Final Results

Artemis Alpha Trust PLC
08 July 2005

ARTEMIS ALPHA TRUST PLC

Advanced notification of Annual Unaudited Results for the year ended 30 April
2005



CHAIRMAN'S STATEMENT

I am pleased to report that the year to 30 April 2005 has been another year of
exceptional performance, with the basic net asset value per share increasing by
50.1% (diluted: 43.9%). This is considerably ahead of the benchmark index, the
FTSE All Share Index, which rose, in capital terms, by 7.1% and was reflected in
the Company's share price, wwhich increased by 42.8% over the period.

Significant contributions to performance over the year came from the portfolio's
overweight exposure to companies in the resources sector, coupled with some
excellent stock selection by your Manager, Artemis Investment Management
Limited. Your Company's broad investment policy has allowed the Manager to take
advantage of market opportunities in this area in particular, and whilst some of
these companies carry an above average risk, the returns from successful
investments are often considerable.

During the period under review, your Board authorised an increase in the level
of borrowings from £7.0 million to £11.5 million, and the deployment of these
additional funds in the market has had a beneficial impact on net assets. Your
Board regularly reviews the Company's borrowings and as at 30 April 2005 net
borrowing represented 15.7% of net assets. Your Company has a maximum borrowing
limit of 25% of net assets.

During the year, your Company acquired a private holding company, DMWS 504
Limited. It provided an opportunity to acquire a portfolio of investments, with
the largest being a share holding in Artemis Investment Management Limited. Your
Board and Manager believe that this will prove to be a good investment for
shareholders. The consideration for this acquisition, some £7 million, was made
up of a combination of cash and new shares.

Further details on the portfolio and activity in the year are set out in your
Manager's Review contained in the Annual Report and Accounts.

Dividends

Your Board declares a second interim dividend of 1.1p (2004:1.0p) per eligible
ordinary share (excluding holders of shares issued on 18 March 2005), bringing
total dividends for the year to 30 April 2005 to 2.1p per share. This represents
an increase of 5% over dividends paid in 2004. The second interim dividend will
be paid on Friday, 12 August 2005 to those eligible shareholders on the register
on 22 July 2005. The second interim dividend will not be paid on the new shares
issued in connection with the acquisition of DMWS 504 Limited.

Board Composition

In February 2005, David Barron was appointed to your Board as a non-executive
director. He has a wealth of knowledge of investment trusts and will be a
valuable addition to your Board. In accordance with the Company's Articles of
Association, he will stand for election at the forthcoming Annual General
Meeting.



Annual General Meeting

Your Company's Annual General Meeting this year will be held at Cassini House,
57 St James's Street, London SW1A 1LD on 12 September 2005. As always, your
Board would welcome your attendance at the meeting as it provides an opportunity
to ask questions of your Board and Manager. If you have any detailed or
technical questions, it would be helpful if these could be raised in advance
with the Company Secretary. If you are unable to attend the meeting, your Board
would encourage you to send in your proxy votes.

Investment Plan

Documentation in respect of your Company's investment plan ('the plan') will
shortly be circulated to shareholders. Your Board believes that the plan will
provide a simple and cost effective way for existing shareholders and new
investors alike to acquire shares in the Company. Further information on the
plan is available from your Manager, Artemis Investment Management Limited.

Outlook

Since the year end your Company's basic net asset value has declined to 184.04p
per share. One of the main reasons for this has been a correction in the
valuations of several companies in the oil & gas/resources sectors, an area to
which the portfolio has long had a significant exposure. Your Manager remains
committed to this part of the portfolio and believes that the market has yet to
reflect the likely returns that some of the junior natural resource companies
can generate in a world of US$50 oil. The general outlook for stockmarkets
remains uncertain, as there are still concerns over the high levels of personal
debt in both the UK and US and the prospect of slowing economic growth. Your
Board, however, remains confident that your Company will continue to benefit
from your Manager's ability to identify sectors and companies which offer
attractive investment opportunities.



