Final Results

Finsbury Growth Trust PLC
28 November 2002



                                                                28 November 2002

                           Finsbury Growth Trust PLC

Finsbury Growth Trust PLC today announces preliminary results for the year ended
30 September 2002.


                                                              30 September      30 September 2001         % change
                                                                      2002

Shareholders' Funds                                                 £57.0m                 £69.8m            -18.3
Net Asset Value per share                                           146.7p                 179.7p            -18.3
Share Price                                                         124.5p                 162.0p            -23.1
Discount                                                             15.1%                   9.8%              N/a
Market Capitalisation                                               £48.4m                 £62.9m            -23.1
FTSE All-Share Index total return                                  1,821.6                2,299.8            -20.8
Share price total return over 1 year to                                                                      -21.8
30 September 2002



A second interim dividend of 2.55p per share will be paid on 11 December 2002 to
shareholders on the register of members on 6 December 2002.



Chairman, Michael Reeve, commented:



'There has been a further substantial fall in the FTSE All-Share Index with the
result that for the whole year under review, although your Company out-performed
its benchmark index in terms of net asset value, this out-performance failed to
prevent another year of reduction in shareholder value.  Your Company's
investment portfolio has a prudent element of fixed interest investments and is
a highly concentrated one, where exceptional growth opportunities have been
perceived.  When the UK stock market recovers your Board believes that your
Company's investment portfolio will provide a satisfactory increase in total
return.'



For and on behalf of Close Finsbury Asset Management Limited - Secretary



28 November 2002

                                    - ENDS -



The following are attached:



•    Chairman's Statement
•    Consolidated Statement of Total Return
•    Consolidated Balance Sheets
•    Consolidated Cash Flow Statement
•    Notes to the Preliminary Results



For further information please contact:
Alastair Smith, Close Finsbury Asset Management Limited                                             020 7426 6240
Fiona Harris, Quill Communications                                                                  020 7763 6977
Michael Reeve, Chairman                                                                             020 7602 2624
Nick Train, Lindsell Train Limited                                                                  020 7225 6411



Finsbury Growth Trust PLC



Chairman's Statement



In my interim statement in May I was able to report an increase in the first six
months of the year in both the net asset value and the market price of your
shares but said that the outlook was uncertain. Since then there has been a
further substantial fall in the FTSE All-Share Index with the result that for
the whole year under review, although your Company out-performed its benchmark
index in terms of net asset value, this out-performance failed to prevent
another year of reduction in shareholder value.   Net assets per share declined
by 18.3% and the share price total return was -21.8%. In the same period the
FTSE All-Share Index total return declined by 20.8%. However, your Company
performed significantly better than its peer group where the average decline in
net asset value and share price total return was 26.8% and 29.1% respectively.



Revenue Return and Dividend



The revenue return per share was 4.41p compared with 2.38p per share in the
previous year which was much influenced by the restructuring of our investment
portfolio by our new investment advisers. This significant increase also results
from the absence of dealing losses, the decrease in loan interest and in
management fees, which are now linked to market capitalisation.



Your Board is paying a dividend in respect of the six months to 30 September
2002, by way of a second interim dividend, of 2.55p, to be paid on 11 December
2002 to shareholders on the register of members on 6 December 2002 which
together with the interim dividend already declared, makes a total distribution
for the year of 3.75p (2001: 3.20p). In making this dividend payment the Company
will ensure compliance with s264 of the Companies Act ('the Act') and this may
require the crystallisation of certain unrealised losses. The Company has
applied for, and expects to regain, investment company status from 1 October
2003.  When this occurs, the requirements of s264 will not apply and this will
make it easier for the Company to pay dividends in the future.



Statement of Total Return



The statement of total return is set out in the Annual Report. The total return
for the year was a negative 29.26p per share (2001: negative 58.52p) made up of
a revenue return of 4.41p per share (2001: 2.38p) and a negative capital return
of 33.67p per share (2001: negative 60.90p).



Investments



The valuation of investments at 30 September 2002 was £66,922,000 (2001 :
£76,886,000). The net asset value per share at the year-end was 146.7p (2001:
179.7p).



