Final Results

Finsbury Technology Trust PLC
28 February 2001



Finsbury Technology Trust PLC

Preliminary results for the year ended 30 November 2000

*   During the year Finsbury Technology Trust PLC was voted best
    Global Investment Trust by Investment Week and best International Capital
    Growth Investment Trust by Standard and Poor's Micropal.

*   NAV increases by 14.9%.

*   Share price increases by 24.4%


Finsbury Technology Trust PLC, which invests principally in equity securities
of quoted technology companies on a world-wide basis, today announces
preliminary results for the year ended 30 November 2000.

                                                                          %     
                                                                       increase
                                                  30.11.00  30.11.99  /decrease)

Total Assets less Current Liabilities              £112.2m   £103.4m       8.5%
Shareholders' Funds                                £112.2m    £96.5m      16.3%
Net Asset Value per share                           417.7p    363.4p    + 14.9%
Share Price                                         431.0p    346.5p    + 24.4%
(Premium)/discount                                  (3.2%)      4.7%        --
MSCI World Net Index (sterling adjusted without     2,037     1,983      + 2.7%
dividends reinvested)



The Company has not generated significant income and the Directors are not
proposing a dividend for the year (1999: nil).
                                                                         
For and on behalf of Close Finsbury Asset Management Limited - Secretary


27 February 2001


The following are attached:


*   Chairman's Statement

*   Balance Sheets of the Group and of the Company

*   Consolidated Statement of Total Return

*   Consolidated Cash Flow Statement

*   Notes to the Preliminary Results


For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited           020 7426 6240
Michael Bourne, Reabourne Limited                                 020 7426 6290
Fiona Harris, Quill Communications                                020 7618 8905



Finsbury Technology Trust PLC

Chairman's Statement

Award winning performance

When the Company was launched 5 years ago there was much cynicism over whether
technology companies would prove a good investment. Despite these doubts the
Company has provided excellent returns to shareholders, with the NAV having
increased by 331% since the Company was launched in December 1995. I am
delighted that, during the year, our track record has resulted in the Company
being voted best Global Investment Trust by Investment Week and best
International Capital Growth Investment Trust by Standard and Poor's Micropal.


Results

In the year ended 30 November 2000 the net asset value per share ('NAV')
increased 14.9% from 363.4p to 417.7p.  This compares with a decline of 20.7%
in the NASDAQ Composite Index (sterling adjusted) and of 2.7% in the MSCI
World Net Index, which is our benchmark index.

During the year the Company's share price rose 24.4% from 346.5p to 431.0p.
This increase resulted in the share price standing at a 3.2% premium to the
NAV at the year end.


Statement of Total Return

The total return per share for the year was 52.0p (1999: 221.9p) made up of a
revenue deficit of 8.9p (1999: deficit of 1.7p) and a capital return of 60.9p
(1999: 223.6p).


Dividends

The investments making up the Company's investment portfolio typically provide
a very low yield. No dividend has been declared in respect of the year ended
30 November 2000 (1999: nil) and it is unlikely that a dividend will be paid
for foreseeable future.


Review

Once again the year has proved to be a turbulent one for the technology
sector. In the first quarter there was a surge of interest in technology
stocks, with share prices hitting new highs on an almost daily basis. The
flood of new money entering the sector drove many stocks to unsustainable
levels and during the latter half of March and April 2000 there was a
significant correction. Although there was a modest rally during the summer,
there has been sustained weakness since August.  Despite this turmoil the
Company has continued to deliver positive returns.

The companies which suffered most during the year were those involved in '
e-tailing'. Many so-called 'dot.com' companies tend to operate in a highly
competitive market and many had over-optimistic business plans and
non-existent business models. Our fund manager found it difficult to see a
compelling case for investing in the sector and as a result the portfolio
avoided the type of losses suffered by more inexperienced investors.

For a number of years the Company has developed positions in biotechnology.
The publicity surrounding the sequencing of the human genome helped lead to a
re-rating of the sector and this led to a number of significant gains in the
portfolio.


Outlook

The pace of technological advancement continues to increase and some of the
more established names are increasingly under threat from smaller, more
nimble, companies who are better able to deliver on the high tech mantra of '
better, cheaper, faster'.

Although a number of companies face specific difficulties, there remain many
exciting opportunities, particularly in the fields of biotechnology,
alternative energy, digital appliances and automotive machinery. We have every
reason to believe that over the next 5 years the Company will continue to
reward the long-term investor.


Annual General Meeting

The Annual General Meeting will be held at 10 Crown Place, London EC2, on 23
April at 12 noon and I hope as many shareholders as possible will be able to
attend.


Bryan Lenygon
Chairman

27 February 2001


Finsbury Technology Trust PLC

Consolidated Statement of Total Return
incorporating the revenue account for the year ended 30 November 2000


                                                     * restated
                         Revenue Capital Total       Revenue Capital      Total
                            2000    2000  2000          1999    1999       1999
                            £000    £000  £000          £000    £000       £000


Gains on investments           -  19,342 19,342             -  73,293     73,293
Exchange (losses)/gains

on currency balances           -   (351) (351)             -      24         24
Income                        94       -    94           577       -        577
Investment management    (1,737) (2,787) (4,524)         (729) (13,973) (14,702)
fee
Other expenses             (630)       - (630)         (278)       -      (278)


Net return before        (2,273)  16,204 13,931         (430)  59,344     58,914
finance

costs and taxation
Interest payable            (96)       -  (96)          (28)       -       (28)

and similar charges
Return on ordinary       (2,369)  16,204 13,835         (458)  59,344     58,886
activities before
taxation
Taxation on ordinary         (7)       -   (7)           (3)       -        (3)
activities


Return on ordinary       (2,376)  16,204 13,828         (461)  59,344     58,883
activities after
taxation
Dividends on ordinary          -       -     -             -       -          -
shares


Transfer (from)/to       (2,376)  16,204 13,828         (461)  59,344     58,883
reserves


Return per equity share   (8.9p)   60.9p 52.0p        (1.7p)  223.6p     221.9p


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

* restated for change in accounting policy. See note 4.



