Interim Results

Oryx International Growth Fund Ld
18 December 2003

FOR IMMEDIATE RELEASE

RELEASED BY MANAGEMENT INTERNATIONAL (GUERNSEY) LIMITED

ORYX INTERNATIONAL GROWTH FUND LIMITED

PRELIMINARY ANNOUNCEMENT

THE BOARD OF DIRECTORS OF ORYX INTERNATIONAL GROWTH FUND LIMITED ANNOUNCE RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER
2003:

                                                                       UNAUDITED BALANCE SHEET

                                                                       As at 30 September 2003

                                                                    (Expressed in pounds sterling)

                                                                                               
                                                                        2003          2002     
                                                                          £             £      
                          INVESTMENTS                                                          
                          Listed investments at market value                                   
                          (cost £11,556,855; 2002 - £15,784,109 )       9,851,644    11,677,960
                          Unlisted investments                                                 
                          (cost £3,888,292; 2002 - £2,802,707)          6,044,433     4,514,350
                                                                       15,896,077    16,192,310
                          CURRENT ASSETS                                                       
                          Dividends and interest receivable               359,393       112,775
                          Amounts due from brokers                         65,604       739,013
                          Bank balances                                 2,358,693     1,317,021
                          Other receivables                                 6,958             -
                                                                        2,790,648     2,168,809
                          CURRENT LIABILITIES                                                  
                          Amounts due to brokers                          573,327       170,140
                          Creditors and accrued expenses                   52,977        30,260
                                                                          626,304       200,400

                          NET CURRENT ASSETS                            2,164,344     1,968,409

                          TOTAL ASSETS LESS CURRENT LIABILITIES        18,060,421    18,160,719

                          LONG TERM LIABILITIES                                                
                          Convertible loan stock                        2,516,647     2,590,859

                          TOTAL NET ASSETS                            £15,543,774   £15,569,860

                          EQUITY SHARE CAPITAL                          4,049,116     4,549,114

                          RESERVES                                                             
                          Share premium                                 4,247,457     4,247,456
                          Reserve relating to warrants                   (18,704)        38,300
                          Capital redemption reserve                    1,099,000       599,000
                          Other reserves                                6,166,905     6,135,990
                                                                       11,494,658    11,020,746
                          EQUITY SHAREHOLDERS' FUNDS                  £15,543,774   £15,569,860

                          Net Asset Value per Share                         £1.92         £1.71

                          Fully Diluted Net Asset Value per Share           £1.65         £1.50


                             UNAUDITED STATEMENT OF OPERATIONS

                            For the period ended 30 September 2003

                           (Expressed in pounds sterling)

                                                                                                           
                                                                                    2003          2002     
                                                                                     £             £       
             INCOME                                                                                        
             Deposit interest                                                         28,861         21,487
             Dividends and investment income                                         462,950        266,926
                                                                                     491,811        288,413
             EXPENDITURE                                                                                   
             Management and investment adviser's fee                                 106,765        126,649
             Finance charge                                                           11,719         14,004
             Custodian fees                                                            9,288          5,995
             Administration fees                                                      10,027          8,194
             Registrar and transfer agent fees                                         1,750          2,471
             Directors' fees and expenses                                             52,806         57,714
             Audit fee                                                                 5,014          4,611
             Insurance                                                                 9,500              -
             Legal and professional fees                                               4,031          5,292
             Printing and advertising expenses                                         6,793         10,873
             Miscellaneous expenses                                                   10,461          5,681
                                                                                     228,154        241,484

             NET INCOME BEFORE TAXATION                                              263,657         46,929

             Taxation                                                               (14,584)       (27,903)

             NET INCOME FOR THE PERIOD AFTER TAXATION                                                      

             Realised (loss)/ gain on investments                                  (162,322)         47,697
             Loss on foreign currency translation                                   (30,237)      (180,529)
             Movement in unrealised gain/ (loss) on revaluation of investments     2,297,281    (1,173,143)

             TOTAL SURPLUS/ (DEFICIT) ATTRIBUTABLE TO                                                      
             SHAREHOLDERS FOR THE PERIOD                                          £2,353,795   £(1,286,949)

             EARNINGS PER SHARE FOR THE PERIOD                                         £0.29        £(0.15)

             FULLY DILUTED EARNINGS PER                                                                    
             SHARE FOR THE PERIOD                                                      £0.22        £(0.11)


