Final Results

Finsbury Worldwide Pharm Tst PLC
23 June 2000

 

                  Finsbury Worldwide Pharmaceutical Trust PLC
        announces a doubling of assets for the year ended 31 March 2000
                                       

Finsbury Worldwide Pharmaceutical Trust PLC today announces its preliminary
results for the year ended 31 March 2000 which showed a 99.2% increase in
net assets in net asset per share to 439.6p.  

Financial Highlights              Year ended      Year ended      Percentage
                                    31 March        31 March          Change
                                        2000            1999     
                                  (unaudited)            
                                                                  
Capital return per equity share       214.2p           31.4p          582.2%
Revenue return per equity share         0.4p            0.4p               -
Net asset value per equity share      439.6p          220.7p           99.2%
Investment income - £000                 699             478           46.2%
Other income - £000                       82              50           64,0%
Revenue before taxation - £000           351             281           24.9%
Total dividend for the year             0.4p            0.4p               -

Net asset value per share             As at
                               16 June 2000
                                (unaudited)
                                     534.3p

Chairman, Sir Stuart Burgess, commented:

'This year has been a particularly good one for the Company. The net asset
value per share doubled, far exceeding the performance of the Company's
benchmark index and maintaining an unbroken sequence of annual increases since
the Company was formed in 1995.  The net asset value has grown a further 21%
since the end of the year and was 534.3p on 16 June 2000.'

The Directors are proposing a final dividend of 0.4p (1999: 0.4p) per Ordinary
share, payable on 12 August 2000 to equity shareholders on the register of
members at the close of business on 7 July 2000. 


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

For further information please contact:-


Colin Edge, Close Finsbury Asset Management Limited        020 7426 6233
Fiona Harris, Quill Communications                         020 7618 8905
Sir Stuart Burgess, Chairman                               01494 431579

                                      
FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC
2000 Chairman's Statement

This year has been a particularly successful one for the Company. The net
asset value per share doubled, far exceeding the performance of the Company's
benchmark index and maintaining the unbroken sequence of annual increases
since the Company was formed in 1995.  The net asset value has grown a further
21% since the end of the year and was 534.3p on 16 June 2000.

Performance

The Company's net asset value per share grew by 99.2% from 220.7p to 439.6p
during the year. The Company's benchmark index - the Datastream World
Pharmaceutical Total Return Index - grew by 1.4%. Over the five years since
its inception, the Company's net assets per share have grown by 357.9%
compared with 204.3% for the Index.
                                                                      
The rapid growth has been due principally to two factors. The Company aims to
provide investors with capital growth through investment in both large
pharmaceutical companies and in smaller speciality biotechnology companies.
The latter began to out-perform towards the end of last financial year and the
trend has continued this year.  Increased investment in these expanding
companies during the year was one major contributor to the Company's growth. 
The other was the Company's exposure to Japanese pharmaceutical companies
which recovered from a previous under-performance. Our exposure to unquoted
investments has also produced a good return.
                                                                      
The net asset value per share additionally benefited from the gearing, and
share buy-back initiatives taken during the year.

The overall result for last year has rightly triggered the performance
agreements with the Investment Adviser and the Manager.  These agreements
provide a powerful incentive towards exceptional performance and the Board has
no plans to change them.  The fees have been accrued for in the financial
statements.
                                                                      
Gearing

As reported at the interim stage, the Company has arranged a flexible
multi-currency  borrowing facility. This has been drawn down and invested to
the full £20m level envisaged by the Board at this  stage.  In addition, £2.4m
was drawn down and applied to buying back the Company's own shares, as
described below. The use of the gearing had a beneficial effect upon net asset
value performance in the strong market over the last six months.

Repurchase of ordinary shares

At last year's Annual General Meeting a resolution was passed to enable the
Company to buy back shares for cancellation. A total of 1,500,000 shares
representing 3.7% of the Company's issued share capital were repurchased
during the year at an average discount of 20.7%, thereby enhancing the net
asset value for each ordinary share remaining in issue by 4.2p.

A similar resolution will be proposed at the forthcoming Annual General
Meeting to enable the Company to purchase up to 14.99% of the shares in issue.
Share buybacks will only be undertaken when exceptional circumstances arise
which justify the use of this power.

Marketing

Your Board, along with the Manager has embarked upon a targeted shareholder
relations programme. We are focusing on promoting the Company to institutional
shareholders and discretionary private client managers, and in addition
developing a marketing programme aimed specifically at doctors, dentists and
people with links to the pharmaceutical world.  We believe that this group is
likely to have a natural affinity with a pharmaceutical investment and
understand the profit potential of the companies that we invest in.

We continue to support the general marketing programmes undertaken by our
Manager Close Finsbury Asset Management Limited and the AITC 'its' campaign. 
The Board has authorised a contribution to the 'its' campaign of approximately
£67,000 in 2000.

Outlook

Changing technology is tending to accelerate the discovery and development of
new pharmaceuticals. In particular, the four new skills of genomics,
combinatorial chemistry, high through-put screening and bio-informatics should
lead to a substantial expansion of the annual number of new product
introductions, beginning about five years from now.  Meanwhile, many
biotechnology companies are becoming profitable benefiting from the investment
and research undertaken over the last ten years. Ultimately, we believe that
consolidation of the industry will result in these new products being
distributed globally by six to twelve major worldwide competitors, the first
two of which are currently being formed, viz., Glaxo SmithKline and Pfizer
Warner.

