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Schroder Inc Growth (BC!)

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Friday 26 March, 2004

Schroder Inc Growth

Interim Results

Schroder Income Growth Fund PLC
26 March 2004

Press Release                                          25 March 2004

                           Unaudited Interim Results

The Directors of Schroder Income Growth Fund plc announce the unaudited interim
results for the six months ended 29 February 2004:

                        Six months ended               Six months ended       
                        29 February 2004               28 February 2003       
  Statement of     Revenue   Capital    Total    Revenue    Capital      Total
  total return                                                                
                     £'000     £'000    £'000     £'000      £'000      £'000 

  Net gains/             -    10,594   10,594         -   (11,393)   (11,393) 
  (losses) on                                                                 

  Premia paid on         -     (705)    (705)         -          -          - 
  purchase of                                                                 
  warrants for                                                                

  Income             1,767         -    1,767     2,004          -      2,004 

  Investment         (253)     (253)    (506)     (230)      (230)      (460) 

  Performance            -     (133)    (133)         -      (105)      (105) 

  Administrative     (109)         -    (109)      (96)          -       (96) 

  Return/(deficit)   1,405     9,503   10,908     1,678   (11,728)   (10,050) 
  finance costs                                                               
  and taxation                                                                
Interest               -         -        -       (3)        (3)        (6) 

  Net                1,405     9,503   10,908     1,675   (11,731)   (10,056) 
   on ordinary                                                               

  Tax on                 -         -        -         -          -          - 

  Return/(deficit)   1,405     9,503   10,908     1,675   (11,731)   (10,056) 
   on ordinary                                                               
  after tax for                                                               
  the period                                                                  
  to equity                                                                   
 1st interim        (929)         -    (929)     (895)          -      (895) 
  dividend of                                                                 
  per share paid                                                              
  31 January                                                                  

  2nd interim        (989)         -    (989)     (899)          -      (899) 
  dividend of                                                                 
  per share                                                                   
  payable 30                                                                  
  April 2004                                                                  

  Transfer           (513)     9,503    8,990     (119)   (11,731)   (11,850) 

  Return per         1.93p    13.03p   14.96p     2.39p   (16.70)p   (14.31)p 
  ordinary share                                                              

  Return per         1.93p    13.03p   14.96p     2.32p   (16.23)p   (13.91)p 
  ordinary share                                                              

  Dividends for      2.60p         -    2.60p     2.54p          -      2.54p 
  the period per                                                              
  ordinary share                                                              
Unaudited Preliminary Statement of Results 

                                          Six months ended    Six months ended
                                          29 February 2004    28 February 2003
  Abridged Cash Flow Statement                       £'000               £'000

  Net cash inflow from operating                     1,368               1,551

  UK tax recovered                                       -                   -

  Dividends paid                                   (2,493)             (2,364)

  Net cash inflow/(outflow) from                       418                (95)
  investing activities                                                        

  Net cash inflow from financing                     3,039               1,032

  Net cash inflow                                    2,332                 124

                                                 At                 At       
                                          29 February 2004    31 August 2003 
  Assets                                              £'000             £'000

  Listed investments at market value                120,615           110,740

  Net current assets                                  6,365             3,506

  Net Assets                                        126,980           114,246

  Net asset value per share (undiluted)             166.94p           159.94p

  Net asset value per share (diluted)               166.94p           154.14p

Investment Manager's Review


The Company's diluted net asset value total return was 9.7% during the six month
period to 29 February 2004, compared with the total return on the FTSE All-Share
Index of 9.8%. Over the period the shares traded between a premium of 1% and a
discount of 5% to the underlying net asset value.

The Company's diluted earnings per share for the six month period to 29 February
2004 decreased by 16.8% compared with the six months to 28 February 2003. This
fall occurred partly as a function of the timing of certain dividend receipts,
adjustments to our portfolio and also as a consequence of receiving some
dividends in the weakened US$ currency. In addition, there was also a dilutive
effect because of the timing of receipts from the warrant exercise in the
current period.

However, the Board announced on 18 March 2004, a second interim dividend of 1.3p
net per share, an increase of 2.4% over the second interim dividend for the
previous financial year, which is in line with the investment objective to
provide a real growth in income.

Market Background and Investment Outlook

The market has continued to rise as investors have set aside their worries and
focused on the recovery in world economies which have been led primarily by a
pick-up in the US, but perhaps just as importantly, the continued rapid
expansion of China. The change in attitude to risk since the lows associated
with the Iraq war in March 2003 has been quite extreme - investors are no longer
avoiding risk but are actively looking to increase it.

The view discounted by the market is for an economic recovery along classic
lines. However, we believe that the recovery in global growth will be weaker
than in the past as it is reliant on a recovery in corporate, rather than
consumer, expenditure. Consumer purchases of durable goods already represent a
record share of real GDP thus minimising the potential for future strong growth.
The risks to the stock market have increased at its current valuation as the
general feeling of optimism among investors may not be able to cope with much
bad news on the speed and extent of the economic recovery.

Nevertheless, we are seeing good value in some of the larger, more stable
companies in sectors such as food and beverages which have been ignored over the
last year as investors sought exposure to the more cyclical areas of the market.

We aim to invest in companies that are out of favour with the market, have low
valuations, good market positions and relatively strong balance sheets. By
pursuing this approach we expect to continue to deliver returns ahead of the
benchmark index over the long term.

Schroder Investment Management Limited

22 March 2004

Interim Report

The Interim Report will be sent by mail to shareholders at their registered
addresses in April 2004 and from the date of release, copies of the Interim
Report will be made available to the public at the Company's registered office:
31 Gresham Street, London, EC2V 7QA.

Enquiries:   Schroder Investment Management Limited

Neil Olofsson    (020 7658 3496)

25 March 2004

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

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