Interim Results

AURORA INVESTMENT TRUST plc
Results for the six months ended 31 August 2006


CHAIRMAN'S REVIEW



Half Year Returns          NAV: -8.7%    Share Price: -3.1%

The first half  of the  year has been  a disappointing  one for  your
Company.  The net  asset value declined by  8.7% to 223.8p per  share
and, influenced  by that,  the share  price declined  - albeit  by  a
smaller amount - by  3.1% to 206.5p. During  the period under  review
the UK market rose quietly but steadily until, in the middle of  May,
it fell quite suddenly  - by about 10%;  it remained there for  about
another month or so  and then recovered  so that in the  end it -  as
measured by the FTSE All-share Index - rose by 1.7%.  The market  had
got  the  jitters  about  inflation,  the  possibility  of  yet  more
increases in interest rates and a recession in the United States.  In
particular   commodity   stocks,   in   which   our   portfolio   has
representation, were affected.

Shareholders  will  be  aware  that  last  year's  results,  although
positive in terms of  the return earned,  were adversely affected  by
the portfolio's exposure to 'concept' stocks; they have continued  to
detract from our returns in the first half of this year.  However the
Board believes that, amongst  these stocks, there  will be some  real
winners but also some also-rans.  In such a situation it is usual for
the losers to mature first  whereas the winners take somewhat  longer
to bear fruit.  Our manager monitors  these investments  particularly
closely and remains optimistic of their prospects.

While we  cannot be  pleased that  the share  price fell,  a  decline
rather less than  that of the  net asset value  (NAV) meant that  the
discount at which it sells in relation  to the NAV  narrowed to  7.7%
at the end of the half  year period. Although not easy to  influence,
it is part of the Board's ongoing  policies that we try to attain  as
low a discount as possible.



Outlook:

As  always,  assessing  the  future  is  difficult,  especially   the
immediate future. The  world's economy seems  to be progressing  much
along the same lines that it has for the last three or so years, with
strong consumer growth in the USA - its consumer confidence index  is
at a high  level -  and strong  export and  infrastructure growth  in
China  and  elsewhere  among  the  developing  nations.  Indeed   the
influence of China on the world  economy is becoming as important  as
that of the  United States  - certainly  in its  influence on  global
inflation at the consumer level and commodity price inflation at  the
industrial level.

Global monetary policy, however, must be something of a conundrum for
central banks who wish to protect  global growth on the one hand  and
prevent inflation  on the  other. The  prospects for  lower  interest
rates would  appear to  be  dependent on  much slower  growth  which,
despite the weakness in America's housing   market, does not seem  on
the cards - yet at least.  The prospects for the UK stock market  are
obviously influenced by the level of interest rates but ultimately it
is the  growth of  profits  that drives  any  stock market  over  the
longer-term.  In that respect the  growing global economy - in  which
the UK stock markets' companies earn  most of their profits -  should
provide a good background for them and their share prices.  There  is
certainly plenty of  money around for  investment in equities  should
their profits  and  dividends  offer  the  prospects  of  competitive
returns.


Our own prospects however are  dependent in large part on  ourselves,
in working out our subportfolio of concept stocks (there is no  doubt
that  there  is  considerable  upside  potential  in  them)  and   in
maintaining our long-term  momentum in  the rest of  the portfolio.
Indeed there has been something of a recovery in our net asset  value
since our half year  end with a  marked recovery in  a number of  our
holdings  including  those  in  the  commodity  sector.    We  remain
optimistic that  we  can  achieve  what we  have  achieved  over  the
longer-term - good returns for shareholders.


Alex Hammond-Chambers
31 October 2006



CONSOLIDATED INCOME STATEMENT


                        6 6 months 6 months   6 months       6       6
                   months    to 31    to 31      to 31  months  months
                    to 31     Aug.     Aug.   Aug.2005   to 31   to 31
                     Aug.     2006     2006               Aug.    Aug.
                     2006                                 2005    2005

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

Gains and
losses on
investments
Losses on           (355)  (2,325)  (2,680)      (375)   (632) (1,007)
fair value
through
profit or
loss
investments

Income
Investment            379        -      379        335       -     335
income
Other           3       4        -        4          5       -       5
operating
income
                      383        -      383        340       -     340

Expenses
Investment           (98)     (98)    (196)       (85)    (85)   (170)
management
fees
Other               (103)        -    (103)      (142)    (48)   (190)
expenses
                    (201)     (98)    (299)      (227)   (133)   (360)

Loss before         (173)  (2,423)  (2,596)      (262)   (765) (1,027)
finance
costs and
tax

Finance             (127)    (127)    (254)      (104)   (104)   (208)
costs
Exchange                -       99       99          -   (115)   (115)
differences
on
overdraft
                    (127)     (28)    (155)      (104)   (219)   (323)

Loss before         (300)  (2,451)  (2,751)      (366)   (984) (1,350)
tax

Tax                   (5)        -      (5)        (6)       -     (6)

Loss for            (305)  (2,451)  (2,756)      (372)   (984) (1,356)
the period

Earnings        4 (2.02p) (16.22p) (18.24p)    (2.46p) (6.51p) (8.97p)
per share




The total  column of  this statement  represents the  Group's  Income
Statement, prepared  in  accordance  with IFRS.    The  supplementary
revenue return and  capital return  columns are  both prepared  under
guidance published by the Association of Investment Trust Companies.
All items in the above statement derive from continuing operations.
All income  is  attributable to  the  equity holders  of  the  parent
company.  There are no minority interests.




