Final Results - Year Ended 30 April 2000

Schroder UK Growth Fund PLC
21 June 2000


                           Schroder UK Growth Fund plc
              Preliminary Results For The Year Ended 30 April 2000

Preliminary Results

The Directors of Schroder UK Growth Fund plc announce the unaudited  preliminary
results for the year ended 30 April 2000:

                             Year Ended                     Year Ended
                          30 April 2000                   30 April 1999
                    Revenue   Capital    Total    Revenue    Capital     Total
                                               (restated*)          (restated*)
                                              
                      £'000     £'000    £'000      £'000      £'000     £'000

Realised  gains   on      -    28,285   28,285          -     35,101    35,101
sales of investments                     

Unrealised losses on      -   (36,204) (36,204)         -    (47,197)  (47,197)
investments                 

Losses            on      -    (7,919)  (7,919)         -    (12,096)  (12,096)
investments                     

Premia    paid    on      -      (392)    (392)         -       (981)    (981)
purchase of warrants
for cancellation

Income                9,031         -    9,031     12,541          -   12,541

Investment           (1,238)   (1,238)  (2,476)    (1,357)    (1,357)  (2,714)
management fee        

Administrative         (269)        -     (269)      (272)         -     (272)
expenses

Net   return  before  7,524    (9,549)  (2,025)    10,912    (14,434)  (3,522)
finance  costs   and        
taxation

Interest payable        (18)      (18)     (36)      (446)      (446)    (892)

Net    return     on  7,506    (9,567)  (2,061)    10,466    (14,880)  (4,414)
ordinary  activities       
before taxation

Taxation on ordinary      -         -        -        (30)         -      (30)
activities

Return  on  ordinary  7,506    (9,567)  (2,061)    10,436    (14,880)  (4,444)
activities     after        
taxation
attributable      to
equity shareholders

Dividends             (8,521)       -   (8,521)    (8,837)         -   (8,837)

Transfer   (from)/to  (1,015)  (9,567) (10,582)     1,599    (14,880) (13,281)
reserves                 

Return  per ordinary   3.41p   (4.35)p  (0.94)p     4.59p      (6.54)p  (1.95)p
share                         

Return  per ordinary   3.28p   (4.18)p  (0.90)p     4.39p      (6.26)p  (1.87)p
share     -    fully            
diluted

Dividends  for   the   4.00p        -    4.00p      3.90p          -     3.90p
year   per  ordinary
share

*  Restated  in accordance with FRS16.



Summary Balance Sheet               At 30 April     At 30 April
                                       2000            1999
Assets                                 £'000           £'000
                                                       
Listed investments                   362,245         395,564
                                                
Net current assets                     2,739           7,161
                                                               
Net Assets                           364,984         402,725
                                      
          
Net asset value per share           175.633p          178.58p
                                         
                                                
Net  asset  value per  share  -      166.66p          169.14p
diluted                                   



                                  Year Ended        Year Ended
                                30 April 2000     30 April 1999
Abridged Cash Flow Statement          £'000            £'000

Net  cash inflow from operating       6,963             11,056
activities
Total interest paid                       -             (1,763)
Total tax paid                         (24)               (220)
Net  cash inflow from financial      32,927             30,575
investment
Equity dividends paid               (8,949)             (8,524)
Net cash outflow from financing    (27,578)            (47,473)
                                                               
Net cash inflow/(outflow)            3,339             (16,349)

Reconciliation of net cash flow to movement in net funds

                                  Year Ended         Year Ended
                                30 April 2000     30 April 1999
                                      £'000               £'000

Increase/(decrease) in cash  in      3,339             (16,349)
the year
Movement in overdraft facility/     (3,000)             45,000
revolving credit facility
                                                
Change in net debt                     339              28,651
Net    funds/(debt)   at    the       5,784            (22,867)
beginning of the year
                                                               
Net funds at 30 April                 6,123               5,784


The  above  financial information is unaudited and does not amount to  statutory
accounts  under  Section  240  of the Companies  Act  1985  (as  amended).  The
information given as comparative figures for the financial year ended 30 April
1999 does  not  constitute the Company's statutory accounts for that  financial
year.  Statutory accounts for the financial year ended 30 April 1999 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 2000 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 20 June 2000.

