Final Results

Finsbury Trust PLC
13 June 2000


                              Finsbury Trust PLC
                      Preliminary Announcement of Results
                       for the year ended 31 March 2000
                                       
  *   57.8% increase in net assets per ordinary and 'A' Ordinary share
  *   Final dividend of 3.2p per share, total net dividend of 5.0p an
      increase of 19%
  *   Company has benefited from corporate activity in smaller quoted sector
                                       
Finsbury Trust PLC today announces its preliminary results for the
year ended 31 March 2000.

Financial Highlights
                                   Year ended          Year ended
                                 31 March 2000      31 March 1999
                                   (unaudited)
                                                    
Capital return/(deficit) per           161.0p             (29.1p)
equity share
Revenue return per equity share          7.0p                4.9p
Net asset value per equity share       445.0p              281.9p
Investment income - £000                2,114               2,183
Other income - £000                       893                (20)
Revenue before taxation - £000          1,818               1,193
Total dividend for the year              5.0p                4.2p

Chairman, Jamie Borwick, commented:

'Our tremendous performance last year more than compensated for our poor
previous year, and put us for some time in the FT list of best performing
General Investment Trusts over three years.  This performance has been
achieved with a portfolio that has not been stuffed full of risky dot-coms,
but has rather ridden a remarkable series of take-overs and revaluations,
predominantly in the smaller quoted company sector.'

The Directors are proposing a final dividend of 3.2p (1999: 2.5p) per Ordinary
and 'A' Ordinary share, payable on 11 August 2000 to equity shareholders on
the register of members at the close of business on 23 June 2000.



The following are attached:
*    Chairman's Statement
*    Consolidated Statement of Total Return
*    Balance Sheet for the Group and Company
*    Consolidated Cash Flow Statement
*    Notes

For further information please contact:-

Alastair Smith, Finsbury Asset Management Limited           020 7426 6240
Fiona Harris, Quill Communications                          020 7618 8905


FINSBURY TRUST PLC

2000 Chairman's Statement

Performance
For the year to 31 March 2000, I am pleased to report an increase in net
assets per Ordinary and 'A' Ordinary share of 57.8% to 445.0p, with the fixed
assets now at £110m, the highest value in the Company's life. Over the
comparable period the FTSE All-Share Index rose by only 7.5 %.

Our tremendous performance last year more than compensated for our poor
previous year, and put us for some time in the FT list of best performing
General Investment Trusts over three years. What is unusual is that this
performance has been achieved with a portfolio that has not been full of risky
dot-coms, but has rather ridden a remarkable series of take-overs and
revaluations, predominantly in the smaller quoted company sector. We mentioned
last year that we are here for the long term, not the short, so we should note
that since the end of the year the net asset value has fallen by 7.3%.

The out-performance has also been reflected in the share price with the
Ordinary and 'A' Ordinary rising by 85.1% and 96.2%, respectively. This
performance reflected a narrowing of the discount, to the point that it is now
similar to the bid-offer spread quoted by the market makers in our 'A'
Ordinary shares.

Revenue and Dividends
Total income in the year has risen to just over £3m (1999: £2.2m). Income from
listed investments fell to £2.1m (1999: £2.2m). The trading subsidiary has had
an excellent year contributing £670,000. As a result the revenue return
available to shareholders has increased by approximately 44% to £1.7m.

An interim dividend of 1.8p per share (1998: 1.7p) was paid to shareholders in
December 1999 and the Directors are now recommending a final dividend of 3.2p
per share, making a total net dividend in respect of the year of 5.0p per
share (1999: 4.2p), an increase of approximately 19%. The final dividend will
be payable, subject to shareholders approval, on 11 August 2000 to
shareholders registered on 23 June 2000. Shareholders will be aware that the
level of dividend will vary depending on the success of our trading
subsidiary, Consolidated Investment Funds, as well as the structure of our
investments from time to time. Unlike some funds we are not committed to a
progressive dividend policy.

