Interim Results

Aurora Investment Trust PLC
27 October 2000


AURORA INVESTMENT TRUST plc
Preliminary Announcement of Results for the six months ended 31 August 2000


CHAIRMAN'S REVIEW

I am pleased in this fourth interim statement to report a rise of 8% in your
Company's net asset value including revenue reserves, or of 6% excluding
revenue reserves. The latter, which more fairly reflects the capital position
since most net revenue must be paid out in dividend, was a marginal
underperformance of the FT All-Share Index, which showed a gain of 7%.  Due to
the timing at dividend receipts, a tax revenues have risen markedly from
£174,000 in the corresponding period last year to £729,000.  In addition, the
share price rose from 188p at the year end to 205p, thus representing a slight
narrowing of the discount from 13% to 10%.

For most of the period under review the UK stockmarket remained within a
narrow trading range - however, there was a high degree of volatility between
sectors.

Oils and pharmaceuticals performed well throughout the period.  However, the
technology sector, to which this Company's portfolio is heavily exposed,
peaked in early March before plunging sharply as profit taking set in.  The
nadir was reached in June and a degree of recovery amongst selective stocks
has since taken place.  By contrast, 'old economy' sectors such as tobacco and
transport, which had previously been sold in herd-like manner during the final
months of the Company's year, made excellent progress.

Your Company's portfolio benefited from some profit taking in some low
yielding shares in the former and reinvestment in high yielding shares in the
latter, hence the significant increase in income.

Throughout the half-year period your Company's portfolio has been fully
invested.  Indeed, it has also been geared by utilising further overdraft
facilities.  We have continued to undertake part of this borrowing in euros,
to the benefit of performance.

Outlook 
The overall global economic background continues to be favourable with all the
OECD nations, even Japan, expanding.  Despite an already extended cycle, the
USA is now forecast to grow at its fastest rate for several decades.

Despite the recent brief interruptions caused by shortages of petrol,
conditions in the UK remain benign.  GDP is expected to grow at around 3%,
resulting in a continuation of the trend of falling unemployment and an
improvement in the Government's finances.  Meanwhile, the rate of earnings
growth has recently fallen below 4%.  House price indices have started to fall
and quality retailers are still suffering some pricing pressure.

In the light of these conditions the Monetary Policy Committee have now held
Base Rate at its current level for seven consecutive sessions.  Unless  there
is a prolonged cold period, which may cause a sharp upward spike in the price
of oil, I remain confident that the prediction made in the annual report that
interest rates are either at or close to a peak is apposite.

I  believe that your Company's portfolio is well positioned to benefit from a
general recovery in markets during the next few months.  Consequently, I still
hope to be able to report satisfactory figures for the second half of your
Company's year. 

Performance Fee
Your Board proposes to amend the basis of the manager's Performance Fee, in a
manner which we intend should both reward exceptional performance more amply
and support the Company's share price.  The proposal is that the 'cap' of
0.75% of net assets be removed, but that the Manager be required to invest any
fee received in excess of that level, net of tax, in the Company's shares. 
The Manager will be required to retain those shares for a minimum of five
years.  This, we believe, will help to minimise the discount at which the
shares trade in the market, as well as providing a strong incentive for
continuing performance.  We will consider the views of shareholders on this
proposal and will progress it if opinion is favourable, with a view to
effecting the change next year.    

ROGER ADAMS                                  
27 October 2000             



CONSOLIDATED STATEMENT OF TOTAL RETURN
                     
                                      6 months to    6 months to   6 months to
                                      31 Aug. 2000  31 Aug. 2000  31 Aug. 2000
                                        Revenue         Capital       Total
                                         £'000           £'000        £'000
Gains/(losses) on investments
Realised                                   -              3,139       3,139  
Unrealised                                 -             (1,134)     (1,134)

Realised gains/(losses) of trading 
subsidiary                                89                -            89
Unrealised gains/(losses) of trading 
subsidiary                                 7                -             7

Income                                   829                -           829

Investment management fees               (77)              (77)        (154)
Other expenses                           (76)               -           (76)

Return on ordinary activities before 
finance costs and taxation               772              1,928        2,700


Interest payable and similar charges     (33)              (33)         (66)

Return on ordinary activities
Before taxation                          739              1,895       2,634

Taxation                                 (10)               -          (10)

Return on ordinary activities after
taxation                                 729              1,895       2,624

Dividends                                 -                 -            -

Transfers to/from reserves               729              1,895       2,624


Return per ordinary share                4.9p             12.5p        17.4p



                                         6 months to   6 months to 6 months to
                                         31 Aug 1999   31 Aug.1999 31 Aug.1999
                                           Restated       Restated   Restated
                                           
                                            Revenue         Capital   Capital
                                             £'000           £'000     £'000
Gains/(losses) on investments 
Realised                                      -                850      850
Unrealised                                    -                 32       32

Realised gains/(losses) of trading
subsidiary                                   (1)                 -       (1)

Unrealised gains/(losses) of trading
subsidiary                                  (77)                 -        (--)

Income                                      390                  -         390

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

Other expenses                              (55)                 -        (55)

Return on ordinary activities before
finance costs and taxation                  208                 833      1,041

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

Return on ordinary activities Before 
Taxation                                    178                  803       981

Taxation                                    (4)                   -        (-)

Return on ordinary activities after
taxation                                    174                  803       977

Dividends                                    -                    -         -

Transfers to/from reserves                  174                  803       977

Return per ordinary shares                  1.2p                 5.3p     6.5p

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.
The accounts for 1999 have been restated to reflect the fact that franked
investment income is no longer grossed up by tax credits; this has no effect
on net return or net assets.  
Income is derived entirely from investments, with the exception of bank
interest of £8,256 (1999: £3,671).


SUMMARISED CONSOLIDATED BALANCE SHEET 


                                    At 31 August  At 31 August  At 29February
                                       2000           1999          2000
                                      £'000          £'000         £'000
Fixed assets - Investments at 
market value                         37,924         21,089         35,678

Current asset investments             1,278            954             0

Other current assets                  1,051            386           844

Bank loan                            (4,861)        (2,831)       (2,748)

Other current liabilities              (301)           (77)       (1,307)

Net current assets                   (2,833)        (1,568)       (3,211)

Total net assets                     35,091         19,521         32,467

Net asset value per ordinary share    232.3p         129.2p        214.9p


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 period
ending on 28 February 2001 is expected to be paid in May 2001.

SECRETARY AND REGISTERED OFFICE

Cavendish Administration Limited
Crusader House
145-157 St John Street
London ECIV 4RU

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