                                                UNAUDITED STATEMENT OF CASH FLOWS

                                              For the period ended 30 September 2003

                                                 (Expressed in pounds sterling)

                                                                                                     
                                                                                 2003           2002 
                                                                                    £              £ 
                  Net cash outflow from operating activities                  (46,456)       (87,878)

                  INVESTING ACTIVITIES                                                               
                  Purchase of investments                                  (7,620,928)   (12,039,338)
                  Sale of investments                                        9,764,609      8,907,278
                  Net cash inflow/ (outflow) from investing activities       2,143,681    (3,132,060)

                  FINANCING ACTIVITIES                                                               
                  Payment to holders of warrants                              (50,992)              -
                  Shares issued on exercise of warrants                              -          4,500
                  Net cash (outflow)/ inflow from financing activities        (50,992)          4,500
                  Net cash inflow/ (outflow)                                 2,046,233    (3,215,438)

                  RECONCILIATION OF NET CASH FLOW TO                                                 
                  MOVEMENT IN NET FUNDS                                                              
                  Net cash inflow/ (outflow)                                 2,046,233    (3,215,438)
                  Exchange movements                                          (30,237)      (180,529)
                  Net cash at beginning of period                              342,697      4,712,988

                  Net cash at end of period                                 £2,358,693     £1,317,021
 
 
 


                         CHAIRMAN'S STATEMENT 

The first half of the year saw a substantial recovery in world markets with your fund benefiting accordingly.
However, with over 24% of the portfolio invested in unlisted instruments where changes are event driven, the overall
performance was unable to match the excellent performance of the quoted portfolio. However, your Board are confident
that the embedded value in the unlisteds will come through as disposals are made.

With confidence in markets continuing to be fragile, our policy of investing in situations where we believe value can
be realised should hold us in good stead for the year as a whole.

In line with our stated policy, your Board do not propose paying a dividend. However, we will be continuing with our
policy of buying back shares when appropriate.
 
 
Nigel Cayzer
Chairman
 
 
                                            INVESTMENT ADVISER'S REPORT 

The Fund continued to perform reasonably well during the six-month period to 30 September 2003, achieving performance
of +14.2% on an absolute basis and modest outperformance against the FTSE 100 Index, although performance against the
smaller capitalisation indices was disappointing. This was achieved despite a 4.8% decline in the dollar which had an
adverse impact on the unquoted portfolio and as a consequence reduced net asset value by 1%. A backdrop of continuing
weakness in the major world economies as well the Iraq war meant continuing weakness in equity valuations during the
first part of the period.

The quoted portfolio, including cash balances, appreciated by over 24% during the period, led by the contribution of
the actively-traded segment of the portfolio. The Fund continues to adopt an event-driven activist investment
strategy and cash balances increased sevenfold during the period, reflecting the realisation proceeds of a number of
situations.

Performance for the period was assisted by stocks that performed notably well, including Charter which rose by 116%,
Whatman which increased by nearly 80% and SSL by a similar amount. Simon Group rose by 44% and Quarto, a publishing
company, by 36.5%. Dowding & Mills, an electrical and mechanical services business, also performed well adding 30%.
Lupus Capital, which was added to the portfolio during the period, returned a creditable 29.4%.

Biocompatibles was sold at a profit of over £250,000 (+35.8%) and, in the quoted portfolio, Infast and William
Sinclair were also sold at a profit. A good profit was made in the sale of Lesco Inc. Performance was dampened by
disappointing out turns from Hartstone ordinary shares and De Vere Group, both of which were eliminated from the
portfolio during the period.

We remain encouraged by the performance of the unquoted part of the portfolio and Nationwide Accident Repair did
well, adding almost 9% during the period. Santa Maria Foods also performed steadily, returning around 3.5%. This
company is now in the process of being sold and we hope to receive circa $30 per share, a 25% uplift. Waterbury is
also in the process of being sold and early indications are that an uplift of at least 60% is possible.

Finally, we have started discussions to float United Industries on the AIM market once again at a sizeable premium to
holding value. We expect these transactions to add at least 10p to the Fund's net asset value and possibly more.

The outlook at the end of the period was markedly better than at the beginning with an expectation of further
outperformance as data flow suggests a sustained revival in the US economy and continued recovery in equity
valuations.

J O Hambro Capital Management Limited
 
END  



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