Close Brothers Group plc
Perhaps the most strategically important action took place last July when we
accepted an offer from Close Brothers Group plc for our shares in Rea Brothers
Group plc. We acquired these shares in the early 1960s, a long term investment
by current City standards. They formed one of our core holdings, and indeed
the Trust was managed by part of the Rea Brothers Group. The rapid rise in the
shares of Close Brothers since the take-over provided a rather earlier exit
opportunity than we anticipated, and we sold virtually 80% of our shares
between November and March at an average price of £11, substantially higher
than we had accepted in July.

Directors
During the year, we welcomed William Salomon to the Board. He has been
associated with the management of the Trust for many years and he, and his
family, have a significant interest in the Company. We look forward to him
taking an active personal role in the Company.

Trading Companies
The trading companies within our portfolio had a mixed year. Despite the
decline in the Brazilian Real, Ocean Wilsons Holdings Limited achieved a
profit after tax for the year ended 31 December 1999 of £7.4m (1998:£8.5m) and
is proposing a final dividend of 5.0p per share (1998: 4.75p). Adam & Harvey
Group has recently announced a profits warning and has been experiencing
difficulties in some businesses, particularly in Zimbabwe. As mentioned
previously a significant part of our holding in Close Brothers Group plc was
sold between November and March.

Investment Trusts
Our investment trust holdings have had a satisfactory performance overall.

We supported the rollover of Finsbury Smaller Companies Trust, which has been
renamed Finsbury Smaller Quoted Companies Trust. Both Finsbury Life Sciences
Investment Trust PLC and Finsbury Worldwide Pharmaceutical Trust PLC also
out-performed. The holding in Finsbury Technology Trust PLC was sold just
prior to the year end following a strong period of out-performance.

Share Repurchases
At the Annual General Meeting in 1999 shareholders authorised the repurchase
for cancellation of up to 14.99% of the 'A' Ordinary shares. No purchases were
made during the year.  However, the Board intend to keep the matter under
review and a renewal of the authority is to be proposed at the forthcoming
Annual General Meeting.

AITC Marketing
The Directors have also considered the 'its' campaign run by the Association
of Investment Trust Companies and have decided to continue to support the
campaign. The Board has authorised a contribution to the campaign of
approximately £33,000 in 2000.

Annual General Meeting
The Annual General Meeting of the Company will be held at the offices of
Finsbury Asset Management Limited on 1 August 2000. I do hope that as many
shareholders as are able will attend. This will be an opportunity not just to
meet with the Board of Directors, but also with John Dodd, the investment
adviser, who will be available to answer questions.



Jamie Borwick
Chairman


Finsbury Trust PLC                                                  
Consolidated Statement of Total Return                              
Incorporating the revenue account for the                           
year ended 31 March
                                                                    
                                                                       
                          Revenue  Capital   Total   Revenue  Capital   Total
                             2000     2000    2000      1999     1999    1999
                            £'000    £'000   £'000     £'000    £'000   £'000
                                                    Restated         Restated
                                                                       
Gains/(losses) on               -   38,651  38,651          -  (7,013) (7,013)
investments
Exchange (losses)/gains on                                                
currency balances               -       (2)     (2)         -      24      24
Income                      3,007        -   3,007      2,163       -   2,163
Investment management        (671)       -    (671)      (426)      -    (426)
fees
Other expenses               (330)       -    (330)      (224)      -    (224)
                           _______  _______ _______    _______ _______ _______
Net return before finance   2,006   38,649  40,655      1,513  (6,989) (5,476)
costs and taxation
                                                                       
Interest payable and         (188)       -    (188)      (320)      -    (320)
similar charges            _______  _______ _______    _______ _______ _______
                                                                       
Return on ordinary          1,818   38,649  40,467      1,193  (6,989) (5,796)
activities before        
taxation
                                                                       
Taxation charge on            (14)       -     (14)       (11)      -     (11)
ordinary activities        _______  _______ _______    _______ _______ _______
                                                                       
Return on ordinary          1,804   38,649  40,453      1,182  (6,989) (5,807)
activities after taxation    
                                                                       
Dividends in respect of       (11)       -     (11)       (16)      -     (16)
non-equity shares
                                                                       
Premium paid on              (112)       -    (112)         -       -       -
redemption of preference   _______  _______ _______    _______ _______ _______
shares
                                                                       
