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Schroder Inc Growth (BC!)

  Print      Mail a friend       Annual reports

Wednesday 17 May, 2006

Schroder Inc Growth

Interim Results

Schroder Income Growth Fund PLC
17 May 2006



                        Schroder Income Growth Fund plc

Unaudited Interim Results

The Directors of Schroder Income Growth Fund plc announce the unaudited interim
results for the six months ended 28 February 2006:


Income Statement (unaudited)

                                                         Six months ended                   Six months ended
                                                         28 February 2006                   28 February 2005
                                                Revenue       Capital     Total    Revenue     Capital       Total
                                                                                            (Restated)  (Restated)
                                                    £'000       £'000     £'000      £'000       £'000       £'000

Net gains on investments                                -      12,285    12,285          -      15,380      15,380

Income                                              1,921         900     2,821      2,160           -       2,160
Investment management fees                          (312)       (312)     (624)      (287)       (287)       (574)
Performance fee                                         -         156       156          -       (112)       (112)
Administrative expenses                             (118)           -     (118)       (97)           -        (97)

Return before finance costs and taxation            1,491      13,029    14,520      1,776      14,981      16,757
Interest payable                                        -           -         -          -           -           -

Net return on ordinary activities before            1,491      13,029    14,520      1,776      14,981      16,757
taxation
Tax on ordinary activities                              -           -         -          -           -           -

Return on ordinary activities after tax             1,491      13,029    14,520      1,776      14,981      16,757
attributable to equity shareholders

Return per ordinary share                           2.00p      17.47p    19.47p      2.35p      19.83p      22.18p



The company has no recognised gains or losses other than the result for the
period as set out above. Accordingly, no Statement of Total Recognised Gains and
Losses is presented.

Comparative figures have been extracted from the unaudited interim accounts for
the period ended 28 February 2005 and the stautory accounts for the year ended
31 August 2005 and have been restated in accordance with FRS 21 in respect of
Dividends and FRS 26 in respect of Financial Instruments as disclosed in Note 1.



Reconciliation of Movement in Shareholders' Funds (unaudited)

                        Share          Capital       Share       Share     Warrant     Capital    Revenue      Total
                        Capital     Redemption     Premium    Purchase    Exercise     Reserve    Reserve
                                       Reserve     Account     Reserve     Reserve
                            £'000        £'000       £'000       £'000       £'000       £'000      £'000      £'000

Balance at 31 August        7,481        1,399       7,404      47,333       1,596      79,568      2,794    147,575
2005
Valuation adjustment            -            -           -           -           -          (6)         -        (6)
from mid to bid                                                                    
Add back accrued                -            -           -           -           -           -      2,057      2,057
dividends
Balance at 31 August        7,481        1,399       7,404      47,333       1,596      79,562      4,851    149,626
2005 (restated)
Dividends paid in               -            -           -           -           -           -    (2,057)    (2,057)
respect of 31 August
2005
First interim dividend          -            -           -           -           -           -    (1,048)    (1,048)
of 1.40p per share paid
on        31 January
2006
Gains on Investments            -            -           -           -           -      12,285          -     12,285
Capitalised dividend            -            -           -           -           -         900          -        900
Other transfers to           (35)           35           -       (686)           -       (156)      1,491        649
reserves

Balance at 28 February      7,446        1,434       7,404      46,647       1,596      92,591      3,237    160,355
2006



                        Share          Capital       Share       Share     Warrant     Capital    Revenue      Total
                        Capital     Redemption     Premium    Purchase    Exercise     Reserve    Reserve
                                       Reserve     Account     Reserve     Reserve
                            £'000        £'000       £'000       £'000       £'000       £'000      £'000      £'000

Balance at 31 August        7,554        1,326       7,404      48,635       1,596      56,436      2,482    125,433
2004
Valuation adjustment            -            -           -           -           -                      -       (19)
from mid to bid                                                                    (19)
Add back accrued                -            -           -           -           -           -      1,775      1,775
dividends

Balance at 31 August        7,554        1,326       7,404      48,635       1,596      56,417      4,257    127,189
2004 (restated)
Dividends paid in               -            -           -           -           -           -    (1,775)    (1,775)
respect of 31 August
2004
First interim dividend          -            -           -           -           -           -    (1,012)    (1,012)
of 1.34p per share paid
on 31 January 2005
Gains on Investments            -            -           -           -           -      15,380          -     15,380
Other transfers to              -            -           -           -           -       (399)      1,776      1,377
reserves