The investment portfolio, an analysis of which is set out in the Annual Report,
is a concentrated one with a total of 31 holdings. The portfolio does not track
the FTSE All-Share Index and in particular is underweight by 6.6% in food and
drug retailers and telecommunication stocks, by 9.6% in mining and oil and gas
and overweight by 9.5% in cyclical services, primarily media.  A review of
investments by our investment adviser is in the Annual Report.



Borrowing



During the year just over half of the £20m facility was utilised.  At the
year-end gearing amounted to 16%. Full use of the borrowing facilities will be
made when it is considered appropriate to do so.

Cancellation of Share Premium Account and Investment Company Status



The Court has confirmed the cancellation of the share premium account, which was
approved by shareholders in July. The consequence of the cancellation is that a
special reserve of £13.16m previously standing in the share premium account has
been created and this will not be counted as an undistributable reserve for the
purposes of s264 Companies Act 1985, thus reducing the amount of undistributable
reserves by that amount. This assists the Company in its ability to pay
dividends until the Company regains investment company status under s266
Companies Act 1985. The relevant notice under s266 has been given and it is
anticipated that the Company will achieve investment company status with effect
from 1 October 2003.



Outlook



We have now witnessed nearly a three year decline in the UK stock market.  Prior
thereto it is now clear equities had become extensively overvalued relative to
fixed interest instruments.  Your Company's investment portfolio has a prudent
element of fixed interest investments and is a highly concentrated one, where
exceptional growth opportunities have been perceived.  When the UK stock market
recovers your Board believes that your Company's investment portfolio will
provide a satisfactory increase in total return.



Annual General Meeting



The Annual General Meeting of the Company will be held at 10 Crown Place, London
EC2 on 14 January 2003 at 12 noon and I very much hope that as many shareholders
as are able will attend. Our investment adviser, Nick Train, will make a
presentation after the meeting. A map showing the location of 10 Crown Place can
be found in the Annual Report.







Michael Reeve, Chairman

28 November 2002


Finsbury Growth Trust PLC



Consolidated Statement of Total Return
for the year ended 30 September 2002



                                       (unaudited)     (unaudited)     (unaudited)   (audited)    (audited)   (audited)
                                           Revenue         Capital           Total     Revenue      Capital       Total
                                              2002            2002            2002        2001         2001        2001

                                              £000            £000            £000        £000         £000        £000

Losses on investments                           -        (11,939)        (11,939)           -     (22,155)      (22,155)
Exchange gains on currency
balances
                                                -               1               1           -           10            10
Income (note 2)                             2,733               -           2,733       2,142            -         2,142
Investment management fee (note             (165)           (335)           (500)       (212)        (431)         (643)
3)
Other expenses                              (447)               -           (447)       (459)            -         (459)
Net return / (loss) before                  2,121        (12,273)        (10,152)       1,471     (22,576)      (21,105)
finance costs and taxation

Interest payable and similar                (399)           (810)         (1,209)       (547)      (1,111)       (1,658)
charges


Return / (loss) on ordinary                 1,722        (13,083)        (11,361)         924     (23,687)      (22,763)
activities before tax
Taxation on ordinary activities               (9)               -             (9)           -            -             -


Return / (loss) on ordinary
activities after tax for the
financial year                              1,713        (13,083)        (11,370)         924     (23,687)      (22,763)
Dividends in respect of Ordinary          (1,457)               -         (1,457)     (1,230)            -       (1,230)
shares (equity)


Transfer to / (from) reserves                 256        (13,083)        (12,827)       (306)     (23,687)      (23,993)



Return / (loss) per share (note             4.41p        (33.67)p        (29.26)p       2.38p     (60.90)p      (58.52)p
4)



The revenue column of this statement is the profit and loss account of the
Group.

All revenue and capital items in the above statement derive from continuing
activities. No operations have been acquired or discontinued during the year.




