Final Results

Aurora Investment Trust PLC
26 April 2002

AURORA INVESTMENT TRUST plc
Preliminary Announcement of Annual Results
Year ended 28 February 2002





                             CHAIRMAN'S STATEMENT



The past year has, for the second year in succession, provided a hostile
environment for investors. Although the UK economy continued to experience
further growth during the year as a whole, investor sentiment suffered
particularly from the horrific event which took place in America on 11
September. The apparent sequestration of Railtrack's assets by the Government
and the sudden demise of Enron further affected sentiment towards your Company's
year end.



Against this background the Group's net assets decreased during the year to end
February 2001 from £27.165 million to £20.963 million.  As a result, the Net
Asset Value (NAV) per share fell from 179.81p to 138.76p.  This reduction of 23%
compares with a fall of 14% in your Company's benchmark, the FTSE All-Share
Index. The decline in NAV was exacerbated by an even greater percentage fall in
the share price, which declined from 175p to 120p. The share price discount to
underlying NAV started the year at a relatively low level but increased as the
year progressed.  At this stage your Board considers that this discount is of a
temporary nature.  However, we are again seeking to renew the power to
repurchase shares, which will be used if, in our view, the discount becomes
excessive and of a more permanent nature.



The Group has maintained a substantial level of gearing throughout the year.
Part of your Company's borrowings are denominated in euros, which continue to be
matched by investments in Republic of Ireland companies. Your Board continues to
support the Managers' fundamentally positive outlook and strategy.  However, it
will keep the total level of borrowing under continuing review in the light of
ever changing prospects.



Revenue and Dividend

The Company's post-tax revenue for the year was £401,000, compared to the
previous year's abnormal level of £593,000. This revenue enables the Board to
recommend a dividend payable by the Company for the year of 2.61p, representing
an increase of 2.0%, in line with inflation, over last year's basic payment. If
approved at the AGM, the dividend will be paid to shareholders on the Register
at 10 May 2002. Due to losses incurred in the trading subsidiary there has been
a reduction, after providing for the dividend, of £376,000 in Group revenue
reserves, which now stand at £197,000, equivalent to 1.3p per share.



Performance Bonus

As reported previously, the Board consulted a wide range of shareholders
concerning its proposal to remove the cap on the Manager's potential performance
bonus and to substitute a scheme whereby any excess over the cap will be granted
in the form of shares in the Company, to be held for a minimum of five years.
Since universal approval was received, the Board has approved this scheme.



Review of the Year

The UK stockmarket rallied soon after the start of the year until the end of
June. Thereafter it fell gradually away before collapsing after the tragic
events of 11 September. A sharp rally commenced in late September, following
successive rapid reductions in interest rates, but petered out in December.
Since then the market has traded in a narrow range.



In brief, old economy stocks of a defensive nature, such as construction, food
and tobacco, but not including rail/ bus operators, due to Railtrack having been
placed in administration, have fared better than growth stocks in general and
technology in particular.



Prospects

In recent months there has been growing evidence of a rebound in the US economy.
Moreover in both the UK and Europe some of the leading indicators have turned
upwards with some beneficial effects on the level of the UK stockmarket. Long
gilt yields have risen sharply and investor sentiment has started to move away
from stocks of a defensive nature towards those of a more cyclical nature.
Perhaps surprisingly even the manufacturing sector is now seeing an upturn in
orders.



Although there are some signs of excess capacity in areas such as
telecommunications, the UK economy appears generally sound.  The recent surge in
the price of oil does not appear to have affected the outlook for inflation.
The portfolio remains firmly committed to companies with good prospects of
increasing their earnings.  As a group, these are more favourably valued than at
any time during the past two years.



Despite recent difficulties exacerbated by major, unpredictable events, your
Manager has still provided shareholders with long-term out-performance.  The
Company has out-performed its benchmark since launch by 26.84%.



Your Company's last financial year coincided with a number of exceptional and
unpredictable events.  Barring a repeat of such events, I am confident that when
I next report to shareholders it will be to confirm a resumption of further
out-performance.



AGM

The Annual General Meeting will take place at 4pm on Wednesday 12 June 2002 at
Crusader House, 145-157 St John's Street London EC1 4RU.  All shareholders will
be welcome.



