Final Results

Aurora Investment Trust PLC
27 April 2001


AURORA INVESTMENT TRUST plc
Preliminary Announcement of Annual Results
Year ended 28 February 2001

CHAIRMAN'S STATEMENT  

The past year has provided a hostile environment for growth investors,
paradoxically at a time of strong economic growth in the UK.

Against this background the Group's net assets in the year to end February
2001 decreased from £32.467 million to £27.165 million.  This translates into
a decrease of Net Asset Value (NAV) per share from 214.91p to 179.81p.  This
reduction of 16.3% compares with the FTSE All Share Index benchmark, which
fell by 4%.  Shareholders also suffered a fall in the price of their ordinary
shares from 188p to 175p as a result of the decline in NAV. However I am
pleased to report that this fall was lessened by a narrowing of the discount
in the share price to underlying assets from 13% at the start of the year to
3% at the end.  Nevertheless, your Board has decided to seek powers once more
to repurchase stock if, in its opinion, the discount becomes excessive.

Since your Board continues to support the Manager's fundamentally positive
outlook and strategy, the Group has maintained a substantial level of gearing.
However, the level of borrowing is a matter which your Board naturally keeps
under continuing review. That part of the Group's borrowings which is in euros
is covered by investments in Republic of Ireland companies.

In my interim statement I referred to a plan whereby the level of fee payable
to the Manager for out-performance of the benchmark would be uncapped,
provided that the extra fee, if any, should be invested by the Manager in the
Company's shares for a minimum period of five years.  This proposal has been
universally welcomed by the wide range of shareholders whom we have consulted.
 The Board therefore intends to amend the Management Agreement accordingly. 
There is no short-term financial impact, since no performance fee was earned
last year.
     
Revenue and Dividend
Pre-tax and post-tax revenue for the year were £606,000 and £569,000
respectively (£575,000 and £519,000).  These revenues enable the Board to
recommend not only a dividend for the year of 2.56p, representing a increase
of 2.0% in line with inflation, but also an additional special dividend of
0.34p.  If approved at the AGM, the dividends will be paid to shareholders on
the register at 11 May 2001.  In addition to these payments the sum of
£131,000 has been transferred to Group revenue reserves, which now stand at
£573,000.

Review of the Year
The start of the year saw technology shares reaching their peak on 9 March,
thereafter the rest of the UK market remained in a trading range until early
September.  A 50 basis point rise in US interest rates in May and a rapid rise
in oil prices added to investor uncertainty, bringing defensive stocks more
into favour on both sides of the Atlantic.

From October onwards US companies commenced a trend, which has intensified as
the autumn progressed, of issuing profit warnings due to a very sudden
slowdown in customers' orders.  The protracted process of the US election and
an unusually cold weather snap only served to exacerbate the problem.

Although the UK economy, with the exception of manufacturing industry, has to
date showed little sign of a downturn the stockmarket has been adversely
affected by the bearish company news coming out of the USA.  Since early
September growth stocks have in many cases shown sharp declines as 'old
economy' stocks have returned to the fore.  Investor sentiment has
deteriorated further, due to the slowness of the M.P.C in reducing the Base
Rate, as well as to the unforeseen problem of Foot and Mouth disease.

Prospects
Since the year end there has been a continuation of the trend referred to
above.  The UK economy in general appears to be sound with few areas of excess
capacity.  With the exception of some telephone and dot.com companies, the
corporate sector remains in good shape. Moreover the consumer currently does
not appear to be unduly burdened with debt.  Furthermore, the government's
coffers are bulging with revenues as a result of the timely auction of third
generation mobile telephone licences.

Since the UK is currently enjoying the lowest rate of inflation in Europe
there appears ample scope for several future reductions in interest rates. 
When these occur investor sentiment should improve much to the benefit of
growth stocks, to which the portfolio remains firmly committed.
  
Although it has been a difficult year, your Board has every confidence that
your Manager will continue to provide long-term out-performance.  In this
connection, it is pleasing to note that the Manager won the Investment Week
trophy for the best performance in the UK Growth sector for the three years
ended 31 July 2000.

Annual General Meeting
The Annual General Meeting will take place at 4.00 pm on Tuesday 5 June 2001
at Crusader House, 145-157 St. John Street, London EC1 4RU. All shareholders
will be welcome.

