Interim Results - Replacement

Finsbury Growth Trust PLC 2 June 2000 The issuer has made the following amendment to the Interim Results announcement released today at 9.58 under RNS No 5933L. The interim dividend will be paid to shareholders registered at the close of business on 16 June 2000, and not on 9 June 2000 as previously stated. All other details remain unchanged. The full corrected version is shown below. Preliminary Results For the six month ended 31 March 2000 * NAV increases by 12.8%, 2.7% more than the benchmark * Interim dividend increased from 1.2p to 1.8p * Share buyback representing 6.3% of share capital Finsbury Growth Trust PLC, which invests in larger UK company shares with the objective of achieving capital appreciation leading to income growth, today announces preliminary results for the six months ended 31 March 2000. Six months Six months Twelve months ended ended ended 31 March 2000 31 March 1999 30 September (unaudited) (unaudited) 1999 (audited) Investment income (£'000) 1,700 1,638 3,258 Other income (£'000) 532 251 482 Return on activities before taxation - Revenue Return 1,519 1,204 2,324 - Capital Return 10,256 19,653 13,733 - Total Return 11,775 20,857 16,057 Total return per ordinary 26.53p 45.33p 34.88p share Dividend per ordinary share 1.8p 1.2p 4.0p Net asset value per 246.5p 231.3p 218.5p ordinary share The Directors have declared an interim dividend of 1.8p per ordinary share (1999: 1.2p) which will be paid on 30 June 2000 to shareholders registered at the close of business on 16 June 2000. For and on behalf of Rea Brothers Limited - Secretary The following are attached: * Chairman's Statement * Consolidated Statement of Total Return * Consolidated Cash Flow Statement * Consolidated Balance Sheet For further information please contact: Alastair Smith, Apax Finsbury Investment Management Limited 020 7426 6240 Mark Tyndall, Apax Finsbury Investment Management Limited 0131 623 7744 Fiona Harris, Quill Communications 020 7618 8905 FINSBURY GROWTH TRUST PLC Chairman's Statement Performance In the six months to 31 March 2000 the net asset value per ordinary share ('NAV') increased from 218.5p to 246.5p, an increase of 12.8%. This compares with an increase of 10.1% in the FTSE All-Share Index. The increase in NAV was not however fully reflected in the share price which rose 6.0% from 182.4p to 193.4p. The result of this was a widening in the share price discount from 16.5% to 21.5%. Total return The total return per ordinary share for the period was 26.53p (1999: 45.33p) made up of a revenue return of 3.41p (1999: 2.61p) and a capital return of 23.12p (1999: 42.72p). Interim dividend In order to achieve a more equitable balance between the interim and the final dividend, an interim dividend of 1.8p per share (1999: 1.2p) will be paid on 30 June 2000 to shareholders registered at the close of business on 16 June 2000. Repurchase of ordinary shares In the six months to 31 March 2000 the Company repurchased a further 2,876,070 shares, which is equivalent to 6.3% of the shares capital in issue at the start of the six month period. These shares were repurchased at an average discount of 20.9%, thus increasing the net asset value for each ordinary share remaining in issue. Cancellation of preference shares Pursuant to the authority granted at the Annual General Meeting held on 17 December 1999, all 225,000 5% cumulative preference shares of £1 each were cancelled at par on 31 March 2000. Outlook The increase in market volatility makes 'outlook' statements even more dangerous than usual. Nevertheless the recent market moves should probably be viewed in a positive manner, in as much as the run up in prices of many 'new economy' stocks earlier this year was clearly representative of a speculative bubble, and this has now been decisively burst. At the same time more traditional stocks had fallen to levels that implied negligible if not negative levels of growth; this valuation gap is now being closed, and this has so far been achieved without a significant fall in overall market levels. Further volatility in equity markets is likely, and therefore it is only sensible to sound a note of caution, but current market levels should represent sound value for long term investors. Michael Reeve Chairman FINSBURY GROWTH TRUST PLC Consolidated Statement of Total Return for the half year ended 31 March 2000 (unaudited) Half year ended 31 March 2000 Revenue Capital Total £000 £000 £000 Gains on investments - 11,216 11,216 Investment income 1,700 - 1,700 Other income 532 - 532 Investment management fee (200) (400) (600) Other expenses (206) (30) (236) ------- ------- ------- Net return before finance 1,826 10,786 12,612 costs and taxation Interest payable and similar (307) (530) (837) charges ------- ------- ------- Return on ordinary activities 1,519 10,256 11,775 before taxation Taxation on ordinary - - - activities ------- ------- ------- Return on ordinary activities 1,519 10,256 11,775 after taxation Dividend on preference shares (6) - (6) (non-equity) ------- ------- ------- Return attributable to equity 1,513 10,256 11,769 shareholders Dividend on ordinary shares (767) - (767) (equity) ------- ------- ------- Transfer to reserves 746 10,256 11,002 ------- ------- ------- Return per ordinary share 3.41p 23.12p 26.53p pence (note 2) FINSBURY GROWTH TRUST PLC Consolidated Statement of Total Return for the half year ended 31 March 2000 (unaudited)(restated) Half year ended 31 March 1999 Revenue Capital Total £000 £000 £000 Gains on investments - 20,585 20,585 Investment income 1,638 - 1,638 Other income 251 - 251 Investment management fee (179) (361) (540) Other expenses (235) (20) (255) ------- ------- ------- Net return before finance 1,475 20,204 21,679 costs and taxation Interest payable and similar (271) (551) (822) charges ------- ------- ------- Return on ordinary activities 1,204 19,653 20,857 before taxation Taxation on ordinary activities - - - ------ ------- ------- Return on ordinary activities 1,204 19,653 20,857 after taxation Dividend on preference shares (6) - (6) (non-equity) ------- ------- ------- Return attributable to equity 1,198 19,653 20,851 shareholders Dividend on ordinary shares (552) - (552) (equity) ------- ------- ------- Transfer to reserves 646 19,653 20,299 ------- ------- ------- Return per ordinary share 2.61p 42.72p 45.33p - pence (note 2) FINSBURY GROWTH TRUST PLC Consolidated Statement of Total Return for the half year ended 31 March 2000 (audited)(restated) Year ended 30 September 1999 Revenue Capital Total £000 £000 £000 Gains on investments - 15,550 15,550 Investment income 3,258 - 3,258 Other income 482 - 482 Investment management fee (358) (718) (1,076) Other expenses (490) - (490) ------- ------- ------- Net return before finance 2,892 14,832 17,724 costs and taxation Interest payable and similar (568) (1,099) (1,667) charges ------- ------- ------- Return on ordinary activities 2,324 13,733 16,057 before taxation Taxation on ordinary activities (9) - (9) ------- ------- ------- Return on ordinary activities 2,315 13,733 16,048 after taxation Dividend on preference shares (11) - (11) (non-equity) ------- ------- ------- Return attributable to equity 2,304 13,733 16,037 shareholders Dividend on ordinary shares (1,826) - (1,826) (equity) ------- ------- ------- Transfer to reserves 478 13,733 14,211 Return per ordinary share 5.02p 29.86p 34.88p - pence (note 2) FINSBURY GROWTH TRUST PLC Consolidated Cash Flow Statement For the half year ended 31 March 2000 (unaudited) (unaudited) (audited) Half year Half year Year ended ended ended 30 September 31 March 2000 31 March 1999 1999 £000 £000 £000 Net cash from operating 3,351 2,918 2,996 activities Return on investment (307) (271) (565) and servicing of finance Taxation - 427 (213) Capital expenditure and (3,454) 2,615 4,257 financial investment Equity dividends paid (1,274) (1,725) (1,731) ------- ------- ------- (Decrease)/increase in (1,684) 3,964 4,744 cash ------- ------- ------- FINSBURY GROWTH TRUST PLC Consolidated Balance Sheet At 31 March 2000 (unaudited) (unaudited) (audited) 31 March 2000 31 March 1999 30 September £000 £000 1999 £000 Fixed asset investments 121,654 123,804 110,589 Net current assets 3,287 2,651 8,911 ------- ------- ------- Total assets less 124,941 126,455 119,500 current liabilities Creditors: amounts falling (19,889) (19,817) (19,845) due after more than one year ------- ------- ------- Net assets 105,052 106,638 99,655 ------- ------- ------- Capital Called up share capital 10,656 11,725 11,600 Share premium account 13,160 13,160 13,160 Capital redemption reserve 2,186 1,342 1,467 Capital reserves 76,742 78,681 71,866 Revenue reserve 2,308 1,730 1,562 ------- ------- ------- Total shareholders funds 105,052 106,638 99,655 ------- ------- ------- Total shareholders funds are attributable to: Equity shareholders 105,052 106,413 99,430 Non-equity shareholders - 225 225 ------- ------- ------- 105,052 106,638 99,655 Net asset value per 246.5p 231.3p 218.5p ordinary share Net asset value per N/A 100.0p 100.0p preference share Notes 1. Revenue Account The revenue column of the Consolidated Statement of Total Return represents the revenue account of the Group. 2. Return per ordinary share Revenue return per ordinary share is calculated by dividing the net revenue return available for ordinary shareholders of £1,513,000 (six months ended 31 March 1999: £1,198,000) by 44,355,327 (six months ended 31 March 1999: 46,000,000) the weighted number of ordinary shares. Capital return per ordinary share is calculated by dividing the net capital return available for ordinary shareholders of £10,256,000 (six months ended 31 March 1999: £19,653,000) by the weighted number of ordinary shares as above. 3. Restatement In accordance with Financial Reporting Standard (FRS) 16 'Current Taxation' income from UK equity investments is recorded net of any tax credit. Therefore the comparative figures for the periods ending 31 March 1999 and 30 September 1999 have been restated to comply with FRS 16. There is no impact on the net assets or the transfer to revenue reserves for the period or prior period. However the income and taxation charges have been reduced by £181,000 for the period ended 31 March 1999 and by £340,000 for the year ended 30 September 1999. 4. Cumulative preference shares All 225,000 5% cumulative preference shares of £1 each were cancelled at par on 31 March 2000. 5. Repurchase of ordinary shares During the six months to 31 March 2000 the Company repurchased a total of 2,876,070 ordinary shares. During the year ended 30 September 1999 a total of 500,000 ordinary shares were repurchased. Following these repurchases the Company has 42,623,930 ordinary shares in issue. 6. Comparative information The figures and financial information for the year ended 30 September 1999 are an extract from the latest published accounts and do not constitute statutory accounts for that year. 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. The interim statement has not been audited by the Company's auditors. It has been prepared using the using the same accounting policies as those adopted in the annual financial statement for the year ended 30 September 1999, save for the adjustments made in connection with FRS 16 referred to in note 3 above.

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