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Schroder Inc Growth (BC!)

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Monday 20 October, 2003

Schroder Inc Growth

Final Results

Schroder Income Growth Fund PLC
20 October 2003

                                                                 20 October 2003

Press Release

                         Unaudited Preliminary Results

    The Directors of Schroder Income Growth Fund plc announce the unaudited
             preliminary results for the year ended 31 August 2003.

Statement of Total Return                   Year ended 31 August 2003                 Year ended 31 August 2002
                                       Revenue        Capital           Total       Revenue        Capital         Total
                                            £'000       £'000           £'000         £'000          £'000         £'000
Gains/(losses) on investments                   -       7,586           7,586             -       (15,326)      (15,326)
Premia paid on purchase of warrants             -           -               -             -          (300)         (300)
for cancellation
Income                                      5,027           -           5,027         4,622              -         4,622
Investment management fee                   (477)       (477)           (954)         (483)          (483)         (966)
Performance fee                                 -       (113)           (113)             -          (123)         (123)
Administrative expenses                     (207)           -           (207)         (177)              -         (177)
Net return before finance costs and         4,343       6,996          11,339         3,962       (16,232)      (12,270)
Interest payable                                -           -               -           (6)            (6)          (12)
Return on ordinary activities before        4,343       6,996          11,339         3,956       (16,238)      (12,282)
Tax on ordinary activities                      -           -               -             -             -             -
Return on ordinary activities after         4,343       6,996          11,339         3,956       (16,238)      (12,282)
tax for the year attributable to
equity shareholders
Total dividends on ordinary shares        (4,261)           -         (4,261)       (4,085)              -       (4,085)
Transfer to/(from) reserves                    82       6,996           7,078         (129)       (16,238)      (16,367)
Return per ordinary share                   6.15p       9.90p          16.05p         5.67p       (23.29)p      (17.62)p
Return per ordinary share - diluted         5.96p       9.59p          15.55p         5.45p       (22.35)p      (16.90)p
Dividends per ordinary share                6.00p           -           6.00p         5.85p              -         5.85p

Summary Balance Sheet                                                           At 31 August 2003      At 31 August 2002
                                                                                            £'000                  £'000
Listed investments at market value                                                        110,740                100,647
Current assets                                                                              5,507                  6,418
Current liabilities                                                                       (2,001)                (1,873)
Net assets                                                                                114,246                105,192

Capital and reserves                                                                      114,246                105,192

Net asset value per share (undiluted)                                                     159.94p                150.33p

Net asset value per (diluted)                                                             154.14p                145.24p

Abridged Cash Flow Statement                                                           Year ended             Year ended
                                                                                   31 August 2003         31 August 2002
                                                                                            £'000                  £'000
Net cash inflow from operating activities                                                   3,707                  3,387
Net cash outflow from returns on investments and servicing of                                   -                   (14)
finance     -
UK tax recovered                                                                                -                     50
Net cash (outflow)/inflow from financial investment                                       (2,507)                  5,429
Equity dividends paid                                                                     (4,166)                (4,030)
Net cash inflow from financing                                                              1,976                    162
Net cash (outflow)/inflow                                                                   (990)                  4,984

Analysis of changes in net funds                                                       Year ended             Year ended
                                                                                   31 August 2003         31 August 2002
                                                                                            £'000                  £'000
Net cash (outflow)/inflow                                                                   (990)                  4,984
Net funds brought forward                                                                   5,770                    786
Net funds carried forward                                                                   4,780                  5,770

The above financial information is unaudited and does not constitute statutory
accounts under Section 240 of the Companies Act 1985 (as amended). The financial
information for the year ended 31 August 2002 is derived from the statutory
accounts for that year which have been delivered to the Registrar of Companies.
The auditors reported on those accounts; their report 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 31 August 2003 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 recently published set of annual financial statements.

This statement was approved by the Board of Directors on 20 October 2003.