New product introductions and the increasing demand for healthcare mean that
the pharmaceutical sector will remain an attractive one for investment. The
Board believes that the combination of a blend of large and small companies,
coupled with worldwide coverage offered by the Company, provides a valuable
opportunity for capital growth. We view the long-term future with continued
optimism.

Revenue and Dividends

Total revenue for the year rose to just over £0.78m (1999: £0.53m).  Your
Board is proposing a final dividend of 0.4p per share (1999: 0.4p), subject to
shareholders approval, payable on 12 August 2000 to shareholders on the
Register on 7 July 2000. The Company's primary objective is to generate
capital growth, not revenue, and shareholders should not expect regular
dividend payments.

Annual General Meeting

The Annual General Meeting of the Company will be held at the offices of Close
Finsbury Asset Management Limited on 3 August 2000. I do hope as many
shareholders as possible will attend.  This will be an opportunity not just to
meet with the Board but also to hear from the investmentadviser, Mr Sam Isaly.



Sir Stuart Burgess
Chairman

23 June 2000


Finsbury Worldwide Pharmaceutical Trust PLC                              
                                                                         
                                                                         
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
                                                                            
Gains on investments              -   101,684 101,684        -  13,531 13,531
Exchange (losses)/gains on    
currency balances                 -      (88)    (88)        -      58     58
Income                          781        -      781      528       -    528
Investment Management &        
Performance fees                  -  (14,844)(14,844)        -    (794) (794)
Other expenses                (430)   (1,092) (1,522)     (247)   (164) (411)
                             _____    ______  ______      _____   _____ _____
                                                                            
Net return before finance       
costs and taxation              351    85,660  86,011       281  12,631 12,912
                                                                             
Interest payable and               
similar charges                  -      (284)   (284)         -    (50)   (50)
                               ____    ______  ______      ____   _____  _____
Return on ordinary                 
activities before taxation      351    85,376  85,727       281  12,581 12,862
                                                                             
Taxation on ordinary          
activities                     (194)       97    (97)     (118)      39   (79)
                               ____    ______  ______     _____   _____  _____
                                              
Return on ordinary              
activities after taxation       157    85,473  85,630       163  12,620 12,783
                                                                            
Dividends on ordinary         
shares (equity)                (155)       -    (155)      (161)      -  (161)
                               _____   ______  ______     _____   _____ ______
                                            
Transfer to reserves               2   85,473  85,475         2  12,620 12,622
                               _____   ______  ______     ______ ______ ______
Return per ordinary share       
- pence                         0.4p   214.2p  214.6p       0.4p 31.4p   31.8p
                                                                            


Finsbury Worldwide Pharmaceutical Trust PLC                         
                                                                    
Balance Sheet                                                      
As at 31 March                                                    
                                                                    
                                                    2000      1999  
                                                   £'000     £'000  
                                                   _____    ______           
Fixed asset investments                          199,626    88,364  
                                                                    
Current assets                                                      
Debtors                                              180       115  
Cash at bank                                      14,255     1,562  
                                                  ______     _____           
                                                  14,435     1,677  
                                                                    
Creditors                                                           
Amounts falling due within one year              (44,207)   (1,446)  
                                                  _______   _______           
Net current (liabilities)/assets                 (29,772)       231  
                                                                    
                                                 _______    _______          
Net assets                                       169,854     88,595  
                                                                    
                                                                    
Capital and reserves                                                
Share capital                                      9,660    10,035  
Share premium account                             43,143    43,143  
Capital reserve - realised                        43,645    19,703  
Capital reserve - unrealised                      73,013    15,698  
Capital redemption reserve                           375         -  
Revenue reserve                                       18        16  
                                                 _______    ______            
Total equity shareholders' funds                 169,854    88,595  
                                                 _______    ______            
      
Net asset value per ordinary share                439.6p    220.7p  
                                                 _______    ______
                                                                    
  


Finsbury Worldwide Pharmaceutical Trust PLC                                   
  
 
Cash Flow Statement  
For the year ended 31 March                                                   
  
                                                   2000       1999 
                                                  £'000      £'000            
                                                  _____      _____         
Net cash outflow from operating activities        (856)      (562)            
                                                                              
    
Servicing of finance    
Interest paid                                      (73)       (50)            
  
                                                                              
  
Taxation   
Taxation paid                                        -        (55)            
  
                                                                              
  
Financial investments   
Purchases of investments                       (85,379)   (28,737) 
Sales of investments                             78,227     31,073            
                                                _______    _______
                                                (7,152)      2,336            
                                                                              
Equity dividends paid                             (161)      (120)            
                                                _______     ______
  
Net cash (outflow)/inflow before                               
financing                                       (8,242)      1,549
                                                                              
  
Financing 
Increase in short term loans                     22,641          -            
Repurchase of ordinary shares                   (2,372)          -   
                                                _______     ______
Net cash inflow from financing                   20,269          -            
                                                _______     ______
Increase in cash for the year                    12,027      1,549            
  
                                                                              
  
Notes:

1.   These accounts are not statutory accounts. 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. No prior year adjustment
     has been made in respect of this change in accounting policy as no
     franked income was received in the prior year.

Close Finsbury Asset Management Limited - Secretary

23 June 2000