (872)          (9,442)
Equity dividends paid                 (511)              (393)            (393)
-------------------------         ----------        -----------      -----------

Net cash inflow/(outflow)
before financing                     4,699             (1,966)         (11,708)
Financing
Increase in short term
loans                                1,511             12,150            9,065
-------------------------         ----------        -----------      -----------
Net cash inflow from
financing                            1,511             12,150            9,065
-------------------------         ----------        -----------      -----------

Increase/(decrease) in cash
for the period                       6,210             10,184           (2,643)
-------------------------         ----------        -----------      -----------



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 £328,000 (six months ended 30 September
2003: £506,000; year ended 31 March 2004: £783,000) by 39,290,000 (30 September
2003: 39,290,000;
31 March 2004: 39,290,000) being the number of Ordinary shares in issue during
the period.
Capital return or loss per Ordinary share is calculated by dividing the net
capital loss attributable to Ordinary shareholders of £3,793,000 (six months
ended 30 September 2003: £40,413,000 profit; year ended 31 March 2004:
£44,785,000 profit) by 39,290,000 (30 September 2003: 39,290,000; 31 March 2004:
39,290,000) being the number of Ordinary shares in issue during the period.

2. Income
                        (Unaudited)          (Unaudited)          (Audited)
                        Six months ended     Six months ended     Year ended
                        30 September         30 September         31 March
                        2004                 2003                 2004
                        £'000                £'000                £'000
                                                                   
Investment income         804                1,016                1,663
Bank interest               3                    1                  191
Other income                2                    -                    -

Total                     809                1,017                1,854

3. Net Asset Value per Ordinary share     
                       (Unaudited)           (Unaudited)          (Audited)
                       30 September          30 September         31 March
                       2004                  2003                 2004
                                 
Net asset value per
Ordinary share         471.2p                469.5p               480.0p

The net asset value per Ordinary share is based on the assets attributable to
ordinary shareholders of £185,118,000 (30 September 2003: £184,445,000; 31 March
2004: £188,583,000) and on 39,290,000 Ordinary shares (30 September 2003:
39,290,000; 31 March 2004: 39,290,000) being the number of Ordinary shares in 
issue at the end of the period.

4. Investment Management and Performance Fees
                     (Unaudited)            (Unaudited)          (Audited)
                     Six months ended       Six months ended     Year ended
                     30 September           30 September         31 March
                     2004                   2003                 2004
                     £'000                  £'000                £'000
                                                                   
Investment
management fee       1,138                  1,073                2,219
Performance fee 
accrual             (1,083)                 1,554                3,367
       
Total                   55                  2,627                5,586

5. Comparative information
The figures and the financial information for the year ended 31 March 2004 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
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.
                                    - END -



                      This information is provided by RNS
            The company news service from the London Stock Exchange