Interim Results

Schroder UK Growth Fund PLC
18 December 2000


                          SCHRODER UK GROWTH FUND plc
                           Unaudited Interim Results

The Directors of Schroder UK Growth Fund plc announce the unaudited interim
results for the six months ended 31 October 2000.


             Six months ended 31 October 2000   Six months ended 31 October 1999

                  Revenue    Capital    Total     Revenue    Capital      Total

                                                  Restated         -   Restated

                    £'000      £'000    £'000        £'000     £'000      £'000

Realised gains on 
 investments            -      4,575    4,575           -     19,684     19,684

Net unrealised losses 
 on investments         -     (8,771)  (8,771)          -    (44,260)   (44,260)

Premia paid on purchase 
 of warrants for   
 cancellation           -       (106)    (106)          -       (180)      (180)

Income              3,464          -    3,464       5,060          -      5,060

Investment 
 management fee       (93)      (413)    (506)       (555)      (555)    (1,110)

Administrative 
 expenses            (129)         -     (129)       (118)         -       (118)

Net return/(deficit) 
 before finance 
 costs and 
 taxation           3,242     (4,715)  (1,473)      4,387    (25,311)   (20,924)

Interest payable     (327)      (762)  (1,089)          -          -          -

Net return/(deficit) 
 on ordinary  
 activities before 
 taxation           2,915     (5,477)  (2,562)      4,387    (25,311)   (20,924)

Tax on ordinary 
 activities             -          -        -           -          -          -

Return /(deficit) 
 on ordinary 
 activities after 
 tax attributable 
 to equity
 shareholders       2,915     (5,477)  (2,562)      4,387    (25,311)   (20,924)

Dividends:

First interim 
 dividend (1.90 
 pence per share 
 payable on 31 
 January 2000)     (3,719)         -   (3,719)     (4,213)         -     (4,213)

Transfer (from)/
 to, reserves        (804)    (5,477)  (6,281)        174    (25,311)   (25,137)

Return/(deficit) 
 per ordinary share  1.43p     (2.68)p  (1.25)p      1.96p    (11.28)p   (9.32)p

Return/(deficit) per 
 ordinary share      
- fully diluted      1.37p     (2.57)p  (1.20)p      1.86p    (10.84)p   (8.96)p

Dividends for the 
 period per ordinary 
 share               1.90p         -      1.90p      1.90p         -      1.90p




                           SCHRODER UK GROWTH FUND plc
       UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 OCTOBER 2000
       
Summary Balance Sheet                    At 31 October 2000     At 30 April 2000
Assets                                           £'000                £'000

Listed investments at market value              399,565              362,245

Net current (liabilities)/assets                (54,392)               2,739

Net Assets                                      345,173              364,984

Net asset value per ordinary share (undiluted)   173.40p              175.63p

Net asset value per share (diluted - assuming 
 full conversion of the warrants)                164.71p              166.66p


Abridged Cash Flow Statement             For the six months   For the six months
                                          ended 31 October     ended 31 October 
                                                 2000                1999
                                                £'000               £'000

Net cash inflow from operating activities       3,866               5,642

Net cash outflow from returns on investments 
 and servicing of finance                        (441)                  -

UK tax paid                                         -                   -

Net cash (outflow)/inflow from 
 financial investment                         (41,648)             10,814

Equity dividends paid                          (4,308)             (4,736)

Net cash inflow/(outflow) from financing       36,450              (8,751)

Net cash (outflow)/inflow                      (6,081)              2,969



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

The Board of Directors approved this statement on 18 December 2000.

STATEMENT BY THE CHAIRMAN, MR PETER SEDGWICK

Performance

During the six months to 31 October 2000, the Company's overall performance was
less than satisfactory. The Company's net asset value total return was -0.30%
whilst the comparable performance of the Company's benchmark, the FTSE All-Share
Index, was 3.62%. 

Background

As I reported in my Statement for the year to 30 April 2000, the Company's
portfolio was re-aligned,  primarily during the first quarter of 2000, to
achieve a satisfactory balance between good value, cyclical and secular
long-term growth stocks. The Company's under-performance against the benchmark
Index during the six-month period to 31 October 2000 was largely due to the
portfolio's resulting exposure to so-called 'New Economy' stocks, which suffered
from negative investor sentiment in the wake of a general sell-off in technology
stocks. Whilst the under-performance against the benchmark Index has been
disappointing in the short term, the Board is of the opinion that the Company's
change in policy towards investment in growth sectors will benefit shareholders
in the long-term.

Gearing Policy

At the beginning of the period, although the Company had a loan facility of £25
million with The Royal Bank of Scotland plc, it had no gearing in place.
Drawings of £15 million and £10 million were made in May and June respectively
and in August, the Board agreed to increase the facility amount to £50 million.
In September the Company drew down an additional £25 million and has utilised
the full £50 million available from the facility since that time. In addition,
the Company also maintains a £3 million overdraft facility, which was fully
utilised at 31 October 2000.

Dividend Policy and Payment of First Interim Dividend for the year ending 30
April 2001

I reported in my Statement for the year to 30 April 2000 that one effect of the
change in investment policy, and the re-alignment of the portfolio towards
growth stocks, would be that the income yield provided by the portfolio in the
future would be less than that achieved in the past. Therefore, the level of
dividends paid by the Company historically would not be sustainable. 

Notwithstanding the reduction in revenue produced by the portfolio for the
period ended 31 October 2000, the Board has decided to draw upon the Company's
revenue reserves and has declared the payment of a first interim dividend of
1.90 pence per share for the year ending 30 April 2001. This amount is equal to
the first interim dividend paid in respect of the year ended 30 April 2000. 

Purchase of Shares for Cancellation

During the period, the Company continued to purchase its shares for
cancellation. The Board continues to look for further opportunities to make
purchases of shares for cancellation and thus enhance net asset value for
shareholders and assist in the reduction of the volatility of the Company's
share price discount.

Prospects

For the six months ended 31 October 2000, the repositioned portfolio did not
produce the desired improvement in the Company's performance when measured
against the benchmark Index. However, the Board continues to believe that the
move towards a growth orientated portfolio, with a focus on stocks with proven
business models, market leadership positions and positive cash flow, will
benefit shareholders in the long term. This should become evident as confidence
in quality New Economy stocks begins to recover. 
  


Peter Sedgwick
Chairman




FIRST INTERIM  DIVIDEND

The Directors of the Company have declared the payment of a first interim
dividend of 1.90p (2000: 1.90p) per share for the year ending 30 April 2001. 
The dividend will be payable on Wednesday 31 January 2001 to shareholders on the
register on 8 January 2001. 

Ex-Dividend Date               : 2 January 2001

Transfers must be lodged by    : 2.30 p.m. on 8 January 2001

Dividend Warrants              : Despatched on 30 January 2001

Payment Date                   : 31 January 2001     

Dividend per share             : 1.90p


The Interim Report will be mailed to shareholders at their registered addresses
in December 2000 and from that date copies of the Interim Report 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                                           (0207 658 3206)
18 December 2000