For immediate release

06 December 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 234,012 of its own shares ("Ordinary Shares") at a price of 894.07 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 68,165,455; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 156,825,848.

The figure of 156,825,848 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

For immediate release

05 December 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 261,014 of its own shares ("Ordinary Shares") at a price of 893.59 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 67,931,443; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 157,059,860.

The figure of 157,059,860 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 4 December 2024 was 971.22p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

05 December 2024

For immediate release

04 December 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 248,736 of its own shares ("Ordinary Shares") at a price of 892.87 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 67,670,429; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 157,320,874.

The figure of 157,320,874 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 3 December 2024 was 969.19p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

04 December 2024

4 December 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

Purchase of shares by the portfolio manager

The Company has been notified that on 4 December 2024, Nick Train purchased 25,000 Ordinary Shares of £0.25 each in the Company ("Ordinary Shares") at an average price of 891.00 pence per share.

As a result of the transaction, Mr Train now holds interests in a total of 5,485,043 Ordinary Shares, representing an aggregate 3.5% of the Company's issued share capital.

For further information:

Frostrow Capital LLP

Company Secretary

020 3170 8732

4 December 2024

Finsbury Growth & Income Trust PLC

(the “Company”)

This announcement contains regulated information

Annual Financial Report for the year ended 30 September 2024

Finsbury Growth & Income Trust PLC is a listed investment company and a constituent of the FTSE 250. The Company is a member of the Association of Investment Companies (“AIC”).

OBJECTIVES AND PERFORMANCE MEASUREMENT

The Company aims to achieve capital and income growth and to provide Shareholders with a total return in excess of that of the FTSE All-Share Index (the Company’s benchmark).

The net asset value per share increased by 8.2% during the financial year to 30 September 2024 on a total return basis (2023: 7.2%).

DIVIDENDS

During the year the Company paid two interim dividends totalling 19.6p (2023: 19.0p) which was an increase of 3.2%.

KEY FACTS

943.4p

Net asset value per share

2023: 891.2p (+5.8%)

861.0p

Share price

2023: 852.0p (+1.1%)

8.7%

Discount of share price to net asset value per share^

2023: 4.4%

57.7p

Return per share†

2023: 61.4p (-6.0%)

84.1%

Active Share*^

2023: 85.3%

19.6p

Total dividends per share for the year†

2023: 19.0p (+3.2%)

8.2%

Net asset value per share total return*, ^

2023: 7.2%

£1.582bn

Shareholders’ funds†

2023: £1.823bn (-13.2%)

0.61%

Ongoing charges^

2023: 0.61%

3.4%

Share price total return*, ^

2023: 7.5%

0.7%

Gearing^

2023: 0.8%

167,717,668

Number of shares in issue (excluding 57,273,635 shares held in Treasury)

2023: 204,519,434 (-18.0%) (Treasury shares 2023: 20,471,869)

* Source – Morningstar

^ Alternative Performance Measure (see glossary)

† UK GAAP Measure

FIVE YEARS SUMMARY

AS AT 30 SEPTEMBER

2020

2021

2022

2023

2024

Share price

840.0p

876.0p

800.0p

852.0p

861.0p

Net asset value per share

846.2p

917.7p

848.4p

891.2p

943.4p

Discount of Share price to net asset value per share

0.7%

4.5%

5.7%

4.4%

8.7%

YEAR ENDED 30 SEPTEMBER

2020

2021

2022

2023

2024

Share price total return* ^

(9.0)%

+6.3%

(5.6)%

+7.5%

+3.4%

Net asset value per share total return* ^

(7.7)%

+10.6%

(5.8)%

+7.2%

+8.2%

FTSE All-Share Index total return** #

(16.6)%

+27.9%

(4.0)%

+13.8%

+13.4%

Total (loss)/return per share†

(67.1)p

88.0p

(53.4)p

61.4p

57.7p

Dividends per share†

16.6p

17.1p

18.1p

19.0p

19.6p

* Source: Morningstar

** Source: FTSE International Limited (“FTSE”) © FTSE, 2024

# See glossary of terms and alternative performance measures)

^ Alternative Performance Measure (“APM”) (see glossary)

† UK GAAP Measure

The Company was incorporated in Scotland on 15 January 1926. Lindsell Train Limited (“Lindsell Train”) was appointed as Portfolio Manager in December 2000. The total return of the Company’s share price over the ten years to 30 September 2024 has been 108.4%, equivalent to a compound annual return of 7.6%. This compares with a total return of 83.6%* from the Company’s benchmark, equivalent to a compound annual return of 6.3%*.

Key Performance Indicators (“KPIs”)

The Board uses certain financial and non-financial KPIs to monitor and assess the performance of the Company in achieving its strategic aims.

The Board reviews the performance of the portfolio in detail and hears the views of the Portfolio Manager at each meeting.

Information on the Company's performance is provided in the Chairman's Statement and the Portfolio Manager's Review.

This performance is assessed against the following KPIs which are unchanged from last year.

Alternative Performance Measures (“APM”)

The Board believes that each of the APMs, which are typically used within the investment company sector, provides additional useful information to Shareholders in order to assess the Company’s performance between reporting periods and against its peer group. The APMs used for the year under review are unchanged from last year. Further information on each of the APMs can be found in the glossary.