ROGER ADAMS
26 April 2002



                     CONSOLIDATED STATEMENT OF TOTAL RETURN
                      FOR THE YEAR ENDED 28 FEBRUARY 2002

                                                 Year ended 28 February 2002     Year ended 28 February 2001

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



Gains/(losses) on investments                -     (5,537)     (5,537)             -   (5,158)     (5,158)
Realised gains/(losses) of               (395)           -       (395)          (54)         -        (54)
trading subsidiary
Income                                     852           -         852         1,123         -       1,123
Investment management fee                (124)       (124)       (248)         (155)     (155)       (310)
Other expenses                           (150)           -       (150)         (160)         -       (160)
Return before finance costs and            183     (5,661)     (5,478)           754   (5,313)     (4,559)
taxation
Interest payable and similar             (165)       (165)       (330)         (148)     (148)       (296)
charges
Return before taxation                      18     (5,826)     (5,808)           606   (5,461)     (4,855)
Taxation                                     -           -           -          (37)        28         (9)
Return on ordinary activities               18     (5,826)     (5,808)           569   (5,433)     (4,864)
after taxation

Ordinary dividends payable               (394)           -       (394)         (438)         -       (438)

Transfer to reserves                     (376)     (5,826)     (6,202)           131   (5,433)     (5,302)

Return per ordinary share                0.12p    (38.56p)    (38.44p)         3.76p (35.96)      (32.20p)


The revenue column of this statement 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.


                           CONSOLIDATED BALANCE SHEET
                              AT 28 FEBRUARY 2002

                                                                        2002           2001
                                                                       £'000          £'000

FIXED ASSETS
Investments at market value                                           25,752         33,661
CURRENT ASSETS
Sales for future settlement                                                -             52
Other debtors                                                             81            105
Taxation recoverable                                                      21             12
Total debtors                                                            102            169
Cash at bank and in hand                                                 119            465
                                                                         221            634

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR:
Bank overdraft                                                         4,508          6,561
Other creditors                                                          108            131
Dividends payable                                                        394            438
                                                                       5,010          7,130
NET CURRENT LIABILITIES                                              (4,789)        (6,496)

TOTAL ASSETS LESS CURRENT LIABILITIES                                 20,963         27,165

CAPITAL AND RESERVES
Called up share capital                                                3,777          3,777
Share premium account                                                 10,997         10,997
Realised capital reserve                                               5,108          8,708
Unrealised capital reserve                                               884          3,110
Revenue reserve                                                          197            573

EQUITY SHAREHOLDERS' FUNDS                                            20,963         27,165

Net assets per ordinary share                                        138.76p        179.81p





                             COMPANY BALANCE SHEET
                              AT 28 FEBRUARY 2002

                                                                                     2002        2001
                                                                                    £'000       £'000

FIXED ASSETS
Investments at market value                                                        25,752      33,661
Investments in subsidiary                                                              54           -
                                                                                   25,806      33,661
CURRENT ASSETS
Sales for future settlement                                                             -          52
Other debtors                                                                          81         105
Taxation recoverable                                                                   21          12
Total debtors                                                                         102         169
Cash at bank and in hand                                                               65         322
                                                                                      167         491

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR:
Bank overdraft                                                                      4,508       6,561
Other creditors                                                                       108         131
Dividends payable                                                                     394         438
                                                                                    5,010       7,130

NET CURRENT LIABILITIES                                                           (4,843)     (6,639)


TOTAL NET ASSETS                                                                   20,963      27,022


CAPITAL AND RESERVES


Called up share capital                                                             3,777       3,777
Share premium account                                                              10,997      10,997
Realised capital reserves                                                           5,108       8,708
Unrealised capital reserve                                                            644       3,110
Revenue reserve                                                                       437         430

EQUITY SHAREHOLDERS' FUNDS                                                         20,963      27,022



                        CONSOLIDATED CASH FLOW STATEMENT
                      FOR THE YEAR ENDED 28 FEBRUARY 2001


                                                                                  2002             2001
                                                                                 £'000            £'000

NET CASH INFLOW FROM OPERATING ACTIVITIES                                           39              117

SERVICING OF FINANCE
Interest paid                                                                    (330)            (240)

TAXATION
Tax recovered                                                                       12               24


CAPITAL EXPENDITURE AND FINANCIAL INVESTMENT
Payments to acquire fixed asset investments                                    (3,130)         (14,893)
Receipts on disposal of fixed asset investments                                  5,418           11,508


NET CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES                              2,288          (3,385)

EQUITY DIVIDENDS PAID                                                            (438)            (379)

NET CASH OUTFLOW BEFORE FINANCING                                                1,571          (3,863)

INCREASE/(DECREASE) IN CASH                                                      1,571          (3,863)

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 an ordinary dividend of 2.61p net per share absorbing
£394,299.  If approved by the Annual General Meeting, this dividend will be paid
on 21 June 2001 to shareholders on the register at 10 May 2001.

The financial information set out above does not constitute the Company and
Group's statutory accounts for the year ended 28 February 2002 but is derived
from those accounts. Statutory accounts for the year ended 28 February 2002 are
to be delivered to the Registrar of Companies following the Annual General
Meeting.

The above results for the year ended 28 February 2002 are unaudited.  Those for
the year ended 28 February 2001 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


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