Interim Results

AURORA INVESTMENT TRUST PLC
7 October 1999


AURORA INVESTMENT TRUST plc
Preliminary Announcement of Results for the six months ended 31 August 1999

CHAIRMAN'S REVIEW

In comparison with other stockmarkets, the period under review was not
particularly profitable for the UK Stock Market.  However, I am pleased, in
this third interim statement for the Company, to report that the net asset
value (which increased by 5.3% to 129.2p) marginally outperformed its
benchmark of the FTA All share Index (+ 4.02%).  After tax returns on revenue
have also increased from £163,000 to £174,000 despite the lower grossing up
factor, due to recent tax changes.  Meanwhile the share price has moved up
from 100p to 104p.

The general background has proved difficult for growth stocks especially those
with large market capitalisations, many of which feature in your Company's
portfolio.  In this period cyclical stocks have proved popular with investors
on the back of a global economic recovery, renewed inflationary fears and an
unexpectedly firm oil price.  A feature of the period was a significant out
performance by small companies partly due to the frequency of corporate
activity which has continued unabated.

Your Company's portfolio has benefited from a relatively overweight position
in smaller companies.  It has also benefited from having a large position in
house builders.  However, the Company's core investments in growth stocks have
held back performance over this period.  The Company's objective is to remain
heavily invested in growth stocks on a long term view.  Given that margins may
prove unsustainable in cyclicals, other than in the very short term, it is
unlikely that this investment policy will change.

Throughout the period the portfolio has not only remained fully invested but
has also utilised maximum borrowing facilities, mainly in Euros.  This choice
of currency has proved beneficial since not only was the cost of borrowing
lower (by around 2.75%) but also the Euro has been generally weak relative to
Sterling.

Outlook: 
Global economics forecasts for growth are gradually being raised. 
Importantly, for shareholders in this Company, the UK has avoided a recession
and is now regaining momentum.  However, there remains a wide divergence
between the rapidly growing service sector and basic manufacturing which
continues to suffer from intensifying competition and a strong Pound.  Against
this background your manager believes that utilities and fixed interest
stocks, recently held back by rising US Treasury Bond yields, now offer
unprecedented value in terms of real yields.  It is likely that your Company
will continue to maintain a high exposure to the Irish economy, which is being
driven by new foreign investment in technological industries.  Against a
background of artificially low interest rates, continuing low inflation and
falling corporation tax rates, the immediate outlook for many Irish Companies
would appear extremely promising.

The recent rise in UK interest rates is, in your managers view, unlikely to
undermine the house building sector.  House builders have rare pricing power
and offer growth opportunities given the growing and largely unsatisfied
demand for new homes.  High exposure to the computer software sector will be
maintained.  It is your managers view that investors' concerns over the
'Millennium Bug' and the damage that this may do to the profitability of
companies operating in this sector will dissipate as the year 2000 approaches.
 Finally, in the financial sector, where your Company's overweight position
has recently held back performance, the recent bid for National Westminster
Bank is a further sign that the long overdue consolidation, a feature in
Europe during recent months, is now appearing in the UK.

The Monetary Policy Committee has recently demonstrated its determination to
combat any signs of nascent inflation arising from the surge in the price of
oil and housing in the Home Counties.  Given that inflation has recently
recorded a 30 year low, there are still signs (largely ignored) that
deflationary forces are at work.  Indeed, the Bank of England's pre-emptive
move on interest rates may, in any event, limit the need for greatly
increasing them at this stage of the economic cycle.  If this indeed proves to
be the case, your Company's portfolio will be well positioned.

Stock Market volatility is increasing likely during the next six months,
particularly as the new Millennium approaches.  However, it is during such
periods that the best investment opportunities occur and I hope to report
continued out performance at the Company's year end.

Accompanying this report is a supplemental statement necessary to correct a
technical oversight in your Company's audited accounts.

ROGER ADAMS

7 October 1999             


                                          
CONSOLIDATED STATEMENT OF TOTAL RETURN
                     

                                    6 months to    6 months to   6 months to 
                                     31 Aug.        31 Aug .      31 Aug . 
                                      1999           1999          1999



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


Gains/(losses) on investments
                  Realised               -            850           850
                Unrealised               -             32            32




Realised losses of trading subsidiary    (1)             -             (1)
Unrealised losses of trading subsidiary (77)             -            (77)


Income                                   424             -             424


Investment management fees               (49)           (49)           (98)
Other expenses                           (55)            -             (55)



Return on ordinary activities before 
finance costs and taxation                242            833          1,075  
 


Interest payable and similar charges      (30)           (30)           (60)



Return on ordinary activities
before taxation                            212            803          1,015


Taxation                                   (38)            -             (38)

Return on ordinary activities after 
taxation                                   174            803             977

Dividends                                   -              -               -

Transfers to/(from) reserves               174            803             977
                                        --------------------------------------

Return per ordinary share                  1.2p           5.3p            6.5p



                                     6 months to    6 months        6 months 
                                      31 Aug.        31 Aug .        31 Aug .
                                       1998           1998            1998
                                       restated       restated        restated
                                      
                                       Revenue        Capital         Total
                                        £'000          £'000           £'000
Gains/(losses) on investments
Realised                                  -             81               81
Unrealised                                -         (2,627)          (2,627)


Realised losses of trading subsidiary    (82)            -              (82)

Unrealised losses of trading subsidiary  (52)            -              (52)

Income                                   479             -              479

Investment management fees               (49)           (49)            (98)

Other expenses                           (49)             -             (49)




Return on ordinary activities before 
finance costs and taxation                247          (2,595)        (2,348)


Interest payable and similar charges      (49)            (49)           (98)


Return on ordinary activities
before taxation                            198          (2,644)       (2,446)


Taxation                                   (35)             -            (35)

Return on ordinary activities after 
taxation                                   163          (2,644)       (2,481)

Dividends                                   -               -             -

Transfers to/(from) reserves               163          (2,644)       (2,481)
                                        --------------------------------------

Return per ordinary share                  1.1p         (17.5p)       (16.4p)


The revenue column of this statement is the consolidated revenue 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 in the period.
Income is derived entirely from investments, with the exception of bank
interest of £3,671 (1998: £13,442).
The 1998 statement has been restated to reflect the policy, first adopted by
the Company in the 1999 audited accounts, of charging one-half of finance
costs to capital.  


SUMMARISED CONSOLIDATED BALANCE SHEET AT 31 AUGUST 

                                             1999                1998
                                             £'000               £'000

Fixed assets - Investments at market value   21,089              18,998


Current asset investments                       954                 139
Other current assets                            386               1,178
Bank loan                                    (2,831)             (2,181)
Other current liabilities                       (77)               (625)


Net current assets                           (1,568)             (1,489)


Total net assets                              19,521              17,509


Net asset value per ordinary share             129.2p              115.9p


These financial statements are not the Group's statutory accounts for the
purposes of Section 240 of the Companies Act 1985. They are unaudited.  

This interim report is being sent to shareholders and copies will be made
available to the public at the registered office of the Group.

In accordance with the stated policy of the Group, the directors do not
recommend an interim dividend.  The final dividend in respect of the year
ending on 28 February 2000 is expected to be paid in May 2000.

SECRETARY AND REGISTERED OFFICE
Cavendish Administration Limited
Crusader House
145-157 St John Street
London EC1V 4QJ

For further information, contact James Barstow.  Tel [phone]