Simon Miller

Chairman

8 July 2005







Consolidated Statement of Total Return (Unaudited)

(incorporating the revenue account*)

For the year ended 30 April 2005


                                                     2005                                       2004
                         Note           Revenue         Capital           Total     Revenue       Capital         Total
                                          £'000           £'000           £'000       £'000         £'000         £'000
Gains on investments                          -          19,446          19,446           -        11,643        11,643
Exchange losses on                            -            (13)            (13)           -          (83)          (83)
capital items
Loss on current asset                       (6)               -             (6)         (1)             -           (1)
investment
Income                                    1,215               -           1,215         768             -           768
Investment management                      (44)           (389)           (433)        (21)         (190)         (211)
fee
Other expenses                            (301)            (60)           (361)       (260)         (120)         (380)

                                     ----------      ----------      ----------  ----------    ----------    ----------
Net return on ordinary
activities before
finance costs and                           864          18,984          19,848         486        11,250        11,736
taxation
Interest payable and                       (42)           (374)           (416)        (11)         (102)         (113)
similar charges
                                     ----------      ----------      ----------  ----------    ----------    ----------
Return on ordinary
activities before
taxation                                    822          18,610          19,432         475        11,148        11,623
Tax on ordinary                            (82)              63            (19)        (18)             -          (18)
activities
                                     ----------      ----------      ----------  ----------    ----------    ----------
Return on ordinary
activities after
taxation for the                            740          18,673          19,413         457        11,148        11,605
financial year
Dividends paid and
Proposed in respect of
equity shares                             (642)               -           (642)       (261)             -         (261)

                                    -----------     -----------     ----------- -----------   -----------   -----------
Transfer to reserves                         98          18,673          18,771         196        11,148        11,344

                                    -----------     -----------     ----------- -----------   -----------   -----------
Return per ordinary          2            2.39p          60.40p          62.79p       2.33p        56.83p        59.16p
share (basic)
                                    -----------    ------------    ------------ -----------  ------------  ------------
Return per ordinary          2             2.26p          57.00p          59.26p       2.27p        55.27p        57.54p
share (diluted)
                                    -----------    ------------    ------------ -----------  ------------  ------------

*The revenue columns of this statement are the consolidated profit and loss
account of the Group.

All revenue and capital items in the above statement derive from continuing
operations. No operations were discontinued during the year.

Balance Sheets (Unaudited)

as at 30 April 2005


                                                           Group          Group          Company          Company
                                                            2005           2004             2005             2004
                                     Note                  £'000          £'000            £'000            £'000
Fixed assets

Investments                                               74,593         39,742           81,436           39,742
Current assets
Investments                                                  314            201                -                -
Debtors                                                      837            877              837              878
Cash at bank                                               2,907          4,795                -            4,795

                                                ----------------   ------------  ---------------     ------------
                                                           4,058          5,873              837            5,673
Creditors: amounts falling due                          (14,214)        (6,191)         (18,184)          (6,192)
within one year
                                                ----------------  -------------    -------------   --------------
Net current liabilities                                 (10,156)          (318)         (17,347)            (519)

                                                ----------------  ------------- ----------------    -------------
Total net assets                                          64,437         39,424           64,089           39,223

                                                ----------------  ------------- ----------------    -------------
Capital and reserves
Called up share capital                                      333            306              333              306
Share premium account                                     23,912         18,431           23,912           18,431
Capital redemption reserve                                     2              2                2                2
Warrant reserve                                            1,101            367            1,101              367
Capital reserve - realised                                13,178          4,655           13,115            4,655
Capital reserve - unrealised                              17,378          7,228           17,378            7,228
Special reserve                                            8,208          8,208            8,208            8,208
Revenue reserve                                              325            227               40               26

                                                 ---------------  -------------   --------------   --------------
Equity shareholders' funds                                64,437         39,424           64,089           39,223

                                                 ---------------  -------------   --------------   --------------
Net asset value per ordinary share  3                    193.38p        128.86p
(basic)
                                                 --------------- --------------   --------------   --------------
Net asset value per ordinary share  3                    180.83p        125.65p
(diluted)
                                                 --------------- --------------   --------------   --------------





Consolidated Statement of Cash Flows (Group) (Unaudited)

for the year ended 30 April 2005


                                                         2005           2004
                                                        £'000          £'000

Operating activities
Investment Income received                              1,169            645
Deposit interest received                                  53             39
Underwriting commission received                           16              -
Investment management fees paid                         (327)          (104)
Company secretarial fees paid                            (11)           (13)
Other cash payments                                     (325)          (344)
Witholding tax recovered                                    3             16

                                                 ------------  -------------
Net cash inflow from operating activities                 578            239

                                                 ------------   ------------
Servicing of finance
Loan interest paid and other finance costs              (425)          (102)