^ Alternative Performance Measure (see glossary)

† UK GAAP Measure

* Source: Morningstar

8.2%

Net asset value total return^*

This reflects the change in the Company’s net asset value including the impact of reinvested dividends.

During the year under review the Company’s net asset value per share total return was 8.2% (2023: 7.2%).

19.6p

Dividends per share†

The total dividend declared for the year was 19.6 pence per share (2023: 19.0 pence per share), an increase of 3.2%.

57.7p

Return per share†

The total return per share for the year was 57.7 pence per share (2023: return of 61.4 pence per share).

Over five years, the Company earned a total of 86.6 pence per share.

3.4%

Share price total return^*

This reflects the change in the value of the Company’s share price including the impact of reinvested dividends.

During the year under review the Company’s share price total return was 3.4% (2023: 7.5%).

8.7%

Share price discount/ premium to net asset value per share^

The Board reviews the level of discount/premium to net asset value per share at every Board meeting and consideration is given to ways in which the share price performance may be enhanced, including the effectiveness of marketing, share issuance and buy-backs, where appropriate. Details of how the Company’s share buy-back and issuance policy works can be found in the Statutory Documentation section on the Company’s website.

At 30 September 2024 the Company’s share price stood at an 8.7% discount to the Company’s net asset value per share (2023: 4.4% discount).

During the year, the Company bought back 36,801,766 shares into Treasury (2023: 11,218,558) at an average price of 844.5 pence and an average discount of 7.4%.

Since the year end to 2 December 2024 the Company has purchased a further 9,913,457 shares to be held in Treasury. As at 2 December 2024 the Company’s discount was 8.5%.

(10.0)%pt

Relative underperformance to benchmark

Under the Company’s Business Model, a Portfolio Manager is appointed with the capability and resources to manage the Company’s assets through asset allocation, stock selection, gearing and risk management. The Company’s portfolio is constructed and managed without reference to a stock market index with the Portfolio Manager selecting investments based on their assessment of their long-term value.

The performance of the Company relative to its benchmark and its peers is a KPI measured by the Board on an ongoing basis.

The Company’s benchmark is the FTSE All-Share Index (total return) which delivered a return of 13.4% (2023: 13.8%) over the year. This compares with the Company’s share price total return of 3.4% (2023: 7.5%) resulting in a 10.0% underperformance against the benchmark.

The Board also monitors the Company’s share price return* against its AIC peer group^. As at 30 September 2024 the Company's ranking against its peer group of UK Equity income sector was:

Rank out of 23

Period

2024

2023

1 yr

21

14

3 yr

19

22

5 yr

21

9

10 yr

4

2

^ Alternative Performance Measure (see glossary)

* Source: Morningstar

Chairman’s Statement

Simon Hayes, Chairman

PERFORMANCE

As we approach Finsbury’s 100th anniversary and after almost ten years on your Board I am very aware of how essential it is that investment managers have a long-term perspective.  However, managing funds over such time horizons is inevitably difficult and I am disappointed to report another year of underperformance by your Company when measured against the performance of the benchmark, the FTSE All-Share Index. While the Company’s long-term track record remains impressive, this will provide little solace to more recent investors for whom returns will be substantially below what they may have hoped for.

The Company’s net asset value (“NAV”) per share delivered a total return of 8.2% over the financial year compared with a benchmark total return of 13.4%. The share price return over the same period was 3.4%, reflecting a widening of the discount to NAV.

In the face of this ongoing period of challenging performance your Board has continued to provide constructive challenge to the Portfolio Manager, regularly reviewing the investment process, portfolio themes and individual holdings throughout the year. The Board has also undertaken a series of meetings with institutional Shareholders (representing approximately a third of the Company’s share capital), to ascertain their views of the Company and the extent of their continued support for the investment approach. While no one wants to experience a prolonged period of underperformance, it is clear that there remains significant support from investors for the Company’s concentrated investment portfolio. No Shareholder has expressed to us any appetite for a material change in approach.

We are grateful for this continued support but do not take it for granted. With that in mind, and as part of broader shareholder engagement, your Board will hold a continuation vote after the current financial year ends in  September 2025 (expected to be held at the Company’s AGM in January 2026).  This will offer all Shareholders, in particular our retail shareholders who represent a significant proportion of our register, an opportunity to express their support, or otherwise, for the continuation of the Company with its current investment strategy.

In the meantime, your Board remains committed to buying back shares, as described in more detail below, aware of the value of the additional liquidity an active buy-back strategy offers and of the enhancement in net asset value that buy-backs provide. In the past financial year, the Company has bought back over £310 million worth of its own shares which is more then three times the value bought back in 2023.

As it is always important to point out, a highly concentrated portfolio means higher risk, particularly in the short term. At 30 September 2024, the Company’s Active Share – a measure of how much it varies from the FTSE All-Share Index benchmark - was 84.1% (2023: 85.3%). Such an uncorrelated portfolio will inevitably perform very differently from the wider market, whether positively or negatively.

