Final Results

Schroder UK Growth Fund PLC
11 June 2002



Press Release

                                                                    11 June 2002

For Immediate Release - Tuesday 11 June 2002

                          Schroder UK Growth Fund plc

              Preliminary Results For The Year Ended 30 April 2002

Preliminary Results

The Directors of Schroder UK Growth Fund plc announce the unaudited preliminary
results for the year ended 30 April 2002:
                                                  Year Ended                                Year Ended

                                                30 April 2002                              30 April 2001
                                         Revenue       Capital       Total         Revenue       Capital           Total
                                           £'000         £'000       £'000           £'000         £'000           £'000

Realised (losses)/gains on sales of            -         (268)       (268)               -        13,704          13,704
investments
Unrealised losses on investments               -      (57,824)    (57,824)               -      (59,945)        (59,945)
Losses on investments                          -      (58,092)    (58,092)               -      (46,241)        (46,241)
Discount/(premia) paid on purchase             -           563         563               -         (141)           (141)
of warrants for cancellation
Income                                     7,693             -       7,693           7,613             -           7,613
Investment management fees                 (366)         (854)     (1,220)           (399)       (1,128)         (1,527)
Administrative expenses                    (311)             -       (311)           (308)             -           (308)
Net return/(deficit) before finance        7,016      (58,383)    (51,367)           6,906      (47,510)        (40,604)
costs and taxation
Interest payable                           (768)       (1,791)     (2,559)           (808)       (1,885)         (2,693)
Net return/(deficit) on ordinary           6,248      (60,174)    (53,926)           6,098      (49,395)        (43,297)
activities before taxation
Taxation on ordinary activities                -             -           -               -             -               -
Return/(deficit) on ordinary               6,248      (60,174)    (53,926)           6,098      (49,395)        (43,297)
activities after taxation
attributable to equity shareholders
Dividends                                (6,139)             -     (6,139)         (9,188)             -         (9,188)
Transfer to/(from) reserves                  109      (60,174)    (60,065)         (3,090)      (49,395)        (52,485)
Return per ordinary share                  3.42p      (32.95)p    (29.53)p           3.07p      (24.89)p        (21.82)p
Return per ordinary share - fully          3.40p      (32.72)p    (29.32)p           2.96p      (23.96)p        (21.00)p
diluted

Dividends for the year per ordinary
share
                                            
- ordinary                                  3.5p             -        3.5p            3.0p             -            3.0p

Dividends for the year per ordinary
share
                                              
- special                                      -             -           -            1.8p             -            1.8p

Dividends for the year per ordinary
share
                                            
- total                                     3.5p             -        3.5p            4.8p             -            4.8p


                                                                         At 30 April 2002        At 30 April 2001

Summary Balance Sheet

Assets                                                                                  £'000                  £'000

Investments                                                                           236,778                321,878
Net current (liabilities)/assets                                                     (26,773)               (33,539)
Net assets                                                                            210,005                288,339
Net asset value per share - undiluted                                                 119.73p                150.75p
Net asset value per share - diluted                                                   117.41p                144.63p


                                                                           Year Ended              Year Ended

                                                                          30 April 2002           30 April 2001

Abridged Cash Flow Statement                                                           £'000                   £'000

Net cash inflow from operating activities                                              6,069                   5,536
Total interest paid                                                                  (2,562)                 (2,696)
Total tax paid                                                                             -                   (163)
Net cash inflow/(outflow) from financial investment                                   20,099                 (5,421)
Equity dividends paid                                                                (8,174)                 (8,022)
Net cash (outflow)/ inflow from financing                                           (36,351)                  22,598
Net cash (outflow)/inflow                                                           (20,919)                  11,832



Reconciliation of net cash flow to movement in net funds
                                                                           Year Ended              Year Ended

                                                                          30 April 2002           30 April 2001
                                                                                       £'000                   £'000

(Decrease)/increase in cash in the year                                             (20,919)                  11,832
Movement in overdraft                                                                (1,313)                   3,000
Movement in bank loan to finance investments                                          20,000                (50,000)
Change in net debt                                                                   (2,232)                (35,168)
Net (debt)/funds brought forward                                                    (29,045)                   6,123
Net debt carried forward                                                            (31,277)                (29,045)

The above financial information is unaudited and does not constitute statutory
accounts under Section 240 of the Companies Act 1985 (as amended). Statutory
accounts for the financial year ended 30 April 2001 have been reported on by the
Company's auditors and delivered to the Registrar of Companies. The report of
the auditors was unqualified and did not contain a statement under Section 237
(2) or (3) of the Companies Act 1985.

The statutory accounts for the year ended 30 April 2002 will be finalised on the
basis of the financial information presented by the Directors in this
preliminary announcement and will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.

This announcement is prepared on the basis of the accounting policies as set out
in the most recent published set of annual financial statements.