Statement by the Chairman, Mr. Peter Sedgwick:


Investment Performance

After  a  period of under-performance in recent years, the Company's  net  asset
value  total return was much in line with the benchmark index, producing a total
return  of 1.0% over the year to 30 April 2000, compared with the FTSE All-Share
Index which produced a total return of 1.4% over the same period.  As the table
below indicates,  performance since the Company's launch  in  March  1994 also
remains in line with the benchmark index.

                           Total Return to 30 April 2000

                           One Year  Three years    Five Years     Six Years*
                           %         %              %              %

FTSE All-Share Index       1.4       51.2           117.2          124.0
Diluted Net Asset Value    1.0       36.3           108.7          124.9

Source: Association of
Investment Trust Companies
Monthly Information Service.

*The Company was launched in March 1994.



Investment Strategy

In  response  to the growing importance of high growth stocks to  the  UK  stock
market,  particularly those in technology related areas, the Board  again asked
the Investment Manager to review its investment strategy. The Investment Manager
concluded  that,  in  view  of the Company's principal investment  objective to
achieve capital growth, the Company's portfolio was too heavily biased towards
stocks in out-of favour, lowly rated companies known as value stocks, which had
provided  the  focus  of  the portfolio in the past. Whilst  these stocks have
generated good overall returns in the long run their recent performance has been
more erratic as a result of the changing economic and stock market environments.

It was therefore agreed with the Board that the Investment Manager would dispose
of  any  stocks  that were not sufficiently orientated towards  this  investment
objective and achieve a satisfactory balance between good value cyclical growth
and  secular long-term growth stocks. I would stress that the Company is neither
an  aggressive growth fund nor a technology fund, and remains a UK Growth Fund
invested in UK equities for long-term capital growth.

The restructuring is laid out in more detail in the Investment Manager's review.

Dividend Policy

Earnings  for  the year ended 30 April 2000 were 3.41 pence per ordinary  share.
 Your Directors paid a first interim dividend of 1.90 pence  per  share  and  a
second  interim dividend of 2.10 pence per share has been declared and  will be
paid  on  31 July 2000. The total dividend for the year ended 30 April  2000 of
4.0 pence per share represents a slight increase over the previous year.

Since  launch, the Directors have adopted a progressive dividend policy whenever
possible.  However, one effect of the change in investment policy outlined above
is that the yield provided by the portfolio will be less than that seen in the
past.   As a result,  the level of dividends seen since  launch will not be
sustainable in the future.

Allocation of Management Fees and Finance Costs

Currently,  the management fees and finance costs are allocated equally  between
the capital account and the revenue account. In view of  the  changes to the
portfolio and  the  expected reduction in dividend yield, your  Directors have
decided to allocate 70% to the capital account and 30% to the revenue account,
with effect from 1 May 2000.

Gearing

During the  year the Company maintained a 364-day revolving  facility  of £50
million with J. Henry Schroder & Co., Limited, and this was replaced at the  end
of April  2000  with  a similar £25 million facility from  The  Royal  Bank of
Scotland plc. During the year, the facility remained unutilised, but on  30  May
2000,  the  Company  drew £15 million from the facility in addition  to  its £3
million  overdraft which was utilised during the year, and this level of gearing
has been maintained since that time.

Share and Warrant Purchases

A  total  of  18,280,916  shares  were purchased  for  cancellation  during  the
financial  year, equal to 8.1% of the total shares in issue on 1 May  1999. The
net asset value of the Company has been enhanced as a result of these purchases,
and the Board believes that discount volatility has also been reduced.  

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.  Since 1 May 1999, the Company has purchased 2,245,000 warrants  amounting
to 7.3% of the total warrants in issue at the beginning of the financial year.

The  Directors will continue to purchase warrants whenever market conditions are
such  that  purchases may be made at a cost that will enhance  the  diluted net
asset value. Formal guidelines relating to the purchase of warrants  have  been
adopted by the Board.

Year 2000

In the Report & Accounts for the year ended 30 April 1999 the Directors reported
on arrangements  which  had  been made in preparation  for  the  resolution of
technology issues  associated with the Year 2000.  Subsequent  to 31 December
1999, the  Board  has  received  further assurances  from  Schroder Investment
Management Limited that their in-house systems and third party applications have
passed the validation process stipulated by the Financial Services Authority and
that their business has experienced no disruption to normal operations to date.

