Final Results

Aurora Investment Trust PLC
25 April 2000

Preliminary announcement of results for the year ended 29 February 2000:      
                                                                      
                             FINANCIAL HIGHLIGHTS                             

NET ASSET VALUE:                       up 75% in year
                                       up 120% since launch

OUTPERFORMANCE OF BENCHMARK:           by 69% in year
                                       by 81% since launch

DIVIDEND:                              up 2.0%

SHARE PRICE:                           up 88% in year 

                             

                             CHAIRMAN'S STATEMENT                             
                            

In this Company's third annual review I am pleased to report a most successful
outcome for the year.


Assets
During the year the Group's net assets increased from £18.544 million to
£32.467 million.  This translates into an increase of Net Asset Value (NAV)
per share from 122.75p to 214.91p.  This rise of 75% bears favourable
comparison with the FTSE All-Share Index which rose 5.8%. Furthermore,
shareholders enjoyed a rise in the price of their ordinary shares from 100p to
188p.  As a result, the discount in the share price to underlying assets
narrowed from 18.5% at the start of the year to 13% at the end.  

Share Purchase Facility
Your Board is seeking shareholders approval to put in place a power to
repurchase your company's shares.  Any such repurchase will seek to enhance
value for long-term shareholders.  Reasons for this proposal, which requires
amendments to the Company's Articles of Association, are set out in a separate
letter enclosed with this report.

Revenue and Dividend
Pre-tax and post-tax revenue for the year were £622,000 and £519,000
respectively.  These revenues enable your Board to recommend a dividend for
the year of 2.509p representing an increase of 2.0% in line with inflation. 
If approved at the AGM the dividend will be paid to shareholders on the
register at 8 May 2000.  In addition to the payment of that dividend the sum
of £140,000 has been transferred to Group revenue reserves, which now stand at
£442,000. 

Gearing
During the year your Company made substantial use of borrowing to enhance
performance.

Under the Company's Article of Association total borrowings are restricted to
15% of assets, as stated at the Company's year end.  In a period of strong
performance, such as that enjoyed by your company in the last quarter of the
year, this restriction resulted in the Company becoming less geared at a time
when your manager wished to take advantage of a number of short term
opportunities.

Your Board is therefore seeking shareholders' approval to lift this
restriction to a level of 25% of year end net assets.  Your Board will
continue to review the level of gearing with your manager with the aim of
controlling risk and enhancing shareholder value. 

Review of the Year
The financial year began with a continuation of the recovery in share prices
from the sharp decline seen in the previous autumn due to the Asian crisis and
the problems at the Long Term Capital Management Fund; the reductions in base
rate were a significant influence.  

Within the market there were differing trends.  Whereas long bonds declined
for much of the year, the FTSE 100 made little overall headway, despite a
surge towards the end of the year which proved unsustainable.  Meanwhile small
companies, to which the fund was well exposed at the start of the year due to
their relative low valuation, made good progress throughout the period.  As
already reported at the interim stage, the fund modestly outperformed the
market in the first half, but made excellent progress in the second half once
growth stocks came to the fore.   

Prospects
Shareholders will be aware that since the Company's year end sharp falls have
occurred in world stockmarkets.  Most affected have been some of the high 
growth stocks, featured prominently in your Company's portfolio.  Fortunately,
your manager took the opportunity to take some profits on these stocks prior
to their most recent falls.  However, shareholders should be aware that your
Company regards the holdings of growth stocks as core to its long- term
investment policy. 

This means that your portfolio has been immune to some of the more severe
falls seen recently.  However, given your manager's record, I have every
confidence that his well-diversified, actively managed portfolio will continue
to outperform the Company's benchmark.  In his report your manager remains
'steadfastly optimistic' about prospects.

Consequently,  I expect to report further progress in both the share price and
the net asset value per share in the year ahead.
   
Annual General Meeting
The Annual General Meeting will take place at 4 pm on Wednesday 31 May 2000 at
Crusader House, 145-157 St. John Street, London EC1 4RU. All shareholders will
be welcome.

In the Notice of the Annual General Meeting , there are a total of five
special resolutions (resolutions 5-9).  The first of these will, if passed,
put in place the authority to repurchase the Company's own shares, to which I
have referred above, and the second is to amend the Articles of Association in
such manner as to enable investment company status to be retained while making
share repurchases.  The background to these two resolutions (numbers 5 and 6)
is explained in more detail in a separate Circular.