Balance at 28 February      7,554        1,326       7,404      48,635       1,596      71,398      3,246    141,159
2005 (restated)



Reconciliation of Movement in Shareholders' Funds (unaudited) (continued)


                        Share          Capital       Share       Share     Warrant     Capital    Revenue      Total
                        Capital     Redemption     Premium    Purchase    Exercise     Reserve    Reserve
                                       Reserve     Account     Reserve     Reserve
                            £'000        £'000       £'000       £'000       £'000       £'000      £'000      £'000

Balance at 31 August        7,554        1,326       7,404      48,635       1,596      56,436      2,482    125,433
2004
Valuation adjustment            -            -           -           -           -        (19)          -       (19)
from mid to bud
Add back accrued                -            -           -           -           -           -      1,775      1,775
dividends

Balance at 31 August        7,554        1,326       7,404      48,635       1,596      56,417      4,257    127,189
2004 (restated)
Dividends paid in               -            -           -           -           -           -    (1,775)    (1,775)
respect of 31 August
2004
First interim dividend          -            -           -           -           -           -    (1,012)    (1,012)
of 1.34p per share paid
on 31 January 2005
Second interim dividend         -            -           -           -           -           -    (1,012)    (1,012)
of 1.34p per share paid
on 30 April 2005
Third  interim dividend         -            -           -           -           -           -    (1,006)    (1,006)
of 1.34p per share paid
on 30 July 2005
Gains on Investments            -            -           -           -           -      23,908          -     23,908
Other transfers to           (73)           73           -     (1,302)           -       (763)      5,399      3,334
reserves

Balance at 31 August        7,481        1,399       7,404      47,333       1,596      79,562      4,851    149,626
2005 (restated)



Balance Sheet (unaudited)
                                                                   At 28 February   At 28 February     At 31 August
                                                                             2006   2005 (restated)  2005 (restated)
                                                                            £'000            £'000            £'000
Fixed Assets
Investment at fair value through profit or loss                           156,131          134,520          146,066
Current Assets
Debtors                                                                       834            1,454              773
Cash at bank and short-term deposits                                        4,551            6,241            3,526
                                                                            5,385            7,695            4,299
Current Liabilities
Creditors: amount falling due within one year                             (1,161)          (1,056)            (739)

Net Current Assers                                                          4,224            6,639            3,560

Net Assets                                                                160,355          141,159          149,626

Capital and Reserves
Called up share capital                                                     7,446            7,554            7,481
Capital redemption reserve                                                  1,434            1,326            1,399
Share premium account                                                       7,404            7,404            7,404
Share purchase reserve                                                     46,647           48,635           47,333
Warrant exercise reserve                                                    1,596            1,596            1,596
Capital reserve                                                            92,591           71,398           79,562
Revenue reserve                                                             3,237            3,246            4,851

Total equity shareholders' funds                                          160,355          141,159          149,626

Net asset value per ordinary share                                        215.35p          186.87p          200.00p


Comparative figures have been extracted from the unaudited interim accounts for
the period ended 28 February 2005 and the stautory accounts for the year ended
31 August 2005 and have been restated in accordance with FRS 21 in respect of
Dividends and FRS 26 in respect of Financial Instruments as disclosed in Note 1.



Cash Flow Statement (unaudited)
                                                        For the six months  For the six months  For the year ended
                                                                     ended               ended      31 August 2005
                                                          28 February 2006    28 February 2005          (restated)
                                                                                    (restated)
                                                                     £'000               £'000               £'000

Net cash inflow from operating activities                            1,400               1,707               4,835
Net cash inflow/(outflow) from investing activities                  3,416             (5,243)             (7,952)
Dividends paid                                                     (3,105)             (2,787)             (4,805)

Net cash inflow/(outflow) before financing                           1,711             (6,323)             (7,922)
Net cash outflow from financing activities                           (686)                   -             (1,116)

Net increase/(decrease) in cash and cash equivalents                 1,025             (6,323)             (9,038)
Cash and cash equivalents at start of period                         3,526              12,564              12,564

Cash and cash equivalents at period end                              4,551               6,241               3,526




Reconciliation of profit before taxation to net cash inflow from operating
activities

