Final Results

Schroder UK Growth Fund PLC
26 June 2003


Press Release

                                                                    26 June 2003

                          Schroder UK Growth Fund plc

              Preliminary Results For The Year Ended 30 April 2003


Preliminary Results

The Directors of Schroder UK Growth Fund plc announce the unaudited preliminary
results for the year ended 30 April 2003:
                                                  Year Ended                                Year Ended

                                                30 April 2003                              30 April 2002
                                         Revenue       Capital       Total         Revenue       Capital           Total
                                           £'000         £'000       £'000           £'000         £'000           £'000
Losses on investments                          -      (60,543)    (60,543)               -      (58,092)        (58,092)
Discount on purchase of warrants               -             -           -               -           563             563
for cancellation
Realised gain on expiry of warrants            -         7,748       7,748               -             -               -
Income                                     5,816             -       5,816           7,693             -           7,693
Investment management fees                 (216)         (504)       (720)           (366)         (854)         (1,220)
Administrative expenses                    (337)             -       (337)           (311)             -           (311)
Net return/(deficit) before finance        5,263      (53,299)    (48,036)           7,016      (58,383)        (51,367)
costs and taxation
Interest payable                           (319)         (747)     (1,066)           (768)       (1,791)         (2,559)
Net return/(deficit) on ordinary           4,944      (54,046)    (49,102)           6,248      (60,174)        (53,926)
activities before taxation
Taxation on ordinary activities                -             -           -               -             -               -
Return/(deficit) on ordinary               4,944      (54,046)    (49,102)           6,248      (60,174)        (53,926)
activities after taxation
attributable to equity shareholders
Dividends                                (5,046)             -     (5,046)         (6,139)             -         (6,139)
Transfer (from)/to reserves                (102)      (54,046)    (54,148)             109      (60,174)        (60,065)
Return per ordinary share                  2.91p      (31.85)p    (28.94)p           3.42p      (32.95)p        (29.53)p
Return per ordinary share - fully          2.91p                                     3.40p
diluted

Dividends for the year per ordinary        3.00p             -       3.00p           3.50p             -           3.50p
share





                                                                         At 30 April 2003        At 30 April 2002

Summary Balance Sheet
Assets                                                                                  £'000                  £'000
Investments                                                                           161,952                236,778
Loan                                                                                 (20,000)               (30,000)
Other net current (liabilities)/assets                                                  (265)                  3,227
Net assets                                                                            141,687                210,005
Net asset value per share - undiluted                                                  84.24p                119.73p
Net asset value per share - diluted                                                    84.24p                117.41p



Abridged Cash Flow Statement                                               Year Ended              Year Ended

                                                                          30 April 2003           30 April 2002
                                                                                       £'000                   £'000
Net cash inflow from operating activities                                              4,739                   6,069
Total interest paid                                                                  (1,061)                 (2,562)
Total tax recovered                                                                      187                       -
Net cash inflow from financial investment                                             21,522                  20,099
Equity dividends paid                                                                (5,962)                 (8,174)
Net cash outflow from financing                                                     (16,646)                (37,664)
Net cash inflow/(outflow)                                                              2,779                (22,232)

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

                                                                          30 April 2003           30 April 2002
                                                                                       £'000                   £'000
Increase/(decrease) in cash in the year                                                2,779                (22,232)
Movement in bank loan to finance investments                                          10,000                  20,000
Change in net debt                                                                    12,779                 (2,232)
Net debt brought forward                                                            (31,277)                (29,045)
Net debt carried forward                                                            (18,498)                (31,277)

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 2002 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 2003 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 26 June 2003.


CHAIRMAN'S STATEMENT


Performance and Background


Whilst the year to 30 April 2003 was a very difficult and volatile one for stock
markets, sentiment improved over the second half and, with it, the performance
of our Fund.


At the interim stage, I announced that Richard Buxton had, in October 2002,
taken responsibility within Schroder Investment Management Limited for the
management of the Company's portfolio. I am pleased to report that between 1
November 2002 and 30 April 2003, the Company's net asset value produced a
positive total return of 1.3%, outperforming the FTSE All-Share Index, which
produced a negative total return of 0.5% over the same period.


For the year ended 30 April 2003 as a whole, the Company's net asset value
produced a negative total return of 25.4%, whilst the FTSE All-Share Index
recorded a negative total return of 22.0%.


Earnings and Dividends


The Company paid a first interim dividend of 1.5p per share for the year ended
30 April 2003 at the end of January 2003. The Board has now declared a second
interim dividend of 1.5p per share, making a total of 3.0p for the year. The
Board declared dividends amounting to 3.5p per share last year, based on higher
than expected revenue. Earnings per share fell in the current year from 3.42p
per share to 2.91p per share.


Gearing Policy


The Company's £30 million borrowing facility was fully drawn down at the
beginning of the year but borrowings were reduced to £20 million in October
2002. This level of borrowing has been maintained since that time, and in April
2003, the Company extended its £20 million borrowing facility for a further
year.


Purchase of Shares for cancellation


During the year ended 30 April 2003, the Board continued to operate its share
buy-back facility and a total of 7,206,000 ordinary shares were purchased for
cancellation, equal to 4.1 per cent. of the shares in issue on 1 May 2002.
However, since November 2002, the discount to underlying asset value has
significantly narrowed and demand for the Company's shares has increased, and,
as a result the Company has not purchased shares for cancellation since that
time.


A resolution to renew the authority to purchase shares for cancellation is
included in the Notice of the Annual General Meeting, to provide Directors with
flexibility in the future.


Annual General Meeting


The Annual General Meeting will be held at 12.00 noon on Monday 4 August 2003,
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.






Alan Clifton

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 1.5p net per share, making a total
distribution of 3.0p for the year ended 30 April 2003. The second interim
dividend will be payable on 31 July 2003 to shareholders on the register on 11
July 2003.


Ex-Dividend Date                     : 9 July 2003


Transfers must be lodged by          : 2.30 p.m. on 11 July 2003


Dividend Warrants                    : Despatched on 30 July 2003


Payment Date                         : 31 July 2003


Dividend per share                   : 1.5p net




The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in July 2003 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)

26 June 2003


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