Finsbury Growth Trust PLC



Balance Sheet of the Group and the Company

as at 30 September 2002


                                                (unaudited)                     (audited)     (unaudited)     (audited)
                                                      Group                         Group          Company      Company
                                                       2002                          2001             2002         2001
                                                      £'000                         £'000            £'000        £'000

Fixed asset investments
Group undertaking                                         -                             -              647          787
Financial investments                                66,922                        76,886           66,922       76,886

                                                     66,922                        76,886           67,569       77,673

Current Assets
Debtors                                                 467                           660              467       12,604
Cash at bank                                            227                        13,660              227          929

                                                        694                        14,320              694       13,533

Creditors
Amounts falling due within one year                (10,612)                      (21,375)         (11,259)     (21,375)
Net current liabilities                             (9,918)                       (7,055)         (10,565)      (7,842)

Net assets                                           57,004                        69,831           57,004       69,831

Capital and reserves
Called up share capital                               9,714                         9,714            9,714        9,714
Share premium account                                     -                        13,160                -       13,160
Special reserve                                      13,160                             -           13,160            -
Capital redemption reserve                            3,353                         3,353            3,353        3,353
Other reserves:
Capital reserve - realised                           49,653                        53,270           49,653       53,270
Capital reserve - unrealised                       (20,528)                      (11,062)         (19,881)     (10,275)
Revenue reserve                                       1,652                         1,396            1,005          609

Equity shareholders' funds                           57,004                        69,831           57,004       69,831

Net asset value per share                            146.7p                        179.7p           146.7p       179.7p






Finsbury Growth Trust PLC



Consolidated Cash Flow Statement

for the year ended 30 September 2002


                                                                                     (unaudited)        (audited)
                                                                                            2002             2001
                                                                                            £000             £000

Net cash inflow from operating activities                                                  1,646            2,028

Servicing of finance
Bank overdraft and loan interest paid                                                    (1,654)          (1,602)

Taxation
Tax received                                                                                  13                -

Financial investment
Purchases of investments                                                                (18,195)         (70,850)
Sales of investments                                                                      16,533           85,651
Net cash (outflow) / inflow from financial investment                                    (1,662)           14,801

Equity dividends paid                                                                    (1,243)          (1,418)


Net cash (outflow) / inflow before financing                                             (2,900)           13,809


Financing

Repayment of Loan Notes                                                                 (20,000)                -
Drawdown of loans                                                                          9,466                -
Purchase of own shares                                                                         -          (4,944)
Net cash outflow from financing                                                         (10,534)          (4,944)

(Decrease) / increase in cash                                                           (13,434)            8,865



Reconciliation of net cash flow to movement in net debt
(Decrease) / increase  in cash as above                                                 (13,434)            8,865
Cashflow from financing                                                                   10,534                -
Exchange movements                                                                             1                -
Movement in valuation of current asset investments                                             -          (1,422)
Amortisation of finance costs included in net debt                                          (39)             (58)
Movement in net debt                                                                     (2,938)            7,385
Net debt at 1 October                                                                    (6,301)         (13,686)


Net debt at 30 September                                                                 (9,239)          (6,301)



Finsbury Growth 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:


                                                                             2002                           2001
                                                                             £000                           £000
Income from UK listed investments
Franked investment income                                                   2,398                          1,903
Unfranked investment income                                                   115                             21
UK Scrip dividends                                                            123                            121
                                                                            2,636                          2,045
Other Income
Dealing losses                                                                  -                          (705)
Underwriting income                                                             -                              2
Bank interest receivable                                                       97                            800
                                                                               97                             97
Total Income                                                                2,733                          2,142



3         Investment Management Fees
                                            Revenue      Capital      Total          Revenue      Capital     Total
                                               2002         2002       2002             2001         2001      2001
                                               £000         £000       £000             £000         £000      £000

Investment management fee                       136          276        412              181          368       549
Irrecoverable VAT thereon                        29           59         88               31           63        94
Total                                           165          335        500              212          431       643



4         Return per share

           Revenue return per share is based on £1,713,000 (2001: £924,000) net
revenue on ordinary activities after taxation, and on the weighted average
number of shares in issue during the year of 38,856,430 (2001: 38,893,807).
Capital return per share is based on net capital losses for the financial year
of £13,083,000 (2001: £23,687,000) and on the weighted average number of shares
in issue during the year of 38,856,430 (2001: 38,893,807).



5         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 are unaudited and have not been filed with the Registrar
of Companies.



           The accounts for the year ended 30 September 2001 have been delivered
to the Registrar of Companies and those for 2002 will be despatched to
shareholders shortly.  The 2001 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 Ltd

Secretary

28 November 2002


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