Interim Results

RNS Number:7720E
Schroder Split ZDP PLC
16 June 2006

                                                                    16 June 2006

                           UNAUDITED INTERIM RESULTS

The Directors of Schroder Split ZDP plc announce the unaudited preliminary
results for the six months ended 30 April 2006.


Highlights                                  Six months ended           Six months ended          Year ended
                                              30 April 2006             30 April 2005         31 October 2005

Net asset value

Zero Dividend Preference Share                   137.33p                      127.42p             132.34p

Mid market price

Zero Dividend Preference Share                   140.50p                   133.00p                137.75p

Total return to shareholders            Six months ended 30 April    Six months ended 30         Year ended
                                                  2006                    April 2005          31 October 2005
                                                  #'000                     #'000                  #'000

Zero Dividend Preference Shares                   1,371                     1,265                  2,614



Income Statement
(incorporating the revenue account)


                                   Six months ended 30 April 2006                Six months ended 30 April 2005
                                                      (unaudited)                                   (unaudited)

                                          Revenue         Capital     Total*    Revenue       Capital    Total*
                                            #'000           #'000      #'000      #'000         #'000     #'000
Accrued redemption premium               -             1,371        1,371        -          1,265       1,265
receivable from parent company
Gross revenue and capital gains          -             1,371        1,371        -          1,265       1,265
Return before finance costs and          -             1,371        1,371        -          1,265       1,265
taxation
Appropriations in respect of Zero        -            (1,371)     (1,371)        -         (1,265)     (1,265)
Dividend Preference Shares
Return on ordinary activities            -               -            -          -            -           -
before taxation
Tax on ordinary activities
Return on ordinary activities            -               -            -          -            -           -
after taxation
Zero Dividend Preference Share           -             4.99p        4.99p        -          4.60p       4.60p



*The total column of this statement is the Income Statement of the Company under
IFRS.

All revenue and capital items in the above statement derive from continuing
operations.

The classification of called-up share capital and reserves as liabilities (as
detailed in Note 1) means that appropriations in respect of Zero Dividend
Preference Shareholders are treated as a finance charge.


                                                            At 30 April 2006               At 31 October 2005
                                                              (unaudited)
Balance Sheet
                                                                           #'000                        #'000
Current assets
Debtors                                                                   37,770                       36,399
Net current assets and net assets attributable to
Shareholders                                                              37,770                       36,399

Liabilities in respect of net assets attributable to
Shareholders represented by:

Called up share capital

- Ordinary Shareholders                                                       50                           50
- Zero Dividend Preference Shareholders                                   27,467                       27,467
Reserve for redemption premium on Zero Dividend
Preference shares                                                         10,253                        8,882
                                                                          37,770                       36,399

Funds attributable to:

- Ordinary Shareholders                                                       50                           50
- Zero Dividend Preference Shareholders                                   37,720                       36,349
                                                                          37,770                       36,399

Net asset value per:

- Ordinary Shareholders                                                  100.00p                      100.00p
- Zero Dividend Preference Share                                         137.33p                      132.34p





The classification of called up share capital and reserves as liabilities (as
detailed in the Note 1) means there are no shareholders' funds and accordingly
neither a Reconciliation of Movements in Shareholders' Funds nor a Statement of
Changes in Equity have been presented.



Notes to the Preliminary Announcement

1. The interim financial statements have been prepared on the historical cost
basis of accounting.

The interim financial statements have been prepared in accordance with
applicable International Financial Reporting Standards and, where consistent
with these Standards, with the Statement of Recommended Practice "Financial
Statements of Investment Trust Companies" issued in January 2003 and revised in
December 2005. The Company's previous financial statements were prepared under
applicable United Kingdom accounting standards. Other than the reclassification
of net assets attributable to Ordinary and Zero Dividend Preference
shareholders, from Shareholders' Funds to liabilities, the adoption of IFRS has
not lead to other adjustments to the Company's equity and net income. The
reclassification of Shareholders' Funds as liabilities has led to a significant
change in the presentation of the balance sheet. It should be noted, however,
that these changes are purely presentational, and have been made to comply with
the requirements of IAS 32, a new international accounting standard, and the
rights and obligations of both share classes remain unchanged.

All the Company's operations are of a continuing nature. The Company is a wholly
owned subsidiary of Schroder Split Investment Fund plc, another United Kingdom
company.

The Company is a wholly owned subsidiary of Schroder Split Investment Fund plc,
a company incorporated in Great Britain and operating in the United Kingdom.

2. The results for the six months to 30 April 2006 and 30 April 2005, which are
unaudited, constitute

non-statutory accounts within the meaning of Section 240 of the Companies Act
1985. The comparative figures for the financial year ended 31 October 2005 are
not the Company's statutory accounts for that financial year. Those accounts
have been reported on by the Company's auditors and delivered to the registrar
of companies. The report of the auditors was unqualified and did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.

3. The Company has taken advantage of the exemptions permitted by FRS1 not to
prepare a cash flow statement as it is a wholly owned subsidiary of Schroder
Split Investment Fund plc.

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


Enquiries:               Schroder Investment Management Limited

Louise Richard                         (020 7658 6501)

16 June 2006



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