This statement was approved by the Board of Directors on 10 June 2002.



Statement by the Chairman, Mr. Peter Sedgwick:

Performance

The year to 30 April 2002 has again been very disappointing for growth oriented
stocks. This has continued to impact adversely on the performance of the
Company. During the year to 30 April 2002, the Company's net asset value
produced a negative total return of 18.9 per cent. whilst the FTSE All-Share
Index, the Company's benchmark Index, posted a negative return of 10.1 per cent.
The Company's disappointing performance during the year under review when
measured against its benchmark Index, was largely as a result of its continued
focus on growth sectors, which under-performed relative to value oriented
stocks.

Directors

Mr Richard Ireland and I will retire at the forthcoming Annual General Meeting,
which will be held on 5 August 2002. Richard has served as a Director of the
Company since its launch in 1994 and he leaves with the best wishes of the Board
and our thanks for his significant contribution to the Company. I am pleased to
announce that the Board has appointed Alan Clifton to succeed me as Chairman
with effect from the Annual General Meeting.

I am also pleased to announce that the election of Mrs Stella Pirie will be
proposed at the Annual General Meeting. Stella Pirie is 51, and Chairman of
Endeavour International Limited, an export led engineering company. Stella was
previously Divisional Finance Director of Rotork Plc, a multi-national
engineering company based in Bath. She is a non-executive Director of GWR Group
Plc, a Commercial Radio Group, having been its Finance Director during its most
active acquisition period in 1993 to 1996.

Dividend

The Board previously announced that an annual dividend rate of 3.0p per share
should provide a firm base for a progressive dividend policy. Earnings for the
current year have exceeded expectations and it therefore felt it appropriate to
increase this year's annual dividend to 3.5p per share. The Company paid a first
interim dividend of 1.5p per share for the year ended 30 April 2002 at the end
of January 2002, and the Board has now declared a second interim dividend of
2.0p per share.

The level of future dividends will clearly depend on the underlying earnings
growth of the Company's portfolio.

Gearing Policy

During most of the year to 30 April 2002, the Company maintained a 364-day
revolving £50 million borrowing facility with The Royal Bank of Scotland plc. On
22 April 2002, this facility was replaced with a £30 million facility with The
Royal Bank of Scotland (Finance) Ireland. The facility was fully drawn down on
22 April 2002 and has remained so since that time.



Purchase of Shares and Warrants for Cancellation

During the year ended 30 April 2002, the Board continued to operate an active
share buy-back policy and a total of 16,012,000 ordinary shares were purchased
for cancellation, equal to 8.4 per cent. of the total shares in issue on 1 May
2001. A resolution to renew the authority is included in the Notice of the
Annual General Meeting.

The Directors also continued to purchase warrants for cancellation during the
year to 30 April 2002 when suitable opportunities to enhance shareholder value
arose. A total of 2,718,348 warrants were purchased for cancellation during the
year.

Final Warrant Exercise Date on 2 September 2002

A Circular to warrant holders will be distributed with the Annual Report and
Accounts to remind them of the final opportunity to exercise their warrants. The
final date on which warrants may be exercised is 2 September 2002.

Outlook

The Company's investment focus towards growth sectors has again failed to
benefit shareholders this year. Notwithstanding that the Manager increased the
number of holdings in the portfolio and broadened sector coverage to reduce
relative risk, performance has remained stubbornly poor.

The Board believes that the Company's investment focus on growth sectors should
be maintained at this time. Positive economic indications earlier this year have
been overshadowed by concerns over the Enron scandal, and we hope that investors
will refocus on an improving economic background to the benefit of the Company's
portfolio.

Annual General Meeting

The Annual General Meeting will be held at 12.00 noon on Monday 5 August 2002,
and shareholders are encouraged to attend. The meeting, as in previous years,
will include a presentation by the Investment Manager on the prospects for the
UK market and the Company's investment strategy.





Peter Sedgwick

Chairman

                          ____________________________




Second Interim Dividend

The Directors of the Company have declared the payment of a second interim
dividend, in lieu of a final dividend, of 2.0p net per share, making a total
distribution of 3.5p for the year ended 30 April 2002. The second interim
dividend will be payable on 31 July 2002 to shareholders on the register on 21
June 2002.

Ex-Dividend Date               : 19 June 2002

Transfers must be lodged by          : 2.30 p.m. on 21 June 2002

Dividend Warrants               : Despatched on 30 July 2002

Payment Date                    : 31 July 2002

Dividend per share      : 2.0p net



The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in July 2002 and copies of the Annual Report and Accounts
will be available to the public at the Company's registered office: 31 Gresham
Street, London, EC2V 7QA.





Enquiries:           Schroder Investment Management Limited

John Spedding        (020 7658 3206)

11 June 2002



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