Final Results

Schroder UK Growth Fund PLC
23 June 2005


Press Release
                                                                    23 June 2005


                           SCHRODER UK GROWTH FUND PLC
               PRELIMINARY RESULTS FOR THE YEAR ENDED 30 APRIL 2005


PRELIMINARY RESULTS

The Directors of Schroder UK Growth Fund plc announce the unaudited preliminary
results for the year ended 30 April 2005:


                                              Year Ended                           Year Ended
                                            30 April  2005                       30 April  2004
                                      Revenue     Capital      Total       Revenue      Capital       Total
                                        £'000       £'000      £'000         £'000        £'000       £'000

Profits on investments                      -       8,152      8,152             -       32,716      32,716
Income                                  6,283           -      6,283         5,815            -       5,815
Investment management fees              (253)       (592)      (845)         (244)        (569)       (813)
Performance fee                             -         120        120             -        (120)       (120)
Administrative expenses                 (363)           -      (363)         (346)            -       (346)

Net return before finance costs         5,667       7,680     13,347         5,225       32,027      37,252
and taxation
Interest payable                        (357)       (832)    (1,189)         (243)        (567)       (810)

Net return on ordinary activities       5,310       6,848     12,158         4,982       31,460      36,442
before taxation

Taxation on ordinary activities             -           -          -             -            -           -

Return on ordinary activities           5,310       6,848     12,158         4,982       31,460      36,442
after taxation attributable to
equity shareholders
Dividends                             (5,191)           -    (5,191)       (5,044)            -     (5,044)

Transfer to/(from) reserves               119       6,848      6,967          (62)       31,460      31,398

Return per ordinary share               3.20p       4.13p      7.33p         2.96p       18.70p      21.66p

Dividends for the year per              3.15p           -      3.15p         3.00p            -       3.00p
ordinary share





                                                                        
Summary Balance Sheet                                                   At 30 April 2005     At 30 April 2004

Assets                                                                             £'000                £'000
Investments                                                                      201,365              191,469
Loan                                                                            (25,000)             (20,000)
Other net current assets/(liabilities)                                               405                1,596
Total assets less current liabilities                                            176,770              173,065

Creditors: amounts falling due after more than one year                                _                (120)
Net assets                                                                       176,770              172,945

Net asset value per share - undiluted                                            107.36p              102.92p






Abridged Cash Flow Statement                                                   Year Ended          Year Ended
                                                                             30 April 2005       30 April 2004
                                                                                 £'000               £'000

Net cash inflow from operating activities                                        5,005               4,270
Total interest paid                                                            (1,171)               (810)
Total tax recovered                                                                  -                   -
Net cash (outflow)/inflow from financial investment                            (2,430)               3,433
Equity dividends paid                                                          (4,995)             (5,046)
Net cash inflow from financing                                                   1,722                   -
Net cash (outflow)/inflow                                                      (1,869)               1,847





Reconciliation of net cash flow to movement on net debt
                                                                            Year Ended          Year Ended
                                                                           30 April 2005       30 April 2004
                                                                                 £'000               £'000

(Decrease)/increase in cash in the year                                        (1,869)               1,847
Movement in bank loan to finance investments                                   (5,000)                   -
Change in net debt resulting from cash flows                                   (6,869)               1,847
Net debt brought forward                                                      (16,651)            (18,498)
Net debt carried forward                                                      (23,520)            (16,651)


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 2004 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 2005 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 23 June 2005.




CHAIRMAN'S STATEMENT

Performance and Background

During the year ended 30 April 2005, the Company's net asset value produced a
total return of 7.0%, compared with the FTSE All-Share Index, which recorded an
equivalent return of 10.7% over the same period.

While the market as a whole had a stronger year, reaching a three-year high
towards our year-end, defensive stocks (like utilities, tobacco etc) tended to
be stronger performers and our portfolio is under represented in them. For all
of the last 12 months we have had and still have a bias towards stocks likely to
benefit from a cyclical profits recovery. Indeed we are seeing just such a
recovery in their profits and we continue to believe in due course this will be
reflected in their share prices.

Although it is disappointing that numbers have lagged the index in the past
year, the performance of the Company has been ahead of benchmark since Richard
Buxton, the current manager, assumed responsibility in October 2002.

Earnings and Dividends

Earnings per share increased in the current year from 2.96p per share to 3.2p
per share. Given the strength of corporate profits and balance sheets, our
Investment Managers are optimistic that dividends will continue to rise in the
period ahead. As a result, the Board is pleased to declare a second interim
dividend of 1.65p per share, making a total of 3.15p per share for the year as a
whole - a 5% increase on the previous year.

Directors and Fees

Ian Trotter retired as a Director of the Company on 31 December 2004. The Board
would like to place on record its thanks to him for his significant contribution
to the Company during his time as a Director. As a result of Ian Trotter's
retirement the Board now consists of five directors. We are satisfied that this
is an appropriate number going forward.

Following a periodic review the level of Directors' fees was increased during
the year; the fees having not been increased since 1 November 2001. From 1
January 2005 the Chairman's fee has increased from £17,500 to £20,000 per annum
and fees paid to Directors have risen from £11,500 to £13,500 per annum. Total
annual directors' fees are now very close to the total cap of £75,000 per annum
which has been in place since the Company was formed in 1994, and in order to
provide flexibility for the future, a resolution has been included in the Notice
of the Annual General Meeting, proposing to increase the cap to £125,000 per
annum.

Gearing Policy

The Company's £25 million borrowing facility was fully drawn down during the
year and this level of borrowing has been maintained since the end of the year.
In April 2005, the Company increased its £25 million facility to £30 million and
extended the borrowing facility for a further year. The additional funds are
available to the Manager to utilise when suitable investment opportunities
arise. However, at the time of writing, the additional monies available from the
facility have not yet been drawn down.

The Company's gearing continues to operate within pre-agreed limits so that
actual gearing does not represent more than 20% of shareholders' funds.

Purchase of Shares for Cancellation

During the year ended 30 April 2005, the Board continued to operate its share
buy-back facility and a total of 3,400,000 ordinary shares were purchased for
cancellation, equal to 2.02 per cent. of the shares in issue on 1 May 2004.
These purchases had the effect of enhancing net asset value at the time of the
various purchases by approximately £372,000.

The Directors will continue to consider purchasing shares for cancellation, to
assist in reducing discount volatility. 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.

Outlook

We support the view of our Manager that market valuations appear reasonable,
with many stocks reflecting more of the potential risks than the opportunities,
and expect that confidence will build as investors' worst fears are confounded
and it becomes apparent that an economic downturn is not imminent. The portfolio
therefore remains exposed to businesses across a broad range of industry sectors
which are well-placed to grow profits in this environment.

Annual General Meeting

The Annual General Meeting will be held at 12.00 noon on Wednesday 3 August
2005, 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 1.65 p net per share, making a total
distribution of 3.15p for the year ended 30 April 2005.  The second interim
dividend will be payable on 29 July 2005 to shareholders on the register on 1
July 2005.


Ex-Dividend Date                     : 29 June 2005

Transfers must be lodged by          : 5.00 p.m. on 1 July 2005

Dividend Warrants                    : Despatched on 28 July 2005

Payment Date                         : 29 July 2005

Dividend per share                   : 1.65p net



The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in July 2005 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)
23 June 2005


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