Interim Results

Artemis Alpha Trust PLC
10 December 2004

ARTEMIS ALPHA TRUST PLC

Preliminary Unaudited Results for the half year ended 31st October 2004

Chairman's Statement



Introduction

In my statement in the 2004 Annual Report, I indicated that your Board believed
that the Company was well positioned to seek an above average total return for
its shareholders. I am pleased to report that the performance by your Company
over the six month period to 31st October 2004 has supported this view.

Performance

Over the six months to 31st October 2004, your Company's basic net asset value
has risen by 13.9% (diluted:12.2%). This compares favourably to the capital rise
in the FTSE All Share Index of 2.7%. Since the Company's adoption of the new
investment objective and policy, and the appointment of Artemis Investment
Management Limited, in May 2003, the basic net asset value has risen by 101.9%,
compared to the capital rise in the FTSE All-Share Index of 16.7%.

Results

Group earnings for the six months to 31st October 2004 were 1.13p per ordinary
share and your Board is pleased to declare a maintained interim dividend of 1.0p
per ordinary share for the year ended 30 April 2005. This interim dividend will
be paid to shareholders on 28th January 2005 to shareholders on the register on
31st December 2004.

Investment Plan

I am pleased to inform you that, as indicated in my statement in the 2004 Annual
Report, an Investment Plan has now been established. This will enable investors
to acquire the Company's shares in a cost-effective manner through lump sum or
regular investment. Full details of the Investment Plan will be sent out to you
with the 2004 Interim Report.


Simon Miller
Chairman
10 December 2004


Consolidated Statement of Total Return
(incorporating the revenue account*) (unaudited)
For the six months ended 31st October 2004

                             (Unaudited)                  (Unaudited) 
                     1st May 2004 to 31st         1st May 2003 to 31st
                            October 2004                 October 2003 
                Revenue   Capital  Total      Revenue Capital  Total 
                   £000     £000    £000         £000    £000    £000 
                                                                      
  Gains on            -    5,014   5,014            -   3,938   3,938 
  investments                                                          
  Exchange            -     (17)    (17)            -    (72)    (72) 
  losses on                                                           
  capital                                                             
  items                                                               
  Loss on          (20)        -    (20)            -       -       - 
  current                                                             
  asset                                                               
  investment                                                          
                                                                      
  Income            556        -     556          302       -     302 
  Investment       (18)    (161)   (179)          (6)    (53)    (59) 
  Management                                                          
  fee                                                                 
  Other           (147)        -   (147)         (90)   (136)   (226) 
  expenses                                                            
  Net               371    4,836   5,207          206   3,677   3,883 
  return on                                                           
  ordinary                                                            
  activities                                                          
  before                                                              
  finance                                                             
  costs and                                                           
  taxation                                                            
  Interest         (15)    (138)   (153)          (3)    (26)    (29) 
  payable                                                             
  and                                                                 
  similar                                                             
  charges                                                             
  Return on         356    4,698   5,054          203   3,651   3,854 
  ordinary                                                            
  activities                                                          
  before                                                              
  taxation                                                            
  Tax on            (9)        -     (9)         (18)       -    (18) 
  ordinary                                                            
  activities                                                          
                                                                      
  Return on         347    4,698   5,045          185   3,651   3,836 
  ordinary                                                            
  activities                                                          
  after                                                               
  taxation                                                            
  for the                                                             
  financial                                                           
  period                                                              
  Dividends       (306)        -   (306)        (130)       -   (130) 
  in                                                                  
  respect                                                             
  of equity                                                           
  shares (1                                                           
  pence per                                                           
  share)                                                              
  Transfer           41    4,698   4,739           55   3,651   3,706 
  to                                                                  
  reserves                                                            
                                                                      
  Return          1.13p   15.36p   16.49p       1.42p   27.98p  29.40p
  per                                                                 
  ordinary                                                            
  share                                                               
  (basic)=                                                            
  Return          1.10p   14.86p   15.96p       1.41p   27.92p  29.33p
  per                                                                 
  ordinary                                                            
  share                                                               
  (diluted)                                                           
 


Consolidated Statement of Total Return
(incorporating the revenue account*) (unaudited)
For the six months ended 31st October 2004

                                                            (Audited) 
                                           Year ended 30th April 2004 
                                         Revenue    Capital     Total 
                                            £000       £000      £000 
                                                                      
  Gains on investments                         -     11,643    11,643 
  Exchange losses on                           -       (83)      (83) 
  capital items                                                       
  Loss on current asset                      (1)          -       (1) 
  investment                                                          
  Income                                     768          -       768 
  Investment Management                     (21)      (190)     (211) 
  fee                                                                 
  Other expenses                           (260)      (120)     (380) 
  Net return on ordinary                     486     11,250    11,736 
  activities before                                                   
  finance costs and                                                   
  taxation                                                            
  Interest payable and                      (11)      (102)     (113) 
  similar charges                                                     
  Return on ordinary                         475     11,148    11,623 
  activities before                                                   
  taxation                                                            
  Tax on ordinary                           (18)          -      (18) 
  activities                                                          
  Return on ordinary                         457     11,148    11,605 
  activities after                                                    
  taxation for the                                                    
  financial period                                                    
  Dividends in respect of                  (261)          -     (261) 
  equity shares (1 pence                                              
  per share)                                                          
  Transfer to reserves                       196     11,148    11,344 
                                                                      
  Return per ordinary                      2.33p     56.83p    59.16p 
  share (basic)=                                                      
  Return per ordinary                      2.27p     55.27p    57.54p 
  share (diluted)                                                     

* The revenue column of this statement is the consolidated revenue account of
the Group.