                                                        For the six months  For the six months  For the year ended
                                                                     ended               ended      31 August 2005
                                                          28 February 2006    28 February 2005          (restated)
                                                                                    (restated)
                                                                     £'000               £'000               £'000

Gain before taxation                                                14,520              16,757              28,544
Gain on investments held at fair value                            (12,285)            (15,380)            (23,908)
Capitalised dividend                                                 (900)                   -                   -
Movement in accrued income                                             404                 394                 129
Movement in other debtors                                            (151)                 (1)                   3
Movement in accruals                                                 (188)                (63)                  67

                                                                     1,400               1,707               4,835


Notes


1 Accounting policies

Changes in accounting policies

The interim financial statements have been prepared on the same basis of
accounting policies as set out in the most recently published set of annual
financial statements with the following changes which have arisen from the
adoption of new accounting standards and the Statement of Recommended Practice '
Financial Statements of Investment Trust Companies' ('SORP') issued in January
2003 and revised in December 2005.

(a) FRS 21 (Events after the Balance Sheet Date) - Dividends paid by the Company
are accounted for in the period in which the Company is liable to pay them.
Previously, the Company accrued dividends in the period in which the net
revenue, to which those dividends related, was accounted for.

(b) FRS 26 (Financial instruments: Measurement) - The Company has designated its
assets and liabilities as being measured at 'fair value through profit or loss'.
The fair value of fixed asset investments is deemed to be the bid value of those
investments at the close of business on the relevant date. Previously, certain
listed investments were valued at mid value. The accounts for the period ended
28 February 2005 and for the year ended 31 August 2005 have been restated to
reflect these changes. (Note 4, further explains the restatements).

(c) The total column of the Income statement is the profit and loss account of
the Company.

(d) All items in the Income statement derive from continuing operations.


2 Investment management fee

The Investment Manager was entitled to a fee at a rate of 10 per cent. of the
net revenue return for the year after taxation plus 0.375 per cent. on assets up
to and including £75 million, 0.35 per cent. on the next £50 million and 0.325
per cent. on assets in excess of £125 million. These fees are apportioned on a
50:50 basis between the capital and revenue accounts respectively.

For the six months to 28 February 2006, a total fee of £532,000 plus VAT has
been accrued under the terms of the management agreement.


3 Performance fees

With effect from 1 September 2000, an annual performance fee was introduced. The
fee is symmetrical in nature, so that the Manager will be rewarded for
out-performance but penalised for under-performance. The performance fee (or
rebate) is based on the Company's net asset value total return compared with the
total return on the FTSE All-Share Index over a rolling three-year period and is
subject to a cap of 25 per cent. of the asset-based management fee (plus VAT)
for the year then ended. The performance fee is based on a three-year rolling
period and is calculated and paid annually. The fee in respect of any period
will be calculated as 5 per cent. of the value (based on opening net assets for
the relevant period) of the outperformance / (under performance) of the
Company's Net Asset Value over the return on the FTSE

All-Share Index, with performance measured in terms of total return.

For the six months to 28 February 2006, a total rebate of £133,000 plus VAT has
been accrued under the terms of the management agreement.


4 Restatement of Balances

A reconciliation is given between the closing balance per the 28 February 2005
and 31 August 2005 accounts and the restated balances following adoption of
revisions to UK GAAP.


(A) Balance Sheet
                                                   Previously reported      Adjustment             Restated
                                                      28 February 2005                     28 February 2005
                                                                 £'000           £'000                £'000
Fixed assets
Investments at fair value through profit or                    134,532            (12)              134,520 (a)
loss

Current assets
Debtors                                                          1,454               -                1,454
Cash at bank and short term deposits                             6,241               -                6,241

                                                                 7,695               -                7,695

Creditors amounts falling due within one year                  (2,068)           1,012              (1,056) (b)

Net current assets                                               5,627           1,012                6,639

Net assets                                                     140,159           1,000              141,159

Capital and reserves
Called up share capital                                          7,554               -                7,554
Capital redemption reserve                                       1,326               -                1,326
Share premium account                                            7,404               -                7,404
Share purchase reserve                                          48,635               -               48,635
Warrant exercise reserve                                         1,596               -                1,596
Capital reserves                                                71,410            (12)               71,398 (a)
Revenue reserves                                                 2,234           1,012                3,246 (b)

Total equity shareholders' funds                               140,159           1,000              141,159

Net asset value per ordinary share                             185.55p           1.32p              186.87p


Notes to the restatement of opening balances:

(a) Effect of revaluation of fixed asset investments from mid to bid value.

