The production of invisible pairs of lightest neutralinos accompanied by a large-angle hard photon in the reaction $e^+ e^- to chi^0_1 chi^0_1 gamma$ is studied at LEP2 energies. The most general gaugino/higgsino composition of the $chi^0_1$ within the Minimal Supersymmetric Standard Model is assumed. The spectrum of the observed photon is derived within the framework of the $p_t$-dependent structure-function approach, whose accuracy is assessed to be within the foreseen experimental accuracy at LEP2. Higher-order QED corrections due to undetected initial-state radiation are also included. A comparison with the Standard Model main background from $e^+ e^- to u bar u gamma$ is performed for optimized photon kinematical cuts. Quantitative conclusions on the signal/background ratio are given for a wide range of values of the SUSY parameters.
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