= The basic return per ordinary share has been based on 30,593,452 (30 April
2004: 19,616,622 October 2003: 13,049,698) ordinary shares, being the weighted
average number of ordinary shares in issue during the period.

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 at the time of the annual results. Both the basic and diluted returns
have been re-calculated based on 19,616,622, being the correct weighted average
number of ordinary shares in issue at the year end. 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
calculation indicates that the exercise of Warrants would result in an increase
in the weighted average number of Ordinary shares of 1, 024,458 (31 October
2003: 25,562, 30 April 2004: 553,227) Ordinary shares.



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

These financial statements have been prepared using the accounting standards and
policies adopted at the previous year end.


Consolidated Balance Sheet (unaudited)

As at 31st October 2004

                          (Unaudited)      (Unaudited)      (Audited) 
                        31st October     31st October     30th April  
                                 2004             2003           2004 
                                 £000             £000           £000 
  Fixed Assets                                                        
  Investments                  50,323           14,383         39,742 
  Current Assets                                                      
  Investments                     561              248            201 
  Debtors                         327              625            877 
  Cash at bank                  1,027              509          4,795 
                                1,915            1,382          5,873 
  Creditors: amounts          (7,341)          (2,586)        (6,191) 
  falling due within                                                  
  one year                                                            
  Net current                 (5,426)          (1,204)          (318) 
  liabilities                                                         
  Total net assets             44,897           13,179         39,424 
                                                                      
  Capital and                                                         
  reserves                                                            
  Called up share                 306              130            306 
  capital                                                             
  Share premium                18,431            8,208         18,431 
  account                                                             
  Capital redemption                2                2              2 
  reserve                                                             
  Warrant reserve               1,101              367            367 
  Capital reserve -             8,794            2,095          4,655 
  realised                                                            
  - unrealised                  7,787            2,291          7,228 
  Special reserve               8,208                -          8,208 
  Revenue reserve                 268               86            227 
  Equity                       44,897           13,179         39,424 
  shareholders'                                                       
  funds                                                               
  Net asset value             146.75p          100.99p        128.86p 
  per ordinary share                                                  
  (basic)                                                             
  Net asset value             141.04p           98.82p        125.65p 
  per ordinary share                                                  
  (diluted)                                                           


Consolidated Statement of Cash Flows (unaudited)
For the six months ended 31st October 2004

                            (Unaudited)     (Unaudited)     (Audited) 
                            1st May 2004    1st May 2003   Year ended 
                                    to              to     30th April 
                          31st October    31st October           2004 
                                   2004            2003               
                                   £000            £000          £000 
  Net cash inflow                   183              11           239 
  operating activities                                                
  Servicing of finance                                                
  Loan interest paid              (164)            (25)         (102) 
  and other finance                                                   
  costs                                                               
  Net cash outflow from           (164)            (25)         (102) 
  servicing of finance                                                
  Capital expenditure                                                 
  and financial                                                       
  investment                                                          
  Purchases of                 (28,925)        (19,292)      (55,985) 
  investments                                                         
  Sales of investments           22,534          17,029        36,581 
  Net cash outflow from         (6,391)         (2,263)      (19,404) 
  capital expenditure                                                 
  and financial                                                       
  investment                                                          
  Equity dividends paid           (130)           (130)         (261) 
  Net cash outflow              (6,502)         (2,407)      (19,528) 
  before financing                                                    
  Financing                                                           
  Amounts drawn/repaid            2,000           1,550         4,350 
  under revolving                                                     
  credit facility                                                     
  Proceeds from issue                 -               -        19,000 
  of ordinary shares                                                  
  Expenses of share                   -               -         (393) 
  issue                                                               
  Proceeds from issue               734             367           367 
  of warrants                                                         
  Net cash inflow from            2,734           1,917        23,324 
  financing                                                           
  (Decrease)/increase           (3,768)           (490)         3,796 
  in cash                                                             

Notes

 1. The basic net asset value per ordinary share is based on net assets of
    £44,897,000 (30 April 2004: £39,424,000; 31 October 2003: £13,179,000) and
    on 30,593,452 (30 April 2004: 30,593,452; 31 October 2003: 13,049,698)
    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 6,118,689 warrants (30 April 2004: 2,609,939; 31 October
    2003: 2,609,939) in issue were exercised on the first day of the financial
    year resulting in a total of 36,712,141 ordinary shares (30 April 2004:
    33,203,391, 31 October 2003: 15,659,637)
 2. The above financial information does not constitute statutory financial
    statements as defined in Section 240 of the Companies Act 1985. The audited
    financial statements for the year ended 30 April 2004, which contained an
    unqualified auditors' report, have been lodged with the Registrar of
    Companies and did not contain a statement required under Section 237 (2) or
    (3) of the Companies Act 1985.


BNP Paribas Secretarial Services Limited

Secretary



10 December 2004


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