Return attributable to      1,681   38,649  40,330      1,166  (6,989) (5,823)
equity shareholders 
                                                                       
Dividends on ordinary      (1,200)       -  (1,200)    (1,008)      -  (1,008)
shares (equity)            _______  _______ _______    _______ _______ _______
                                                                       
Transfer to/(from)            481   38,649  39,130        158  (6,989) (6,831)
reserves                   _______  _______ _______    _______ _______ _______
                                                                       
Return/(deficit) per         7.0p   161.0p  168.0p       4.9p  (29.1p) (24.2p)
ordinary share             _______  _______ _______    _______ _______ _______
                                                                       
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
operations.
                                                                       

Finsbury Trust PLC                                               
Balance Sheet of the Group and Company                       
as at 31 March                                                  
                               Group      Group      Company      Company 
                                2000       1999         2000         1999 
                                          £'000                     £'000 
Fixed Assets -investments                                        
Group undertaking                  -          -          865          195 
Other investments            109,970     68,868      109,970       68,868 
                             _______    _______      _______      _______     
                               
                             109,970     68,868      110,835       69,063 
Current Assets                                                   
Debtors                        3,000        772        4,660        1,440 
Investments                    4,653        981            -            - 
Cash at Bank                     477        540          474          459 
                             _______    _______      _______      _______     
                              
                               8,130      2,293        5,134        1,899 
Creditors                                                        
Amounts falling due          (11,312)    (3,203)      (9,181)      (3,004) 
within one year              _______    _______      _______      _______
                                                                 
Net current liabilities       (3,182)      (910)      (4,047)      (1,105) 
                             _______    _______      _______      _______     
                              
Net assets                   106,788     67,958      106,788       67,958 
                             _______    _______      _______      _______     
Capital and reserves                                             
Called up share capital        1,200      1,500        1,200        1,500 
Capital reserve - realised    66,556     38,974       66,256       38,974 
Capital reserve - unrealised  36,991     25,924       37,853       26,116 
Revenue reserve                2,041      1,560        1,179        1,368 
                             _______    _______      _______      _______     
                              
Total shareholders' funds    106,788     67,958      106,788       67,958 
                             _______    _______      _______      _______     
                              
Total shareholders' funds
are attributable to:
Equity shareholders          106,788     67,658      106,788       67,658 
Non-equity shareholders            -        300            -          300 
                             _______    _______      _______      _______     
                              
                             106,788     67,958      106,788       67,958 
                             _______    _______      _______      _______     
                              
Net asset value per           445.0p     281.9p       445.0p       281.9p 
ordinary share               _______    _______      _______      _______



Finsbury Trust PLC

Consolidated Cashflow Statement
For the year ended 31 March
                                                 2000         1999
                                                £'000        £'000
                                                                 
Net cash (outflow)/inflow from                 (1,478)       1,975
operating activities                          _______      _______
                                                                 
Servicing of finance                                             
Interest paid                                    (188)        (320)
Preference dividend paid                          (11)         (16)
                                              _______      _______
Net cash flow from servicing of                  (199)        (336)
finance                                       _______      _______
                                                                 
Taxation                                                          
Taxation paid                                      (6)         (10)
                                              _______      _______            
                                                                 
Financial investment                                             
Purchases of investments                      (55,028)     (20,376)
Sales of investments                           54,094       21,985
                                              _______      _______
Net cash (outflow)/inflow from                   (934)       1,609
financial investment                          _______      _______
                                                                 
                                                                 
Equity dividends paid                          (1,032)        (960)
                                              _______      _______            
      
Financing                                                        
Redemption of non-equity shares                  (412)           -
                                              _______      _______            
      
(Decrease)/increase in cash                    (4,061)       2,278
                                              _______      _______
Notes:
1.   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.
     Statutory accounts for the 12 months ended 31 March 1999 have been 
     delivered to the Registrar of Companies and received an audit report
     which was unqualified and did not contain statements under Section 237
     (2) and (3) of the Companies Act 1985.

2.   In accordance with FRS16 on current taxation, income from UK equity
     investments is recorded net of any tax credit.  The comparative figures
     for the year ended 31 March 2000 have been restated accordingly.

Finsbury Asset Management Limited - Secretary