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Schroder Inc Growth (BC!)

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Monday 25 October, 2004

Schroder Inc Growth

Final Results

Schroder Income Growth Fund PLC
25 October 2004

                                                                 25 October 2004

Press Release

                         Unaudited Preliminary Results

The Directors of Schroder Income Growth Fund plc announce the unaudited
preliminary results for the year ended 31 August 2004.

Statement of Total     Year ended 31 August 2004    Year ended 31 August 2003
                       Revenue   Capital    Total   Revenue   Capital    Total
                         £'000     £'000    £'000     £'000     £'000    £'000
Gains on investments         -     9,576    9,576         -     7,586    7,586
Income                   5,510         -    5,510     5,027         -    5,027
Investment management
fee                       (544)     (544)  (1,088)     (477)     (477)    (954)
Performance fee              -      (133)    (133)        -      (113)    (113)
expenses                  (213)        -     (213)     (207)        -     (207)
------------------      --------   ------- --------   -------  -------- --------
Net return before
finance costs and
taxation                 4,753     8,899   13,652     4,343     6,996   11,339
Premium paid on
purchase of warrants
for cancellation             -      (706)    (706)        -         -        -
Interest payable             -         -        -         -         -        -
------------------      --------   ------- --------   -------  -------- --------
Return on ordinary
activities before
taxation                 4,753     8,193   12,946     4,343     6,996   11,339
------------------      --------   ------- --------   -------  -------- --------
Tax on ordinary              -         -        -         -         -        -
activities              --------   ------- --------   -------  -------- --------
Return on ordinary
activities after tax
for the year
attributable to equity
shareholders             4,753     8,193   12,946     4,343     6,996   11,339
Total dividends on
ordinary shares         (4,679)        -   (4,679)   (4,261)        -   (4,261)
------------------      --------   ------- --------   -------  -------- --------
Transfer to reserves        74     8,193    8,267        82     6,996    7,078
------------------      --------   ------- --------   -------  -------- --------
Return per ordinary
share                     6.39p    11.01p   17.40p     6.15p     9.90p   16.05p
Return per ordinary
share - diluted           6.32p                        5.96p
Dividends per ordinary
share                     6.25p        -     6.25p     6.00p        -     6.00p

Summary Balance Sheet                   At 31 August 2004    At 31 August 2003
                                                    £'000                £'000
Listed investments at market value                117,650              110,740
Current assets                                     13,469                5,507
Current liabilities                                (5,686)              (2,001)
Net Assets                                        125,433              114,246
Net asset value per share (undiluted)              166.05p              159.94p
Net asset value per (diluted)                      166.05p              154.14p

Abridged Cash Flow Statement                            Year ended  Year ended
                                                         31 August   31 August 
                                                              2004        2003
                                                             £'000       £'000
Net cash inflow from operating activities                    3,947       3,707
Net cash outflow from returns on investments and                 -           -
servicing of finance -
UK tax recovered                                                 -           -
Net cash inflow/(outflow) from financial investment          6,091      (2,507)
Equity dividends paid                                       (4,468)     (4,166)
Net cash inflow from financing                               2,214       1,976
-----------------------------                         -------------- -----------
Net cash inflow/(outflow)                                    7,784        (990)
-----------------------------                         -------------- -----------

Analysis of changes in net funds                    Year ended      Year ended
                                                     31 August       31 August 
                                                          2004            2003
                                                         £'000           £'000
Net cash inflow/(outflow)                                7,784            (990)
Net funds brought forward                                4,780           5,770
-----------------------------                     --------------     -----------
Net funds carried forward                               12,564           4,780
-----------------------------                     --------------     -----------

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 2003 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 2004 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 19 October 2004.

Statement by the Chairman, Mr John Hignett:

Results for the year and dividends
During the year ended 31 August 2004 the Company earned a revenue return of 6.39
pence per share compared with a return of 6.15 pence per share for the year
ended 31 August 2003, representing an increase of 3.9 per cent.

The Board declared total dividends of 6.25 pence per share for the year ended 31
August 2004, representing an increase of 4.2 per cent. over the 6.00 pence per
share paid in 2002/2003. This increase was in excess of the rate of inflation
for the same period of 3.2 per cent, in line with the Company's principal
investment objective to provide growth of income in excess of the rate of

Investment Performance
The Company out-performed its benchmark during the year ended 31 August 2004,
producing a net asset value total return of 13.0 per cent. compared with the
total return of 10.8 per cent. for the FTSE All-Share Index.

During the year the Company's share price traded within a relatively narrow
range. Although the net asset value per share increased by 7.7 per cent. during
the year, there was a change in the Company's discount to net asset value from a
premium of 1.7 per cent at the beginning of the year to a discount of 6.1 per
cent at the end of the year. The total share price return for the year was 4.5
per cent.

                          As at 31 August 2004   As at 31 August 2003  Change
Diluted net asset value
per share                              166.05p                154.14p     7.7
Middle market share
price                                  156.00p                156.75p    (0.5)
Share price
(discount)/premium                       (6.1)%                  1.7%       -

Share Purchases
During the year ended 31 August 2004, the Board operated its share buy-back
facility and a total of 1,025,000 ordinary shares were purchased for
cancellation, equal to approximately 1.4 per cent of the shares in issue on 1
September 2003.

The Directors continue to consider share buy backs as one of a number of tools
that may be used to enhance shareholder value and a resolution to renew the
authority to purchase shares for cancellation is included in the Notice of the
Annual General Meeting, to provide Directors with flexibility in the future.

On the final exercise date of 31 December 2003, there remained 5,133,637
warrants in issue, all of which were exercised resulting in 5,133,637 fully paid
ordinary shares being issued.

Corporate Governance
A new Combined Code was published in June 2003, and will apply to the Company
for the year ending 31 August 2005. In addition, the UK Listing Rules applying
to investment companies have been amended and best practice codes issued
applying to the investment trust industry.

The Board has reviewed its governance arrangements to ensure that the Company
substantially complies with the revised Combined Code. The review has focused on
the Board, its role, function and performance and the Terms of Reference of its
various committees. Further details may be found in the Corporate Governance
section of the Report.

Annual General Meeting
The Company's tenth Annual General Meeting will be held at 3.00 p.m. on Tuesday
14th December 2004. As in previous years, the meeting will include a
presentation by the Investment Manager on the Company's investment strategy and
market prospects.

John Hignett

The first interim dividend for the year ending 31 August 2005, will be announced
in December 2004 and paid on 31 January 2005.

Annual General Meeting: Tuesday, 14 December 2004 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 2004, 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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