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Finsbury Growth Tst. (FGT)

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Friday 02 June, 2000

Finsbury Growth Tst.

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.