The third and fourth special resolutions (numbers 7 and 8) will, if passed,
restore the power to issue a limited number of shares for cash, which we held
during 1998/9 but did not use.  This power, together with that to repurchase
shares, would give the Company a degree of scope to adjust its share capital
upward or downward according to circumstances.  Finally, resolution 9 concerns
the increase in borrowing powers to which I have referred above.  

I hope very much that you will feel able to support the Board in making these
various adjustments and I assure you once again that we shall utilise the
additional powers concerned with the utmost care. 
      
ROGER ADAMS                                                                   
                  25th April 2000



CONSOLIDATED STATEMENT OF TOTAL RETURN
FOR THE YEAR ENDED 29 FEBRUARY 2000


Year ended 29 February 2000


                                      Revenue       Capital        Total
                                       £'000         £'000         £'000


Gains/(losses) on investments           -           14,190        14,190

Realised gains of trading subsidiary   309            -              309

Income                                 611            -              611

Investment management fee             (110)         (399)           (509)

Other expenses                        (132)           -             (132)

Return before finance costs and 
taxation                               678        13,791          14,469

Interest payable and similar
charges                               (56)           (56)           (112)


Return before taxation                622         13,735          14,357

Taxation                             (103)            48             (55)

Return on ordinary activities 
after taxation                        519         13,783           14,302


Ordinary dividend payable            (379)           -               (379)


Transfer to reserves                  140         13,783           13,923


Return per ordinary share            3.44p         91.23p           94.67p



CONSOLIDATED STATEMENT OF TOTAL RETURN
FOR THE YEAR ENDED 29 FEBRUARY 2000

                                          Year ended 28 February 1999


                                    Revenue          Capital      Total
                                     £'000            £'000       £'000

Gains/(losses) on investments           -            (1,342)      (1,342)

Realised gains of trading
subsidiary                            13               -              13

Income                               803                 -           803

Investment management fee            (91)              (91)         (182)

Other expenses                      (108)              -            (108)

Return before finance costs and
taxation                             617            (1,433)         (816)

Interest payable and similar
charges                             (86)               (86)         (172)

Return before taxation              531             (1,519)         (988)

Taxation                            (86)              -              (86)

Return on ordinary activities 
after taxation                       445            (1,519)       (1,074)

Ordinary dividend payable          (372)             -              (372)

Transfer to reserves                 73             (1,519)       (1,446)

Return per ordinary share          2.9p             (10.0p)        (7.1p)




CONSOLIDATED BALANCE SHEET
AT 29 FEBRUARY 2000

                                            2000                 1999
                                           £'000                £'000
                                                               

FIXED ASSETS

Investments at market value              35,678                21,099

CURRENT ASSETS

Sales for future settlement                 96                    277

Other debtors                               35                     85

Taxation recoverable                        26                     28

Cash at bank and in hand                   687                    399


                                           844                    789


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR:

Bank loans and overdraft                2,748                   2,591

Purchases for future settlement           558                     313

Taxation payable                            4                       7

Other creditors                           366                      61

Dividends payable                         379                     372


                                        4,055                   3,344


NET CURRENT LIABILITIES                (3,211)                 (2,555)

TOTAL NET ASSETS                       32,467                  18,544

CAPITAL AND RESERVES

Share capital                          3,777                    3,777

Share premium account                 10,997                   10,997

Capital reserves                      17,251                    3,468

Revenue reserve                          442                      302

EQUITY SHAREHOLDERS' FUNDS            32,467                   18,544

Net assets per ordinary share         214.91p                  122.75p




Notes:
The revenue column of the Statement of Total Return is the consolidated profit
and loss account of the Group, comprising Aurora Investment Trust plc and AIT
Trading Limited.

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

Returns and net asset values per ordinary share are based on 15,107,250
ordinary shares in issue.

The directors recommend a dividend of 2.509p net per ordinary share, absorbing
£379,041.  If approved by the Annual General Meeting, this dividend will be
paid on 7 June 2000 to shareholders on the register at 8 May 2000.

The financial information set out above does not constitute the company and
group's statutory accounts for the year ended 29 February 2000 but is derived
from those accounts. Statutory accounts for the year ended 29 February 2000
are to be delivered to the Registrar of Companies following the annual general
meeting.

The above results for the year ended 29 February 2000 are unaudited.  Those
for the year ended 28 February 1999 are an abridged version at the Group's
full accounts, which received an unqualified audit report, not containing
statements under section 237(2) or 237(3) of the Companies Act 1985, and which
have been filed with the Registrar of Companies.


Company Secretary and Registered Office:
Cavendish Administration Limited
Crusader House
145-157 St. John Street
London EC1V 4RU