Final Results

Artemis Alpha Trust PLC
02 August 2004


ARTEMIS ALPHA TRUST PLC

Advanced notification of Annual Unaudited Results for the year ended 30th April
2004


CHAIRMAN'S STATEMENT

Introduction

The last year has been one of considerable change for your Company. These
changes began in May 2003, when a new investment objective and policy were
adopted, together with the appointment of a new Investment Manager, Artemis
Investment Management Limited. In August 2003, the Company's name was changed to
Artemis Alpha Trust plc and in December 2003 some £19 million (before expenses)
was raised following a successful placing and open offer.

Your Board believes that your Company is now well positioned to seek an above
average total return for its shareholders over the longer term.

Performance

I am pleased to report that, over the year to 30th April 2004, your Company's
basic net asset value has performed strongly, rising by 84.7% (diluted: 80.1%).
This compares favourably to the rise in the FTSE All-Share Index of 18.3% over
the same period. The strong demand for, and subsequent re-rating of, your
Company's shares, has resulted in a significant increase in their value of
152.7%, with the shares ending the year at 139 pence. Since the implementation
of the changes in May 2003, the shares have moved from trading at a discount to
net asset value of around 20% to a premium to net asset value of 8% at the year
end.

Your Company's performance reflects a general improvement in world stock markets
over the year, with most now operating on a better footing than for some time.
Notwithstanding, there remain a number of factors, both economic and political,
which could have a de-stabilising effect on markets and the coming year should
be viewed with a degree of caution.

Results

The total dividend for the year has been maintained at 2.0p. Your Board has
declared a second interim dividend of 1.0p per ordinary share (in lieu of a
final) which will be paid on 4th August 2004 to eligible shareholders on the
register on 21st May 2004. Holders of the new ordinary shares, issued in
December 2003, are not eligible for this dividend. However, all of your
Company's shares now rank pari passu and will be eligible for future dividend
payments.

Shareholders & Investment Plan

Your Board believes that investment trusts continue to be attractive investment
vehicles for private investors. This has been recognised by our shareholders,
the overwhelming majority of which are individuals rather than institutions.
With demand remaining strong for your Company's shares, your Board has decided
to establish an investment plan which will enable both existing shareholders and
new investors to acquire shares in a cost-effective manner through regular
savings or lump-sum investment. The arrangements are presently being finalised.
Upon completion, full details will be circulated to shareholders.

Corporate Governance

The last year has seen further developments in corporate governance with the
publication of a revised Combined Code. Your Board is eager to ensure that it
has the appropriate procedures in place and is currently considering the new
Combined Code, which is applicable to accounting periods commencing on or after
1st November 2003, together with the AITC's Code of Corporate Governance. Full
details of your Board's corporate governance procedures are set out in the
Annual Report and Accounts.

Your Board and Annual General Meeting

The composition of your Board has changed over the last year, with the
appointment of myself, Andrew Dalrymple and Charles Peel. Margaret Simmons-Hodge
retired at last year's Annual General Meeting and Peter Metcalfe and Andrew
Greenwell will retire at this year's Annual General Meeting. I would like to
record the Board's appreciation of their contribution over their period in
office.

Your Company's Annual General Meeting will be held at 42 Melville Street,
Edinburgh EH3 7HA on 7th September 2004 at 12.30 pm. Full details of the
business to be conducted at the meeting will be set out in a Circular to
shareholders to be released shortly. You will have an opportunity at this
meeting to ask questions of your Board and of the Manager. If you have any
detailed or technical questions, you may wish to raise these in advance with the
Company Secretary. I would encourage those shareholders who cannot attend the
meeting to use their proxy votes.