I urge you to read Nick Train’s very helpful review where he discusses the reasons for the relative underperformance and explains why he holds the top ten holdings of the portfolio and why he is optimistic for better future returns.

SHARE BUY-BACKS

As at 30 September 2024 the discount to NAV was 8.7% (2023: 4.4%). During the year under review the Company bought back a total of 36,801,766 shares (18.0% of the shares in issue) at a cost of over £310 million (2023: £97.7 million) and at an average discount of 7.4%. This resulted in the NAV per share being 14p higher than it would otherwise have been.

As at the close of the UK market on 2 December 2024, the discount was 8.5%. Since the year end, a further 9,913,457 shares have been bought back at a cost of £85.3 million. As at 2 December 2024, the Company had 157,804,211 shares in issue (excluding 67,187,092 shares held in Treasury).

While share buy-backs will not necessarily prevent a discount from widening further, particularly in times of market volatility, they may, to a limited extent, mitigate a widening trend. In addition, buy-backs enhance the NAV per share for remaining Shareholders, provide some additional liquidity and help to dampen discount volatility which can damage Shareholder returns.

Discounts are affected by many factors outside the Company’s control, including investor sentiment towards the Company, the sector and towards equity markets in general, but where it is in Shareholders’ interests (taking account of market conditions), the Company remains committed to buying back shares at a discount to NAV, as demonstrated over the past year.

Reflecting the Company’s commitment to buying back shares, the Company held a General Meeting in August 2024 to renew Shareholder authority to buy-back shares when it became clear that the Shareholder authority to buy-back 14.99% of the Company’s share capital granted at the AGM in January 2024 would be exhausted before the expected date of the 2025 AGM. The Company’s share buy-back authority will as usual be proposed for renewal at the Company’s Annual General Meeting to be held in January 2025.

RETURN AND DIVIDEND

The Income Statement shows a total return of 57.7p per share (2023: 61.4p) consisting of a revenue return per share of 20.8p (2023: 20.0p) and a capital return per share of 36.9p (2023: 41.4p).

For immediate release

03 December 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 234,601 of its own shares ("Ordinary Shares") at a price of 886.89 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 67,421,693; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 157,569,610.

The figure of 157,569,610 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 2 December 2024 was 971.71p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

03 December 2024

For immediate release

02 December 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 249,611 of its own shares ("Ordinary Shares") at a price of 888.40 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 67,187,092; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 157,804,211.

The figure of 157,804,211 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 29 November 2024 was 966.88p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

02 December 2024

02 December 2024

Finsbury Growth & Income Trust PLC

Voting Rights and Capital

In accordance with the Financial Conduct Authority's Disclosure Guidance and Transparency Rules, Finsbury Growth & Income Trust PLC (the "Company") announces the following:

As at 30 November 2024, the Company's capital consists of ordinary shares of 25p with each ordinary share holding one voting right. The total number of voting rights in the Company is 158,053,822. The Company has 66,937,481 ordinary shares held in Treasury.

The figure above may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the voting rights of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

- END -

Frostrow Capital LLP

Company Secretary

Tel: 0203 709 8734

For immediate release

29 November 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 256,931 of its own shares ("Ordinary Shares") at a price of 882.09 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 66,937,481; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 158,053,822.

The figure of 158,053,822 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 28 November 2024 was 967.02p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

29 November 2024

For immediate release

28 November 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 271,603 of its own shares ("Ordinary Shares") at a price of 881.62 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 66,680,550; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 158,310,753.

The figure of 158,310,753 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 27 November 2024 was 967.62p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

28 November 2024

For immediate release

27 November 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 253,352 of its own shares ("Ordinary Shares") at a price of 878.43 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 66,408,947; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 158,582,356.

The figure of 158,582,356 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 26 November 2024 was 965.44p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

27 November 2024

For immediate release

26 November 2024

FINSBURY GROWTH & INCOME TRUST PLC

(the "Company")

MARKET PURCHASE OF COMPANY'S OWN SHARES

The Company announces that it has today purchased 261,021 of its own shares ("Ordinary Shares") at a price of 879.84 pence per Ordinary Share. Such shares will be held in treasury by the Company.

Following this transaction, the total number of Ordinary Shares held by the Company in treasury is 66,155,595; the total number of Ordinary Shares that the Company has in issue, less the total number of Ordinary Shares held by the Company in treasury following such purchase, and therefore, the total number of voting rights in the Company is 158,835,708

The figure of 158,835,708 may be used by shareholders as the denominator for calculations of interests in the Company's voting rights in accordance with the FCA's Disclosure Guidance and Transparency Rules.

Frostrow Capital LLP

Company Secretary

For further information, please contact:

Victoria Hale

Frostrow Capital LLP

Tel: 020 3 170 8732

FINSBURY GROWTH & INCOME TRUST PLC

NET ASSET VALUE

The estimated un-audited net asset value per share, calculated in accordance with the guidelines of the Association of Investment Companies, for Finsbury Growth & Income Trust PLC at the close of business on 25 November 2024 was 966.09p (cum income).

For and on behalf of the Board          

Frostrow Capital LLP

Secretary

26 November 2024