Interim Results - 6 Months to 30 September 1999

Finsbury Worldwide Pharm Tst PLC
3 December 1999


FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

PRELIMINARY RESULTS
FOR THE SIX MONTHS ENDED 30 SEPTEMBER 1999

Finsbury Worldwide Pharmaceutical Trust PLC, which invests worldwide in
pharmaceutical companies with the objective of achieving a high level of capital
growth, announces preliminary results for the six months ended 30 September
1999.

                                  1999     1998
          
Return per share:     Capital     14.1p     (18.0p)
                      Revenue      0.4p       0.4p
                      Total       14.5p     (17.6p)
          
Net asset value per ordinary 
share                            234.8p     171.3p
          
Datastream World Pharmaceutical
Total Return Index 
(sterling adjusted)               6,153      5,380
          


For and on behalf of Rea Brothers Limited - Secretary

3 December 1999

Notes to editors

The following are below:

 Chairman's Statement
 Consolidated Statement of Total Return
 Balance Sheets of the Group and Company


For further information please contact:
Mark Mathias, Finsbury Asset Management     0171 426 6240
Neil Mainland, Mainland Public Relations     0171 439 4359
 

FINSBURY WORLDWIDE PHARMACEUTICAL TRUST PLC

Chairman's Statement for the six months ended 30 September 1999



Performance

The Company made further gains in the six months to 30 September 1999, building
on the unbroken series of annual increases since the Company was launched in
April 1995.  Net asset value per share grew by 14.1p to 234.8p.  This increase
of 6.4% compares with a fall of 7.7% in the Datastream World Pharmaceutical
Total Return Index against which our performance is measured.  The
out-performance came mainly from the Company's investments in Japanese companies
and in the smaller specialised biotechnology companies.

The Company's stock selections in Japan which account for 30% of the portfolio
have performed well.  In four out of five of our major company holdings, new
products of worldwide dimension should contribute to continued stock price
advances.  Eisai sells Aricept for Alzheimer's Disease;  Fujisawa sells Prograf
to prevent organ transplant rejection;  Takeda sells Prevacid for ulcer
treatment and Lupron for prostrate cancer and Shionigi is about to commence
sales of Visastatin (in the hands of AstraZeneca) to reduce cholesterol.

The Board believes that the ability to invest up to 40% of the Company's assets
in smaller specialty biotechnology companies will add significantly to
shareholder value over the long term.  An example of the potential available
from such companies is Abgenix, a major participant in novel monoclonal
antibodies.  We invested £720,000 in this company as an unlisted private equity
in December 1997.  The stock was successful in its initial public offering in
the United States earlier this year and the investment is now valued at $4.2
million.  These smaller companies, defined as having a market capitalisation of
less that $3 billion, currently constitute 29% of the portfolio.

Asset growth has continued since the end of September and, at the end of October
1999, the net asset value was 246.24 per share.

Outlook

Although some volatility is to be expected in the smaller biotechnology stocks,
the number of profitable biotechnology companies is expected to increase by at
least 50% in year 2000 compared with 1999, broadly repeating the increase shown
in the current year.  With respect to the major pharmaceutical companies such as
Warner-Lambert, Roche and Monsanto, we anticipate further merger and acquisition
activity next year.
 
The Board continues to view pharmaceuticals as an attractive sector for
investment.  Given the current low interest rates, we believe it would be
advantageous to shareholders to borrow funds to gear the portfolio.  We have
therefore arranged a flexible borrowing facility to permit an additional £20
million to be invested in those stocks which the investment manager believes
will deliver strong returns to shareholders over the life of the loan.

The Company's share price continues to trade at a significant discount to the
net asset value.  The Board has given further consideration to the possibility
of the Company buying back its own shares for cancellation.  Shareholder
authority for this was received in August.  We have reserved a portion of the
bank borrowing available under the new facility which may be used to purchase
the Company's shares when the Board believes the share price justifies it.

The aim of both these actions is to raise the net asset value per share beyond
the growth normally resulting from the management of the portfolio.  These,
together with the increase in targeted marketing effort planned in the balance
of the year, should help reduce the share price discount to net asset value to a
more acceptable level.

Dividend

The revenue income generated by the Company's portfolio tends to be modest.  The
Directors are therefore not declaring an interim dividend and do not expect to
do so at any future interim point.  Indeed, expenditure on the increased
marketing effort referred to above will make any future dividends less likely.


Management

Shareholders may be aware that, in August, Close Brothers Group plc completed
its takeover of Rea Brothers Group plc, the parent company of our investment
manager.  The Board has met representatives of Close Brothers and has received
assurances that it is fully supportive of both the Company's management and the
Finsbury name under which we conduct our marketing.


Sir Stuart Burgess
December 1999

 
FINSBURY WORLDWIDE PHARMACEUTICAL TRUST
Statement of Total Return
(Incorporating the revenue account
for the six months ended 30th September 1999 - Unaudited)

                    6 months to 30th Sept 1999  6 months to 30th Sept 1998      
             
                                                       
                      Revenue  Capital   Total   Revenue   Capital   Total
                     £'000     £'000     £'000   £'000     £'000     £'000

Gains on investments     -     6,149    6,149     -       (6,770)   (6,770)
Investment income      386        -       386      378       -         378 
Interest received      25         -        25       13       -          13 
Investment management 
fee                    -        (472)    (472)      -       (408)     (408)
Other expenses       (194)        -      (194)    (106)      (53)     (159)
Net return before
Finance costs and tax 217      5,677    5,894      285    (7,231)   (6,946)
Interest payable       -         (24)     (24)     (41)      -         (41)
Return on ordinary
activities before 
taxation              217      5,653    5,870      244    (7,231)   (6,987)
Tax on ordinary 
activities            (57)       -        (57)     (85)      -         (85)
Return on ordinary
activities after tax  160      5,653    5,813      159    (7,231)   (7,072)
Dividends in respect
of equity shares      -          -        -          -       -          -  
Retained revenue 
surplus               160      5,653    5,813      159    (7,231)   (7,072)
                                                       
Return per ordinary 
share                 0.4p      14.1p    14.5p     0.4p   (18.0p)   (17.6p)
                                                       
 
FINSBURY WORLDWIDE PHARMACEUTICAL TRUST
Balance Sheet

                            30 Sept 1999     30 Sept 1998     31 March 1999
                             (unaudited)     (unaudited)      (audited)
                                £'000          £'000            £'000
                    
Investments at market value    97,886          68,619         88,364 
Net current (liabilities)
/assets                        (3,478)            282            231 
                               94,408          68,901         88,595 
                    
Share capital                  10,035          10,035         10,035 
Share premium                  43,143          43,143         43,143 
Other reserves                 41,054          15,550         35,401 
Revenue reserves                  176             173             16 
                               94,408          68,901         88,595 
                    
Net asset value per ordinary 
share                           235.2p          171.7p         220.7p
Net asset value per ordinary 
share(excluding current 
year's revenue)                 234.8p          171.3p         220.7p

Notes

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 (ii) and (iii) of the Companies Act 1985.


Rea Brothers Limited - Secretary

3 December 1999