Preliminary Results

Finsbury Trust PLC
7 June 2001

                                                                  NEWS RELEASE



To:      City editors      For immediate release
                           Thursday, 7 June 2001


                             Finsbury Trust PLC

                     Preliminary Announcement of Results
                       for the year ended 31 March 2001



*    Final dividend of 3.2p per share

*    NAV fell by 7.0% compared with a fall of 12.9% in the FTSE All Share Index


Finsbury Trust PLC today announces its preliminary results for the year ended
31 March 2001.


Financial Highlights                                 Year ended      Year ended
                                                  31 March 2001   31 March 2000
                                                    (unaudited)       (audited)

Capital (deficit)/return per equity share               (30.0p)          161.0p
Revenue return per equity share                            3.9p            7.0p
Net asset value per equity share                         413.9p          445.0p
Investment income - £'000                                 2,706           2,114
Revenue before taxation - £'000                             950           1,818
Total dividend per equity share for the year

                                                           5.0p            5.0p


Chairman, Jamie Borwick, commented:

'During the year under review net asset value per share fell by 7.0% to
413.9p. This performance should be viewed against the background of UK and
world-wide stock market turmoil, particularly in the final quarter of the
year, and compares with a decline of 12.9% in the Company's benchmark index,
the FTSE All Share Index.

Our excellent past performance has resulted in the Company receiving four
investment trust awards: Standard & Poors 'Top Investment Trust 2001' over
one, three and five years in the UK growth sector and the best UK mainstream
trust 2001 from Money Observer.

The directors are proposing a final dividend of 3.2p (2000: 3.2p) per Ordinary
and 'A' Ordinary share payable, subject to shareholders approval, on 28
September 2001 to shareholders on the register of members at close of business
on 15 June 2001.'



                                   - ENDS -

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     Close Finsbury Asset Management Limited      020 7426 6240

Fiona Harris       Quill Communications                         020 7618 8905



Finsbury Trust PLC


Chairman's Statement



Performance

During the year under review net asset value per share fell by 7.0% to 413.9p.
This performance should be viewed against the background of UK and world-wide
stock market turmoil, particularly in the final quarter of the year, and
compares with a decline of 12.9% in the Company's benchmark index, the FTSE
All Share Index.

The Company's excellent past performance has resulted in the Company receiving
no less than four awards in the past year; the 'Top Investment Trust 2001'
over one, three and five years in the UK growth sector, awarded by Standard &
Poors; and the best UK Mainstream Trust 2001 awarded by Money Observer.



Revenue and Dividends

Income from listed investments for the year rose to £2.7m (2000: £2.1m) and
total income for the year declined to £2.5m (2000: £3.0m). This decline in
total income is the result of a poor year experienced by the Company's trading
subsidiary, Consolidated Investment Funds Limited, which produced a loss of £
368,000 (2000: profit £670,000).

An interim dividend of 1.8p per share (1999: 1.8p) was paid to shareholders in
December 2000. The Directors have decided to maintain the total dividend
payable for the year of 5.0p and are now recommending a final dividend of 3.2p
per Ordinary and 'A'Ordinary share. The final dividend will be payable,
subject to shareholders approval, on 28 September 2001 to shareholders
registered on 15 June 2001. As I mentioned in my statement last year
shareholders should be aware that the level of dividend will vary depending on
the success of the Company's trading subsidiary, Consolidated Investment Funds
Limited and that the Company is not committed to a progressive dividend
policy. We are, however, committed to increasing the total long-term return to
shareholders of which the dividend, which may vary from time to time, is only
one part.



Bid-Offer Spread

We have noticed, as have many small shareholders, the notably high margins
demanded by the market makers in our shares. The gap between the prices at
which these dealers, who are entirely independent of the Company, and outwith
its control, will buy and sell our shares - the bid-offer spread - has
routinely been above 15% and in the case of one market maker exceeds 25%. This
may mean that shareholders may have to pay a price for our shares that is far
and away from the mid-market price published in the newspapers. Though a
higher than average spread may be expected in illiquid shares such as ours,
all our shareholders can be assured that we are trying our utmost to reduce
the spread.



Trading Companies

The trading companies within our portfolio had a difficult year. Ocean Wilsons
experienced a fall in profits due to tightening of margins in towage and a
fall-off in business across its shipyard and ship agency businesses. Adam &
Harvey Group experienced difficult trading conditions in its main businesses
in Southern Africa, however, trading improved in the second half of the year
on higher volumes and margins and the company stated, in April, that it
expected this to result in better year-end trading results than had been
anticipated at the time of the interim results.



Investment Trusts

Our investment trust holdings have had a satisfactory performance overall. We
supported the appointment of Richard Power as the new fund manager of Finsbury
Smaller Quoted Companies Trust PLC together with the continuation of that
trust at its Annual General Meeting in February 2001. Finsbury Growth Trust
PLC appointed Lindsell Train Limited as its investment adviser in December
2000 and we are pleased to note a significant narrowing in the share price
discount of that trust since their appointment.

Finsbury Life Sciences Investment Trust PLC again out-performed its benchmark
index for the year. Prior to the year end the holding was reduced and since
the year end the remaining holding has been sold. The Company's holding in
Finsbury Worldwide Pharmaceutical Trust PLC was sold during the year at a
profit.