Prospects

The  recent  correction in technology related stocks has returned valuations  to
more sustainable levels.  With interest rates likely to be at or close to a peak
and concerns regarding economic overheating receding, there now exists the basis
for a  sustainable  recovery in the UK stock market,  in  line  with  corporate
earnings growth.  It is this improving background that has encouraged the Board
to introduce the element of gearing to the portfolio to which  I  referred
earlier.  Taken together with the recent rebalancing of the portfolio this gives
your Board  confidence that the Company should benefit from an improving stock
market outlook.


Peter Sedgwick
Chairman
                          

Investment Manager's Review

Performance

Over  the  twelve  months to 30 April 2000 the diluted net asset  value  of  the
Company  generated  a  total return of 1.0%, compared with the  benchmark  index
which produced a total return of 1.4% over the same period. However, all of the
relative  underperformance can be attributed to the fourth quarter  of  calendar
1999 when the Company's NAV substantially lagged the sharp rise in the UK stock
market.  This  occurred as a result of the narrow market leadership  driven by
stocks in the Technology, Media and Telecoms sectors ('TMT') and the Company's
under representation in these areas. Since the beginning of calendar  2000 the
portfolio  has  been  rebalanced  (discussed  in  more  detail  below) and has
substantially recovered in relative performance terms.

Market Background

The  small  positive total return achieved by UK equities in the  twelve  months
under  review  completely  fails to reveal the extreme volatility  and  sectoral
divergence that has occurred over this period.

In  the  months  up  to early September 1999 the market overall  was  led  by  a
recovery in 'value' stocks, typically having a high degree of sensitivity to the
pick-up  in  economic  growth.  With the rise in short term  interest  rates in
September 1999, however, investors generally sought to take profits in cyclical
companies.

However, what might have been initially a normal sectoral rotation by portfolio
managers in response  to a modest change in economic  fundamentals  became  an
exaggerated and  ultimately unsustainable move into  so  called  'New  Economy'
growth stocks in the latter months of 1999 and early 2000.  Stimulated  by  the
exceptional  growth in internet usage, investors rushed to buy  a  rash  of  new
start-up  dot.com  companies  and at the same time  pushed  valuations  of  most
established Technology and Telecommunications growth stocks to excessive levels.
 For a  short  period of time the market in such stocks became  wholly  momentum
driven with share valuations appearing to be  of  little relevance.
Unsurprisingly  the situation has proven to be unsustainable  and  the  internet
stock  'bubble' burst in late February 2000 and with it the valuations of  other
'TMT' stocks have returned to more rational and acceptable levels.

Throughout  this  period  perhaps  the most important  single  influence  on  UK
equities has been the movement of the US equity market, especially the  extreme
volatility of the NASDAQ index with its heavy exposure to Technology stocks.  In
recent months  the  continued strength of the US economy has  prompted a more
aggressive tightening of monetary policy and encouraged investors to adopt a
more cautious  approach,  placing more emphasis  in  particular on near term
profitability of companies.  This trend has been wholly mirrored in London, with
a return to favour of traditional 'Old Economy' stocks on modest  valuations. 
Market movements, both in the UK and overseas, have been remarkable in their
extremes.

Investment Activity and Portfolio Strategy

The  portfolio has been significantly restructured since the start  of  calendar
2000 with a  view  to achieving both long term growth and  a  more  consistent
relative performance against the UK stock market.  To this end the portfolio is
reasonably balanced between the different sectors of the market yet with a bias
towards high quality longer term growth stocks.

Portfolio activity in  recent months has been unusually  high  and  should  be
comparatively  modest from hereon.  Numerous new holdings have been  introduced,
the  most  notable  of which are ARM Holdings, Celltech, Cantab  Pharmaceutical,
Pace  Micro  Technology and SmithKline Beecham.  These are  all clearly higher
growth stocks.  However, many new holdings are of well managed companies in more
traditional areas of the economy such as Airtours (Packaged Holidays), Ashstead
(Plant  Hire) and  Dixons (Retailing).  Several holdings also offer attractive
growth for the foreseeable future by virtue of their current exposure to the
economic  cycle; in this regard the Company's exposure to Property shares is
noteworthy,  with new holdings having been acquired in the last six months in
British Land, Great Portland Estates and Moorfield Group.