(b) Effect of now recognising dividends in the period when the Company becomes
liable to pay them.


(B) Balance Sheet
                                                   Previously reported        Adjustment            Restated
                                                        31 August 2005                        31 August 2005
                                                                 £'000             £'000               £'000
Fixed assets
Investments at fair value through profit or                    146,072               (6)             146,066 (a)
loss

Current assets
Debtors                                                            773                 -                 773
Cash at bank and short term deposits                             3,526                 -               3,526
                                                                 4,299                 -               4,299

Creditors amounts falling due within one year                  (2,796)             2,057               (739) (b)

Net current assets                                               1,503             2,057               3,560

Net assets                                                     147,575             2,051             149,626

Capital and reserves
Called up share capital                                          7,481                 -               7,481
Capital redemption reserve                                       1,399                 -               1,399
Share premium account                                            7,404                 -               7,404
Share purchase reserve                                          47,333                 -              47,333
Warrant exercise reserve                                         1,596                 -               1,596
Capital reserves                                                79,568               (6)              79,562 (a)
Revenue reserves                                                 2,794             2,057               4,851 (b)

Total equity shareholders' funds                               147,575             2,051             149,626

Net asset value per ordinary share                             197.26p             2.74p             200.00p


Notes to the restatement of opening balances:

(a) Effect of revaluation of fixed asset investments from mid to bid value.

(b) Effect of now recognising dividends in the period when the Company becomes
liable to pay them.


(C) Income Statement

        Previously reported                   Adjustments                        Restated
         28 February 2005                                                    28 February 2005
                 Revenue        Capital      Total Revenue       Capital     Total Revenue       Capital      Total
                       £'000      £'000      £'000                                      £'000                 £'000

Gains on                   -     15,373     15,373          -          7         7          -     15,380     15,380
investments
Income                 2,160          -      2,160          -          -         -      2,160          -      2,160
Investment             (287)      (287)      (574)          -          -         -      (287)      (287)      (574)
management fees
Performance fee            -      (112)      (112)          -          -         -          -      (112)      (112)
Administrative          (97)          -       (97)          -          -         -       (97)          -       (97)
expenses

Return before          1,776     14,974     16,750          -          7         7      1,776     14,981     16,757
finance costs
and taxation
Interest payable           -          -          -          -          -         -          -          -          -

Return on              1,776     14,974     16,750          -                    7      1,776     14,981     16,757
ordinary                                                         7
activities
before taxation
Tax on ordinary            -          -          -          -          -         -          -          -          -
activities

Return on              1,776     14,974     16,750          -          7         7      1,776     14,981     16,757
ordinary
activities after
tax attributable
to equity
shareholders

Return per             2.35p     19.82p     22.17p          -      0.01p     0.01p      2.35p     19.83p     22.18p
ordinary share


(D) Income Statement

        Previously reported                   Adjustments                        Restated
          31 August 2005                                                      31 August 2005
                 Revenue        Capital      Total Revenue       Capital     Total Revenue       Capital      Total
                       £'000      £'000      £'000                                      £'000                 £'000

Gains on                   -     23,895     23,895          -         13        13          -     23,908     23,908
investments

Income                 6,214          -      6,214          -          -         -      6,214          -      6,214
Investment             (614)      (614)    (1,228)          -          -         -      (614)      (614)    (1,228)
management fees
Performance fee            -      (149)      (149)          -          -         -          -      (149)      (149)
Administrative         (201)          -      (201)          -          -         -      (201)          -      (201)
expenses

Return before          5,399     23,132     28,531          -         13        13      5,399     23,145     28,544
finance costs
and taxation

Interest payable           -          -          -          -          -         -          -          -          -

Return on              5,399     23,132     28,531          -         13        13      5,399     23,145     28,544
ordinary
activities
before taxation

Tax on ordinary            -          -          -          -          -         -          -          -          -
activities
Return on              5,399     23,132     28,531          -         13        13      5,399     23,145     28,544
ordinary
activities after
tax attributable
to equity
shareholders

Return per             7.16p     30.69p     37.85p          -      0.02p     0.02p      7.16p     30.71p     37.87p
ordinary share



Chairman's Statement

I am pleased to submit my first Chairman's Statement since succeeding Mr John
Hignett as Chairman of the Board in December 2005.