Market Investments

Our investment adviser, John Dodd, provides a review of the Company's market
investments in the Annual Report.



Share Repurchases

At the Annual General Meeting in 2000 shareholders authorised the repurchase
for cancellation of up to 14.99% of the 'A' non-voting Ordinary shares. No
purchases were made during the year. However, the Board intends to keep the
matter under review and a renewal of the authority is to be proposed at the
forthcoming Annual General Meeting.



AITC its Campaign

The Directors have considered the proposed continuation of the generic
marketing campaign run by the Association of Investment Trust Companies and
have decided to support the campaign.



Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Close
Finsbury Asset Management Limited on 20 September 2001. 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
7 June 2001


Finsbury Trust PLC

Consolidated Statement of Total Return 
Incorporating the revenue account for the year ended 31 March

                                        
                                       (unaudited)                    (audited)
                   Revenue    Capital       Total  Revenue  Capital      Total  

                     2001        2001        2001     2000     2000       2000
                    £'000       £'000       £'000    £'000    £'000      £'000  
        
  (Losses)/gains        -     (7,224)     (7,224)        -   38,651     38,651
  on investments                                                              
  Exchange              -          21          21        -      (2)        (2)
  gains/(losses)                                                              
  on currency                                                                 
  balances                                                                    
  Income            2,490           -       2,490    3,007        -      3,007
  Investment        (727)           -       (727)    (671)        -      (671)
  management fees                                                             
  Other expenses    (412)           -       (412)    (330)        -      (330)
  Net               1,351     (7,203)     (5,852)    2,006   38,649     40,655
  return/(losses)                                                             
  before finance                                                              
  costs and                                                                   
  taxation                                                                    
  Interest          (401)           -       (401)    (188)        -      (188)
  payable and                                                                 
  similar charges                                                             
  Return/(losses)     950     (7,203)     (6,253)    1,818   38,649     40,467
  on ordinary                                                                 
  activities                                                                  
  before taxation                                                             
  Taxation           (10)           -        (10)     (14)        -       (14)
  charge on                                                                   
  ordinary                                                                    
  activities                                                                  
  Return/(losses)     940     (7,203)     (6,263)    1,804   38,649     40,453
  on ordinary                                                                 
  activities                                                                  
  after taxation                                                              
  Dividends in          -           -           -     (11)        -       (11)
  respect of                                                                  
  non-equity                                                                  
  shares                                                                      
  Premium paid          -           -           -    (112)        -      (112)
  on redemption                                                               
  of preference                                                               
  shares                                                                      
  Return/(losses)     940     (7,203)     (6,263)    1,681   38,649     40,330
  attributable                                                                
  to equity                                                                   
  shareholders                                                                
  Dividends on     (1,200)           -     (1,200)  (1,200)        -    (1,200)
  Ordinary and                                                               
  'A' Ordinary                                                                
  shares (equity)                                                             
  Transfer          (260)     (7,203)     (7,463)      481   38,649     39,130
  (from)/to                                                                   
  reserves                                                                    
  Return/(deficit)   3.9p     (30.0p)     (26.1p)     7.0p   161.0p     168.0p
  per 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

                (unaudited)       (audited)       (unaudited)       (audited)
                     Group          Group          Company        Company
                      2001           2000             2001           2000
                     £'000          £'000            £'000          £'000
Fixed Assets -
investments
Group                    -              -              496            865
undertaking
Other              103,010        109,970          103,010        109,970
investments

                   103,010        109,970          103,506        110,835
Current Assets
Debtors                861          3,000            5,264          4,660
Investments            870          4,653                -              -
Cash at Bank         4,031            477                -            474

                     5,762          8,130            5,264          5,134
Creditors
Amounts falling    (9,447)       (11,312)          (9,445)        (9,181)
due within one
year

Net current        (3,685)        (3,182)          (4,181)        (4,047)
liabilities

Net assets          99,325        106,788           99,325        106,788

Capital and
reserves
Called up share      1,200          1,200            1,200          1,200
capital
Capital reserve     76,505         66,556           76,505         66,556
- realised
Capital reserve     19,839         36,991           20,332         37,853
- unrealised
Revenue reserve      1,781          2,041            1,288          1,179

Total equity        99,325        106,788           99,325        106,788
shareholders'
funds

Net asset value     413.9p         445.0p           413.9p         445.0p
per ordinary
share


Finsbury Trust PLC

Consolidated Cashflow Statement
For the year ended 31 March

                                                     (unaudited)       (audited)
                                                            2001           2000
                                                           £'000          £'000

Net cash inflow/(outflow) from operating                   5,802        (1,478)
activities

Servicing of finance
Interest paid                                              (390)          (188)
Preference dividend paid                                       -           (11)
Net cash outflow from servicing of                         (390)          (199)
finance


Taxation
Taxation paid                                               (22)            (6)


Financial investment
Purchases of investments                                (50,652)       (55,028)
Sales of investments                                      47,179         54,094
Net cash outflow from financial                          (3,473)          (934)
investment


Equity dividends paid                                    (1,200)        (1,032)


Financing

Redemption of non-equity shares                                -          (412)



Increase/(decrease) in cash                                  717        (4,061)



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 2000 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.


Close Finsbury Asset Management Limited - Secretary



7 June 2001