ROGER ADAMS                                                                   
                  27 April 2001                                               
                    

CONSOLIDATED STATEMENT OF TOTAL RETURN
FOR THE YEAR ENDED 28 FEBRUARY 2001

                      Year ended 28 February 2001  Year ended 29 February 2000
                                      
                      Revenue   Capital   Total      Revenue  Capital   Total
                       £'000     £'000     £'000     £'000     £'000    £'000
                                                     restated         restated
Gains/(losses) on 
investments              -      (5,158)   (5,158)      -       14,190   14,190

Realised gains/(losses)
 of trading subsidiary   (54)      -         (54)      309        -        309

Income                 1,123       -        1,123      564        -        564

Investment management 
fee                     (155)     (155)      (310)     (110)    (399)    (509)

Other expenses          (160)      -         (160)     (132)     -       (132)
Return before finance 
costs and taxation       754     (5,313)   (4,559)      631    13,791   14,422

Interest payable and 
similar charges         (148)      (148)     (296)      (56)    (56)    (112)

Return before 
taxation                 606     (5,461)   (4,855)      575  13,735   14,310

Taxation                 (37)        28        (9)      (56)     48       (8)

Return on ordinary activities 
after taxation           569     (5,433)    (4,864)     519  13,783    14,302

Ordinary dividends 
payable                 (438)        -        (438)    (379)      -      (379)

Transfer to reserves     131     (5,433)    (5,302)     140   13,783   13,923

Return per ordinary 
share                  3.76p    (35.96)   (32.20p)    3.44p   91.23p   94.67p




CONSOLIDATED BALANCE SHEET
AT 28 FEBRUARY 2001


                                         2001                        2000
                                         £'000                       £'000
FIXED ASSETS
Investments at market value              33,661                      35,678

CURRENT ASSETS
Sales for future settlement                  52                          96
Other debtors                               105                          35
Taxation recoverable                         12                          26
Total debtors                               169                         157
Cash at bank and in hand                    465                         687

                                            634                         844


CREDITORS: AMOUNTS FALLING DUE 
WITHIN ONE YEAR:
Bank loans and overdraft                  6,561                       2,748
Purchases for future settlement              -                          558
Taxation payable                             -                            4
Other creditors                             131                         366
Dividends payable                           438                         379

                                          7,130                       4,055

NET CURRENT LIABILITIES                  (6,496)                     (3,211)

TOTAL ASSETS LESS CURRENT 
LIABILITIES                              27,165                      32,467


CAPITAL AND RESERVES
Called up share capital                   3,777                       3,777
Share premium account                    10,997                      10,997
Realised capital reserve                  8,708                       4,963
Unrealised capital reserve                3,110                      12,288
Revenue reserve                             573                         442

EQUITY SHAREHOLDERS' FUNDS               27,165                      32,467

Net assets per ordinary share            179.81p                     214.91p


CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 2001


                                            2001                     2000
                                           £'000                    £'000
NET CASH INFLOW FROM OPERATING 
ACTIVITIES                                   117                       935

SERVICING OF FINANCE
Interest paid                               (240)                     (112)

TAXATION
Tax recovered                                 24                        18

CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire fixed 
asset investments                          (14,893)                  (13,840)
Receipts on disposal of fixed 
asset investments                           11,508                    13,306

NET CASH OUTFLOW FROM INVESTING 
ACTIVITIES                                  (3,385)                     (534)

EQUITY DIVIDENDS PAID                         (379)                     (372)

NET CASH OUTFLOW BEFORE FINANCING           (3,863)                      (65)

DECREASE IN CASH                            (3,863)                      (65)


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.

UK dividend income and UK taxation for the year ended 29 February 2000 have
been restated to show the position net of UK dividend tax credits in
accordance with FRS 16.  The change in presentation does not affect the net
asset value or the earnings per share.
 
The directors recommend an ordinary dividend of 2.56p net per share and a
special ordinary dividend of 0.34p per share, together absorbing £438,110.  If
approved by the Annual General Meeting, these dividends will be paid on 14
June 2001 to shareholders on the register at 11 May 2001.

The financial information set out above does not constitute the Company and
Group's statutory accounts for the year ended 28 February 2001 but is derived
from those accounts. Statutory accounts for the year ended 28 February 2001
are to be delivered to the Registrar of Companies following the Annual General
Meeting.

The above results for the year ended 28 February 2001 are unaudited.  Those
for the year ended 29 February 2000 are an abridged version of 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