Investment Performance

During the six-month period ended 28 February 2006 the Company's net asset value
produced a total return of 10.2%*, compared to a total return of 12.3%**
generated by the FTSE All-Share index over the same period.  The Company's net
asset value increased in absolute terms by 7.7% (from 200.00p per share to
215.35p per share) during the period under review.

The share price total return for the period was 10.5%*. As at the period end,
the Company's share price traded at a discount of 6.3%, a reduction from 6.7% at
the year-end.

Key factors affecting the Company's performance during the period can be found
in the Investment Manager's Review.


Dividends

The Company paid a first interim dividend for the year ending 31 August 2006 of
1.40p per ordinary share on 31 January 2006. The Board has also declared a
second interim dividend for the year ending 31 August 2006 of 1.40p per share,
payable on 28 April 2006 to shareholders on the register at the close of
business on 7 April 2006. This brings total payments in respect of the first two
interim dividends for the current financial year to 2.80p per share but in
accordance with the new Accounting Standards, the second interim dividend is not
accrued in the Interim Accounts.


Purchase of shares for cancellation

The Company has continued its buy-back programme during the period, purchasing
350,000 shares at a cost of £685,913 since the year-end. Your Board will
continue to buy back further shares as appropriate.


Continuation Vote

At the Annual General Meeting held on 8 December 2005, shareholders voted in
favour of the continuation of the Company as an investment trust for a further
period of five years. I should like to thank shareholders for demonstrating
their support. A further continuation vote will be put to shareholders in 2010
and thereafter at five yearly intervals.


Change of Chairman

Mr John Hignett retired as Director and Chairman at the Annual General Meeting,
having served on the Board since launch in 1995. I was pleased to accept the
appointment of Chairman in his stead and I would like to thank Mr Hignett for
his invaluable contribution to the Board during his period in office.


Changes to UK accounting standards

The Accounting Standards Board, as a result of its convergence programme with
International Accounting Standards, has introduced a number of new and revised
accounting standards applicable to investment trusts which prepare their
financial statements under UK GAAP. The Company has also adopted the principles
set out in the revised Statement of Recommended Practice for Investment Trust
Companies introduced in December 2005. The two main effects on the Company's
financial statements are firstly the change in the basis of valuing listed
investments, which is now determined using bid rather than mid prices, and
secondly the timing of dividends, which are now accounted for during the period
in which the Company is liable to pay them. These changes are explained in
greater detail in the notes to the Interim Accounts.


Sir Paul Judge
Chairman


17 May 2006


* Source: Fundamental Data
** Source: Thompson Financial Datastream


Investment Manager's Review


Market Background

The market has risen sharply due to strong profit growth and corporate activity.
  The effect of very cheap and easily available finance has been to focus
attention on both likely and imagined bid targets in the UK market.  Speculation
has particularly benefited mid-cap companies, felt to be of a digestible size
for potential acquirers, especially if these are in industries where
transactions have already occurred.  In this environment little time has been
devoted by the market to analysing companies' long term fundamental prospects in
their present form, with larger companies in particular receiving scant
attention.


Investment Approach

We have concentrated on companies that are out of favour with the market and
trade on relatively low valuations.  As investors will be aware the fund seeks
to look for opportunities in companies that suffer from negative sentiment and
where the valuation is particularly appealing.  This will inevitably lead to a
higher degree of volatility in the fund's return when compared with the FT
All-Share over short time periods.


Outlook

Some of the largest companies now represent the best value.  Many of these have
been dismissed as too big to be bid targets and the FTSE 100 in aggregate has
now underperformed the FTSE 250 by about 18% p.a. in the last three years.  The
effect is particularly marked for the very largest companies for which relative
valuations are near 20 year lows.


Schroder Investment Management Limited

17 May 2006


Interim Report

The Interim Report will be mailed to registered shareholders at their registered
addresses in May 2006. Copies of the Interim Report will be made available from
the date of release at the Company's registered office, 31 Gresham Street,
London EC2V 7QA.


Enquiries:  Schroder Investment Management Limited
            John Spedding                                    020 7658 3206


17 May 2006








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