Statement by the Chairman, Mr John Hignett:

Results for the year and dividends

During the year ended 31 August 2003 the Company produced a revenue return of
6.15 pence per share compared with a return of 5.67 pence per share for the
prior year, an increase of 8.5 per cent.

However, the Company received three extraordinary payments during this period
amounting to about 0.26 pence per share, thus the underlying level of earnings
was 5.89 pence per share. With this in mind, but taking into account the
strength of the Company's revenue reserves and its primary investment objective,
the Board declared total dividends of 6.00 pence per share for the year ended 31
August 2003. This represents an increase of 2.6 per cent. over the 5.85 pence
per share paid in 2001/2002. Whilst this increase is marginally less than the
current rate of inflation of 2.8 per cent., the Company has consistently
provided shareholders with real increases in dividends over all other time
periods since inception.

Investment Performance

The Company out-performed its benchmark during the year ended 31 August 2003,
producing a net asset value total return of 9.9 per cent. compared with the
total return of 4.6 per cent. for the FTSE All-Share Index.

Share Price Performance

During the year the Company's share price traded within a relatively narrow
range, between a premium of 4 per cent. and a discount of 3 per cent., to its
net asset value. It began the year on a premium of 1.2 per cent. and ended on a
premium of 1.7 percent.

The total share price return for the year, calculated by reference to the
movement in the share price together with dividend payments made by the Company,
was a positive return of 11.2 per cent.
                                                            As at 31 August 2003         As at 31 August 2002
Diluted net asset value per share                                         154.1p                       145.2p
Middle market share price                                                 156.8p                       147.0p
Share price premium                                                         1.7%                         1.2%

Gearing Facility

At the beginning of the year, the Company had in place a revolving credit
facility of £12m with ING Bank. However, there were no drawdowns under this
facility and it has now been cancelled.

Share and Warrant Purchases

No shares or warrants were purchased for cancellation during the year as good
performance compared with both peer group companies and the market, helped to
ensure that investor demand for shares and warrants remained relatively strong.

Nevertheless the share buy back facility is one of a number of tools that may be
used to enhance shareholder value, although shares will only be purchased in
appropriate circumstances. To provide maximum flexibility, a resolution to renew
the share buy back authority is included in the Notice of the Annual General

Final Warrant Exercise Date on 31 December 2003

A Circular to warrant holders will be distributed with the Annual Report and
Accounts to remind them of the final opportunity to exercise their warrants. The
final date on which warrants may be exercised is 31 December 2003.

Annual General Meeting

The Company's ninth Annual General Meeting will be held at 3.00 p.m. on
Wednesday 10th December 2003. As in previous years, the meeting will include a
presentation by the Investment Manager on the Company's investment strategy and
market prospects.


Stock markets around the world have recovered strongly in the last few months as
investors have grown more confident that a global economic recovery, led and
supported by the US, is now underway. However the Board remains cautious about
the robustness of any such recovery, particularly in the US, and the extent to
which markets may have become over-optimistic about the future prospects for
earnings and dividend growth.

Nevertheless, whatever is the short-term outlook for the stock market, your
Board believes that, given the breadth and quality of its investment portfolio,
the Company is well positioned to benefit from its portfolio of companies with
low valuations, good market positions and comparatively strong balance sheets.

John Hignett


 The first interim dividend for the year ending 31 August 2004, will be
announced in December 2003 and paid on 31 January 2004.

Annual General Meeting:     Wednesday, 10 December 2003 at 3.00 p.m. at 31
Gresham Street, London, EC2V 7QA.

The Annual Report and Accounts will be mailed to shareholders at their
registered addresses in November 2003, and from the date of release copies of
the Annual Report will be made available at the Company's registered office, 31
Gresham Street, London, EC2V 7QA.

Enquiries to the Secretary: Schroder Investment Management Limited

Neil Olofsson     (020 7658 3496)

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                                                                                                                                                                       

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