Interim Results

Aurora Investment Trust PLC
25 October 2001

AURORA INVESTMENT TRUST plc
Interim Report for the six months ended 31 August 2001



                              CHAIRMAN'S REVIEW

This is the Company's fifth interim statement.  As explained in the annual
report, last year's revenues were exceptionally high - hence the special
dividend.  This year, however, they have returned to a more normal level, of 
£462,000 at the half-year stage.  Net assets per share during the period to 31
August 2001 fell from 179.81p to 155.53p, which represents a fall of 13.5%.
This compares to a fall in the FTSE All-Share Index of 9.73%.



The share price also fell, from 175p to 140p, due to a widening of the
discount as well as the fall in net assets described above.



During the period under review the UK stockmarket suffered a rollercoaster
ride.  It fell from the start of the period until mid-March, when it enjoyed a
sharp bounce.  Thereafter, all momentum was lost.  Technology and growth
oriented shares performed badly in comparison to shares of a high yielding/
defensive nature.  Those changes that were made to the portfolio were, in
general, designed to increase exposure to the latter at the expense of the
former.



Outlook

There were signs of some improvement to the US economy at 31 August.
Moreover, at this time most UK economists were forecasting annual growth in
the region of 2%.  Consequently your Company's portfolio was conservatively
invested to benefit from any improvement in the UK stockmarket.



However, the tragic events which took place in Washington and New York on 11
September and the US government's understandable reaction to them have changed
the immediate outlook.  During the military action against the terrorists,
stockmarkets may suffer volatility in the near term.  It remains to be seen
whether the sharp drop in US interest rates, mirrored to a lesser extent in
the UK and Europe, will have the desired effect of avoiding a prolonged
economic recession.



Your Board and Manager are satisfied that your Company's portfolio is now
defensively positioned.  However, gearing has been maintained, at an
appropriately adjusted level, to benefit shareholders as and when stockmarkets
recover from their recent steep falls.  The timing of any such recovery in
stockmarkets is uncertain and depends to a large extent on consumer
confidence.



While it is disappointing to report a substantial fall in both the net asset
value and share price, at the end of the year and immediately afterwards, your
Board remains confident in the stock picking ability of your Manager. He has
taken a flexible position and will now take advantage of opportunities as they
occur.  Consequently I hope to be able to report a recovery in fortunes by the
year end.




ROGER ADAMS
25 October 2001



                    CONSOLIDATED STATEMENT OF TOTAL RETURN

                              6        6         6          6        6       6
                         months   months    months     months   months  months
                          to 31    to 31     to 31      to 31    to 31   to 31
                           Aug.     Aug.      Aug.       Aug.     Aug.    Aug.
                           2001     2001      2001       2000     2000    2000 
 
                        Revenue  Capital     Total    Revenue  Capital   Total
                          £'000    £'000     £'000      £'000    £'000   £'000
(Losses)/gains on
investments
        Realised            -     (2,617)   (2,617)       -     3,139   3,139
        Unrealised          -      (932)     (932)        -    (1,134) (1,134)

Realised (losses)/gains   (147)      -       (147)       89       -      89
of trading subsidiary

Unrealised (losses)/      (22)       -       (22)         7       -       7
gains of trading
subsidiary

Income                     462       -        462        829      -      829

Investment management     (68)     (68)      (136)      (77)    (77)    (154)
fees

Other expenses            (77)       -       (77)       (76)      -     (76)

Return on ordinary
activities before
finance costs and          148    (3,617)   (3,469)      772    1,928   2,700
taxation

Interest payable and      (100)    (100)     (200)      (33)    (33)    (66)
similar charges

Return on ordinary
activities                 
Before taxation            48     (3,717)   (3,669)      739    1,895   2,634

Taxation                    -        -         -        (10)      -     (10)

Return on ordinary
activities after
taxation                   48     (3,717)   (3,669)      729    1,895   2,624


Dividends                   -        -         -          -       -       -


Transfers to/from          48     (3,717)   (3,669)      729    1,895   2,624
reserves



Return per ordinary       0.32p  (24.61p)  (24.29p)     4.9p    12.5p   17.4p
share




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 £6,014 (2000: £8,256).



                    SUMMARISED CONSOLIDATED BALANCE SHEET

                                             At 31       At 31        At 28
                                            August      August     February
                                              2001        2000         2001
                                             £'000       £'000        £'000


Fixed assets - Investments at market        28,937      37,924       33,661
value

Current asset investments                     653        1,278         0
Other current assets                          313        1,051        634
Bank loan                                   (6,195)     (4,861)     (6,561)
Other current liabilities                    (212)       (301)       (569)


Net current liabilities                     (5,441)     (2,833)     (6,496)

Total net assets                            23,496      35,091       27,165

Net asset value per ordinary share          155.5p      232.3p       179.8p





                       CONSOLIDATED CASH FLOW STATEMENT
                   For the six months ended 31 August 2001

                                                         2001              2000
                                                        £'000             £'000

Net Cash Inflow from Operating Activities               (629)             (912)

Servicing of Finance
Interest paid                                           (200)              (66)

Financial Investment
Payments to acquire fixed asset investments           (1,713)           (8,990)
Receipts on disposal of fixed asset investments         3,002             8,179
Net Cash Inflow from Investing Activities               1,289             (811)


Equity Dividends Paid                                   (438)             (379)

Net Cash Inflow before Financing                           22           (2,168)

Increase(Decrease) in Cash                                 22           (2,168)



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 2002 is expected to be paid in May 2002.



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]