Finally, the portfolio is now overweight in smaller companies, many of which are
believed to offer attractive growth yet stand  on  modest  share  ratings  in
comparison with  equivalent large stocks; indeed, the portfolio is  over  15
percentage points underweight FTSE 100 stocks (65.7% of the portfolio  vs  82.6%
that FTSE 100 stocks represent of the FTSE All-Share Index).

Outlook

At the time of writing the UK stock market has recovered partially from the lows
prevailing  in early May as confidence has begun to grow that UK interest  rates
may  have  peaked  at  the  current level of 6%.  This is  supported  by  recent
economic data  that points to a moderation in the rate of economic  growth and
receding inflationary  pressures.  The market in  Technology  stocks has also
stabilised  now  that much of the previous valuation excess  has  been removed. 
There  remain  significant concerns about the likely course of the  US  economy,
however,  and  the vulnerability of the US market to a further  sell-off should
interest rates  need  to be raised significantly.  On the other hand, current
market expectations for further rises would seem to already adequately discount
the likely extent of further tightening.

On  balance, therefore, both domestic UK and international fundamental  factors
look  to  be  more  supportive to equities than for some  time.   Following  the
prolonged consolidation in the UK market so far this year it may well  be  that,
despite  continued short term volatility, the market is likely to  recover from
hereon. The  medium  term outlook for the UK economy of modest  inflation and
reasonable  economic  growth suggests that economic fundamentals  are  positive.
 Combined  with  more realistic share valuations, good earnings growth prospects
and the likelihood of further corporate takeover and merger activity there are
genuine grounds  for  increasing  investor  confidence  and  sustained market
appreciation.


Schroder Investment Management Limited


Twenty Largest Investments

At 30 April 2000
                                                   Value of       Percentage of
                                                   Holdings       Shareholders'
Company and Activity                               £'000          Funds


Vodafone Airtouch                                  42,602         11.66
Global mobile telephone service supplier.

Glaxo Wellcome                                     19,810          5.42
Research based pharmaceutical company.

AstraZeneca Group                                  14,655          4.01
Research based pharmaceutical company.

British Telecommunications                         14,388          3.94
Telecommunications provider

BP Amoco                                           13,863          3.80
Integrated Oil Company                                        

Arm Holdings                                       13,100          3.59
Designer of microprocessor intellectual property.

SmithKline Beecham                                 12,738          3.49
Research based pharmaceutical company.

Electrocomponents                                  12,255          3.36
UK's leading catalogue distributor of electronic, 
electrical and mechanical products.  Supplies and 
services industrial, commercial and retail 
customers, through its distribution channels 
worldwide.

Legal & General Group                              10,720          2.94
Insurance company.

Cable & Wireless                                   10,630          2.91
International telecommunications utility with an 
emphasis on UK and Hong Kong.

Royal Bank of Scotland Group                       10,073          2.76
Bank and financial services group.

Cantab Pharmaceuticals                             10,014          2.74
Early stage bioscience company specialising in 
therapeutic vaccines

Pace Micro Technology                               8,588          2.35
Designer and manufacturer of digital TV set-top boxes.

British   Lane   6%  Subordinated  Ordinary         8,522          2.33
Irredeemable  Convertible    
Bonds
Leading UK property investment company.

Celltech Group                                      8,416          2.30
Research based pharmaceutical company.

Johnson Matthey                                     8,354          2.29
World's leading refiner of platinum group metals 
and manufacturer of autocatalysts.

Airtours                                            7,877          2.16
UK based packaged holiday company with 
international business in Europe and North America.

Enterprise Oil                                      7,564          2.07
Oil exploration and production company.

United News & Media                                 7,353          2.01
Diversified publishing and broadcasting company.

Bank of Scotland                                    7,156          1.96
Bank and financial services group

Total                                             248,678         68.09


Second Interim Dividend

The  Directors  of  the Company have declared the payment of  a  second  interim
dividend, in lieu of a final dividend, of 2.10p net per share which will make a
total distribution  of 4.00p, for the year ended 30 April 2000.   The dividend
will be payable on 31 July 2000 to shareholders on the register on 7 July 2000.

Ex-Dividend Date              : 3 July 2000

Transfers must be lodged by   : 2.30 p.m. on 7 July 2000

Dividend Warrants             : Despatched on 28 July 2000

Payment Date                  : 31 July 2000

Dividend per share            : 2.10p net



The  Annual  Report  and  Accounts  will be  mailed  to  shareholders  at  their
registered  addresses in July 2000 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)
21 June 2000