                                                 ------------  -------------
Net cash outflow from servicing of finance              (425)          (102)

                                                 ------------  -------------
Capital expenditure and financial investment
Purchase of investments                              (51,480)       (55,985)
Sale of investments                                    40,925         36,581

                                                 ------------    -----------
Net cash outflow from capital expenditure            (10,555)       (19,404)
and financial investment
                                                 ------------    -----------
Equity dividends paid                                   (436)          (261)

                                                 ------------    -----------
Net cash outflow before financing                    (10,838)       (19,528)

                                                 ------------    -----------
Financing
Amounts drawndown under revolving credit                6,700          4,350
facility
Issue of shares                                             -         19,000
Expenses of share issue                                     -          (393)
Issue of warrants                                         734            367

                                                  -----------    -----------
Net cash inflow from financing                          7,434         23,324

                                                  -----------    -----------
(Decrease)/increase in cash                           (3,404)          3,796

                                                  -----------    -----------







NOTES
1.       Accounting policies

         The financial statements have been prepared in accordance with the historical cost convention as modified by
         the revaluation of fixed asset investments, and in accordance with applicable accounting standards and with the
         Statement of Recommendation Practice regarding the Financial Statements of Investment Trust Companies issued in
         2003.
2.       Return per ordinary share

         The basic revenue return per ordinary share is based on the net revenue on ordinary activities after tax of
         £740,000 (2004: £457,000) and on 30,914,756 (2004: 19,616,622) ordinary shares, being the weighted average
         number of ordinary shares in issue during the year. Capital return per ordinary share is based on net capital
         gains for the year of £18,673,000 (2004: £11,148,000) and on 30,914,756 (2004: 19,616,622) ordinary shares,
         being the weighted average number of ordinary shares in issue during the year.

         Due to an administrative error in determining the weighted average number of ordinary shares in issue at 30
         April 2004, the figures above differ from those announced in the 2004 annual results. Both the basic and
         diluted returns have been re-calculated based on 19,616,622 shares being the correct weighted average number of
         ordinary shares in issue at 30 April 2004. The Company's total return remains unaffected.

         The calculation of the fully diluted revenue and capital returns per ordinary share are carried out in
         accordance with Financial Reporting Standard No. 14, 'Earnings per Share'. For the purposes of calculating
         diluted revenue and capital returns per ordinary share, the number of ordinary shares is the weighted average
         used in the basic calculation plus the number of ordinary shares deemed to be issued for no consideration on
         exercise of all warrants by reference to the average share price of the ordinary shares during the year. The
         calculations indicate that the exercise of Warrants would result in an increase in the weighted average number
         of ordinary shares of 1,844,066 (2004: 553,227).
3.       Net asset value per ordinary share

         The basic net asset value per ordinary share is based on net assets of £64,437,000 (2004: £39,424,000) and on
         33,320,799 (2004: 30,593,452) shares, being the number of ordinary shares in issue at the year end.

         The diluted net asset value per ordinary share has been calculated on the assumption that the 2,609,939 and
         3,508,750Manager Warrants (2004: 2,609,939) in issue were exercised, resulting in a total of 39,439,488
         ordinary shares in issue (2004: 33,203,391).
4.       2005 accounts

         The financial information set out above does not constitute the Company's statutory accounts for the year ended
         30 April 2005. Statutory accounts for 2004 have been delivered to the Registrar of Companies and received an
         audit report which 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 30 April 2005 have not yet been approved, audited or
         delivered to the Registrar of Companies.
5.       Dividend

         The Directors declare a second interim dividend of 1.1p per ordinary share, which will be paid on 12 August
         2005 to eligible shareholders on the register as at close of business on 22 July 2005. Holders of ordinary
         shares issued on 18 March 2005 are not eligible for this dividend. Following this payment, all of the Company's
         ordinary shares will rank pari passu and will therefore be eligible for future dividend payments.
6.       The Annual Report will be sent to shareholders in July 2005 and thereafter copies will be available from the
         registered office at 55 Moorgate, London EC2R 6PA. The Annual General Meeting of the Company will be held on 12
         September 2005.



8 July 2005



Enquiries
Billy Aitken          Artemis Investment Management Limited        0131 225 7300
Louise Richard        BNP Paribas Secretarial Services Limited,    020 7410 4942
                      Secretary


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