CONSOLIDATED STATEMENT OF CHANGES IN EQUITY



                               Six months         Six
                                    ended      months
                                                Ended   Year ended
                                31 August   31 August           28
                                     2006        2005     February
                                                              2006
                         Notes
                                    £'000       £'000        £'000

Opening balance                    37,010      34,743       34,743

Profit/(loss) for the
financial period/year             (2,756)     (1,356)        2,705

Dividends paid or
legally committed to be
paid on ordinary shares    5        (446)       (438)        (438)

Closing balance                    33,808      32,949       37,010




CONSOLIDATED BALANCE SHEET


                         At 31 August   At 31 August   At 28 February
                                 2006           2005             2006
                                £'000          £'000            £'000
Non-current assets
Investments - fair value       40,404         39,619           44,003
through profit or loss

Current assets
Investments held for            1,116          1,238            1,111
trading
Other receivables                 684            116              182
Cash and cash                     451             40               98
equivalents
                                2,251          1,394            1,391

Current liabilities
Bank overdraft                (8,700)        (7,942)          (8,266)
Other payables                  (147)          (122)            (118)
                              (8,847)        (8,064)          (8,384)


Total assets less              33,808         32,949           37,010
current liabilities

Equity attributable to
equity holders
Share capital                   3,777          3,777            3,777
Share premium account          10,997         10,997           10,997
Capital reserves               19,466         17,759           21,917
Revenue reserve                 (432)            416              319

                               33,808         32,949           37,010




CONSOLIDATED CASH FLOW STATEMENT
For the six months ended 31 August 2006


                                                       2006      2005
                                                      £'000     £'000

Cash flows from Operating Activities
Cash inflow from disposal of non-current operating    4,656     8,410
assets
Cash outflow from purchase of non-current operating (3,902)   (7,497)
assets

Cash inflow from revenue income                         383       340
Cash outflow from trading current asset investments   (361)   (1,613)
Cash outflow from revenue expenses                    (276)     (769)

Tax paid                                                (5)       (6)

Net cash flow from operating activities                 495   (1,135)

Financing
Equity dividends Paid                                 (446)     (438)
Interest paid                                         (229)     (208)
Increase in bank borrowings                             434     1,191

Net cash flow from financing activities               (241)       545

Net increase/(decrease) in cash and cash                254     (590)
equivalents

Cash and cash equivalents at beginning of period         98       745

Increase/(decrease) in cash                             254     (590)
Effect of foreign exchange rate changes                  99     (115)

Cash and cash equivalents at end of period              451        40





NOTES

1.   Status of the financial statements
These financial statements are not the Group's statutory accounts as
defined in section 240 of the Companies Act 1985. The financial
information for the half years ended 31 August 2006 and 31 August
2005 has not been audited.

The information for the year ended 28 February 2006 has been
extracted from the latest published audited financial statements.
The audited financial statements for the year ended 28 February 2006
have been filed with the Registrar of Companies.  The report of the
auditors on those accounts contained no qualification or statement
under section 237(2) or (3) of the Companies Act 1985.

The directors approved the interim report on 31 October 2006.  This
interim report is being sent to shareholders and copies will be made
available to the public at the registered office of the Group.

2.   Accounting policies
The interim financial information has been prepared on the basis of
the recognition and measurement requirements of International
Financial Reporting Standards (IFRS).  The accounting policies are
unchanged from those used in the last annual financial statements
except where otherwise stated.

3.   Other operating income
Other operating income comprises bank interest.



4.   Earnings per share
Earnings per share are based on 15,107,250 shares in issue throughout
the period and at the Balance Sheet date (2005: 15,107,250 shares).

5.   Dividends
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  2006
was declared by the Annual General  Meeting on 1 August 2006 and  was
paid on  16 August  2006.   This dividend  was not  reflected in  the
financial statements as at 28 February 2006, but is reflected in  the
financial statements as at 31 August 2006.

6.   Net assets per share



                                   At 31 August   At 31 August
                                           2006           2005

Net asset value per ordinary share      223.79p        218.10p





SECRETARY & REGISTERED OFFICE
Cavendish Administration Limited
145-157 St John Street
London EC1V 4RU

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