Interim Results

RNS Number:6357X
Schroder Split ZDP PLC
01 June 2007

                                                                    1 June 2007


                           UNAUDITED INTERIM RESULTS

The Directors of Schroder Split ZDP plc announce the unaudited preliminary
results for the six months ended 30 April 2007.


Income Statement
                                            Six months ended 30 April 2007        Six months ended 30 April 2006
                                                     (unaudited)                           (unaudited)
                                          Revenue Return   Capital       Total     Revenue     Capital Total Return
                                                            Return      Return      Return      Return
                                   Note            #'000     #'000       #'000       #'000       #'000        #'000

Accrued redemption premium                             -     1,477       1,477           -       1,371        1,371
receivable from parent company
Gross revenue and capital                              -     1,477       1,477           -       1,371        1,371
gains
Net return before finance                              -     1,477       1,477           -       1,371        1,371
costs and taxation
Appropriations in respect of                           -   (1,477)     (1,477)           -     (1,371)      (1,371)
Zero Dividend Preference
Shares
Net return on ordinary                                 -         -           -           -           -            -
activities before taxation
Taxation on ordinary                                   -         -           -           -           -            -
activities
Net return on ordinary                                 -         -           -           -           -            -
activities after taxation
Transfer to/(from) reserves                            -         -           -           -           -            -
Net return per Ordinary Share                          -         -           -           -           -            -
Net return per Zero Dividend          2                -     5.38p       5.38p           -       4.99p        4.99p
Preference Share



The Total Return 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 in
accordance with IFRS means that appropriations in respect of Zero Dividend
Preference Shareholders are treated as a finance charge.

Balance Sheet
                                                                     At                  At                     At
                                                          30 April 2007       30 April 2006        31 October 2006
                                                            (unaudited)         (unaudited)              (audited)
                                                                  #'000               #'000                  #'000
Current assets
Debtors                                                          40,693              37,770                 39,216
Net current assets and net assets attributable
to Shareholders                                                  40,693              37,770                 39,216

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

Called up share capital
- Ordinary Shares                                                    50                  50                     50
- Zero Dividend Preference Shares                                27,467              27,467                 27,467    
Reserve for redemption premium on Zero Dividend
Preference Shares                                                13,176              10,253                 11,699

                                                                 40,693              37,770                 39,216

Funds attributable to:
- Ordinary Shareholders                                              50                  50                     50
- Zero Dividend Preference Shareholders                          40,643              37,720                 39,166

                                                                 40,693              37,770                 39,216

Net asset value per:
- Ordinary Share (Note 3)                                       100.00p             100.00p                100.00p
- Zero Dividend Preference Share (Note 3)                       147.97p             137.33p                142.59p


The classification of called up share capital and reserves as liabilities in
accordance with IFRS means there are no shareholders' funds. 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. Basis of preparation

The interim financial statements have been prepared on the historical cost basis
of accounting.  The Company has a planned initial life to 30 November 2007. The
Company's Articles of Association require that, inter alia, unless released from
the obligation by shareholders, the Directors shall convene an extraordinary
general meeting on 30 November 2007 at which an ordinary resolution will be
proposed to wind up the Company. The future of the Group has not been voted on
by shareholders and accordingly these accounts have been prepared on a going
concern basis, but the existence of the obligation in the Articles of
Association means that there is a material uncertainty regarding the Company's
ability to continue as a going concern. The interim financial information does
not include any adjustments that would result if the Company's shareholders
voted to place the Company into liquidation. In particular, no provision has
been made for the costs of winding up the Company as such costs were not
contractually committed at 30 April 2007.

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.

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.

2. Net return per Zero Dividend Preference Share

The capital return per Zero Dividend Preference Share is based on the
appropriations in respect of such shares of #1,477,000 (30 April 2006:
#1,371,000 and 31 October 2006: #2,817,000) and on 27,467,332 Zero Dividend
Preference Shares in issue throughout the period (30 April 2006 and 31 October
2006: same).

3. Net asset value per Share

The net asset value per Ordinary Share is based on the subscription amount of
#50,002, for those shares which are held by the parent company and 50,000
Ordinary Shares in issue.

The net asset value per Zero Dividend Preference Share is based on funds
attributable to the Zero Dividend Preference Shares of #40,643,000 (30 April
2006: #37,720,000 and 31 October 2006: #39,166,000) and on 27,467,332 Zero
Dividend Preference Shares in issue at 30 April 2007 (30 April 2006 and 31
October 2006: same).

4. Cash flow statement

The Company does not maintain any cash holdings and as such has not disclosed a
Cash Flow Statement.

5. Results

The results for the six months to 30 April 2007 and 30 April 2006, 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 2006 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. The abridged financial statements shown above for the year
ended 31 October 2006 are an extract from those accounts.

This statement was approved by the Board of Directors on 1 June 2007.

Interim Report

The Interim Report of the Group will be mailed to shareholders at their
registered addresses in June 2007 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)
1 June 2007






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