Finsbury Technology Trust PLC

Balance Sheets of the Group
and of the Company
as at 30 November 2000
                                  Group       Group       Company       Company
                                   2000        1999          2000          1999
                                  £'000       £'000         £'000         £'000

Fixed Asset Investments
Investment in subsidiary              -           -             -           376
undertaking
Other investments                 121,312       104,309       121,312   104,309

                                  121,312       104,309       121,312   104,685

Current Assets
Debtors                           1,200       1,495         2,364         1,345
Investments                       1,166           6             -             -
Cash at Bank                      1,951       7,393         1,951         7,393

                                  4,317       8,894         4,315         8,738

Creditors
Amounts falling due within        (13,418)   (9,840)       (13,416)     (10,060)
one year
Net current liabilities           (9,101)      (946)       (9,101)       (1,322)
Total assets less current         112,211   103,363       112,211       103,363
liabilities

Creditors
Amounts falling due after             -       (6,908)           -       (6,908)
more than one year
Net current assets                112,211       96,455       112,211    96,455

Capital and reserves
Called up share capital           6,716       6,635         6,716         6,635
Share premium account             20,942       19,095        20,942      19,095
Capital reserve - realised        71,802       19,059        71,802      19,059
Capital reserve -                 16,691       53,230        16,691      53,606
unrealised
Revenue reserve                   (3,940)       (1,564)       (3,940)   (1,940)

Total shareholders' funds         112,211       96,455       112,211    96,455

Net asset value per               417.7p       363.4p        417.7p      363.4p
ordinary share



Finsbury Technology Trust PLC

Consolidated Cash Flow Statement
for the year ended 30 November 2000


                                                        2000               1999
                                                 £000   £000         £000  £000

Net cash outflow from operating                       (10,562)            (223)
activities

Servicing of finance

Bank overdraft and loan interest paid                   (96)               (28)

Taxation

Tax (paid)/recovered                                       -                  5

Financial investment

Purchase of investments                        (102,966)          (41,095)
Sales of investments                           103,462             48,713
Net cash inflow from financial                           496              7,618
investment

Equity dividends paid                                      -                  -


Financing

Drawdown of loans                               3,143                   -
Issue of ordinary shares                        1,928                   -
                                                       5,071                  -
(Decrease)/increase in cash                           (5,091)              7,372


Reconciliation of net cash flow to
movement in net funds/(debt)
(Decrease)/increase  in cash as above                 (5,091)              7,372
Cash inflow from increase in loan                     (3,143)                  -
Exchange movements                                     (351)                 24
Movement in net (debt)/funds                          (8,585)              7,396
Net funds/(debt) at 1 December                         7,393                (3)
Net (debt)/funds at 30 November                       (1,192)              7,393



Finsbury Technology Trust PLC


Notes


1     Revenue Account

      The revenue column of the Statement of Total Return represents the
      revenue account of the Group.


2     Income

      Income for the year was derived from the following sources:


                                                         2000              1999
                                                         £000              £000

Income from UK listed investments                         207               102
Other income                                            (113)               475
Total                                                      94               577



3     Investment management fee


                     Revenue   Capital  Total         Revenue   Capital   Total
                        2000      2000   2000            1999      1999    1999
                        £000      £000   £000            £000      £000    £000


Periodic fee           1,572         -  1,572             687         -     687
Annual

performance fee            -       941    941               -     6,828   6,828
Long term

performance fee            -     1,782  1,782               -     6,328   6,328
Irrecoverable VAT        165        64    229              42       817     859
Total                  1,737     2,787  4,524             729    13,973  14,702


                                        
4     Restatement

      In accordance with Financial Reporting Standard 16 'Current Taxation
      ' ('FRS 16') income from UK equity investments is recorded net of any tax
      credit. The comparative figures for the year ended 30 November 2000 have  
      been restated accordingly. The effect of this change is that net return on
      ordinary activities before taxation is reduced by £7,000 (1999: £6,000). 
      However there  is no effect of the revenue or capital returns per share,  
      nor on the net asset value per share.


5     Return per share

      The revenue return per ordinary share is based on a revenue deficit
      of £2,376,000 (1999: deficit of £461,000) on ordinary activities after
      taxation and dividends on non-equity shares, and on a weighted average    
      number of ordinary shares in issue during the year of 26,615,801 (1999:   
      26,539,252). Capital return per ordinary share is based on net capital    
      profits for the financial year of £16,204,000 (1999: £59,344,000) and on a
      weighted average number of ordinary shares in issue during the year of    
      26,615,801 (1999: 26,539,252).


6     Comparative information

      These accounts are not statutory accounts. The above results have
      been agreed with the Auditors and are an abridged version of the Company's
      full draft accounts, which have not yet been signed or filed with the
      Registrar of Companies.

      The accounts for 1999 have been delivered to the Registrar of
      Companies and those for 2000 will be despatched to shareholders shortly.  
      The 1999 accounts received an audit report which was unqualified and did  
      not contain statements under Section 237 (2) and (3) of the Companies Act 
      1985.


Close Finsbury Asset Management Limited - Secretary
27 February 2000