Simon Miller

Chairman

2nd August 2004



Consolidated Statement of Total Return

(incorporating the revenue account*)

For the year ended 30th April 2004


                                                     2004                                       2003
                         Notes          Revenue         Capital           Total     Revenue       Capital         Total
                                          £'000           £'000           £'000       £'000         £'000         £'000

Gain/(Losses) on                              -          11,643          11,643           -       (3,903)       (3,903)
investments
Exchange losses on                            -            (83)            (83)           -          (14)          (14)
capital items
Loss on current asset                       (1)               -             (1)           -             -             -
investment
Income                                      768               -             768         390             -           390
Investment Management                      (21)           (190)           (211)        (14)         (127)         (141)
fee
Other expenses                            (260)           (120)           (380)       (126)             -         (126)

                                     ----------      ----------      ----------  ----------    ----------    ----------
Net return on ordinary
activities before
finance costs and                           486          11,250          11,736         250       (4,044)       (3,794)
taxation
Interest payable and                       (11)           (102)           (113)         (7)          (66)          (73)
similar charges
                                     ----------      ----------      ----------  ----------    ----------    ----------
Return on ordinary
activities before
taxation                                    475          11,148          11,623         243       (4,110)       (3,867)
Tax on ordinary                            (18)               -            (18)        (21)             -          (21)
activities
                                     ----------      ----------      ----------  ----------    ----------    ----------
Return on ordinary
activities after
taxation for the                            457          11,148          11,605         222       (4,110)       (3,888)
financial year
Dividends paid and                        (261)               -           (261)       (261)             -         (261)
proposed in respect of
equity shares                       -----------     -----------     ----------- -----------   -----------   -----------
Transfer to/(from)                          196          11,148          11,344        (39)       (4,110)       (4,149)
reserves
                                    -----------     -----------     ----------- -----------   -----------   -----------
Return per ordinary              2        2.14p          52.17p          54.31p       1.70p      (31.49)p      (29.79)p
share (basic)
                                    -----------    ------------    ------------ -----------  ------------  ------------
Return per ordinary              2        2.00p          48.82p          50.82p       1.70p      (31.49)p      (29.79)p
share (diluted)
                                    -----------    ------------    ------------ -----------  ------------  ------------

*The revenue columns of this statement are the consolidated profit and loss
accounts of the Group.

All revenue and capital items in the above statement derive from continuing
operations. No operations were acquired or discontinued during the year.



Balance Sheets

as at 30th April 2004
                                                           Group          Group          Company          Company
                                     Notes                  2004           2003             2004             2003
                                                           £'000          £'000            £'000            £'000
Fixed assets

Investments                                               39,742          8,102           39,742            8,102
Current assets
Investments                                                  201              -                -                -
Debtors                                                      877            682              878              682
Cash at bank                                               4,795            999            4,795              999

                                                 ---------------   ------------  ---------------     ------------
                                                           5,873          1,681            5,673            1,681
Creditors: amounts falling due                           (6,191)          (677)          (6,192)            (678)
within one year
                                                   -------------  -------------    -------------   --------------
Net current (liabilities)/assets                           (318)          1,004            (519)            1,003

                                                ----------------  ------------- ----------------    -------------
Total net assets                                          39,424          9,106           39,223            9,105

                                                ----------------  ------------- ----------------    -------------
Capital and reserves
Called up share capital                                      306            130              306              130
Share premium account                                     18,431          8,208           18,431            8,208
Capital redemption reserve                                     2              2                2                2
Warrant reserve                                              367              -              367                -
Capital reserve - realised                                 4,655          1,577            4,655            1,577
Capital reserve - unrealised                               7,228          (842)            7,228            (842)
Special reserve                                            8,208              -            8,208                -
Revenue reserve                                              227             31               26               30

                                                 ---------------  -------------   --------------   --------------
Equity shareholders' funds                                39,424          9,106           39,223            9,105

                                                 ---------------  -------------   --------------   --------------
Net asset value per ordinary share           3           128.86p         69.78p
(basic)
                                                 --------------- --------------
Net asset value per ordinary share           3           125.65p         69.78p
(diluted)
                                                 --------------- --------------

The financial statements were approved by the Board of Directors on 2nd August
2004 and signed on its behalf by:



Simon Miller

Chairman


Consolidated Statement of Cash Flows

for the year ended 30th April 2004


                                                                    2004           2003
                                                                   £'000          £'000
                                               Notes
Operating activities
Investment Income received                                           645            315
Deposit interest received                                             39              3
Underwriting commission received                                       -              4
Investment Management fees paid                                    (104)          (155)
Company secretarial fees paid                                       (13)           (13)
Other cash payments                                                (344)          (114)
Withholding tax recovered                                             16             20

                                                            ------------   ------------
Net cash inflow from operating activities                            239             60

                                                            ------------   ------------
Servicing of finance
Loan interest paid and other finance costs                         (102)           (75)

                                                            ------------   ------------
Net cash outflow from servicing of finance                         (102)           (75)

                                                            ------------   ------------
Capital expenditure and financial investment
Purchases of investments                                        (55,985)        (4,148)
Sales of investments                                              36,581          6,455

                                                            ------------    -----------
Net cash (outflow)/inflow from capital                          (19,404)          2,307
expenditure and financial investment
                                                            ------------    -----------
Equity dividends paid                                              (261)          (238)

                                                            ------------    -----------
Net cash (outflow)/inflow before financing                      (19,528)          2,054

                                                            ------------    -----------
Financing
Amounts drawndown/repaid under revolving                           4,350          (925)
credit facility
Issue of shares                                                   19,000            385
Expenses of share issue                                            (393)           (38)
Issue of warrants                                                    367              -

                                                             -----------    -----------
Net cash inflow/(outflow) from financing                          23,324          (578)

                                                             -----------    -----------
Increase in cash                                                   3,796          1,476

                                                             -----------    -----------

The notes following form part of these financial statements.


NOTES
                              
1.        Accounting policies

          The financial statements have been prepared in accordance with the 
          historical cost convention as modified by the revaluation of fixed 
          asset investments, and in accordance with applicable accounting 
          standards and with the Statement of Recommended Practice regarding the 
          Financial Statements of Investment Trust Companies issued in 2003 
          ('SORP').

2.        Return per ordinary share

          Revenue return per ordinary share is based on the net revenue on 
          ordinary activities after tax of £457,000 (2003: £222,000) and on 
          21,368,106 (2003: 13,049,698) ordinary shares, being the weighted 
          average number of ordinary shares in issue during the year.

          Capital return per ordinary share is based on net capital gains for 
          the year of £11,148,000 (2003: losses of 4,110,000) and on 21,368,106 
          (2003: 13,049,698) ordinary shares, being the weighted average number 
          of ordinary shares in issue during the year.

          The calculation of the diluted revenue and capital returns are carried 
          out in accordance with Financial Reporting Standard No. 14 'Earnings 
          per share'. For the purposes of calculating diluted revenue and 
          capital returns per ordinary share, the number of ordinary shares is 
          the weighted average used in the basic calculation plus the number of 
          Ordinary shares deemed to be issued for no consideration on exercise 
          of all Warrants. The calculations indicate that the exercise of 
          Warrants would result in an increase in the weighted average number
          of ordinary shares of 1,468,091 (2003: nil) to 22,836,197 Ordinary 
          shares.
          
3.        Net asset value per ordinary share

          The basic net asset value per ordinary share is based on net assets of 
          £39,424,000 (2003: £9,106,000) and on 30,593,452 (2003: 13,049,698) 
          shares, being the number of ordinary shares in issue at the year-end.

          The diluted net asset value per ordinary share has been calculated on 
          the assumption that the 2,609,939 Manager warrants (2003: nil) in 
          issue were exercised on the first day of the financial year at 87.96 
          pence per share, resulting in a total of 33,203,391 ordinary shares 
          (2003: 13,049,698).
          
4.        2004 accounts

          The figures and financial information for the year ended 30th April 
          2003 are extracted from the latest published accounts of the Company 
          and do not constitute statutory accounts for that year. Those accounts 
          have been delivered to the Registrar of Companies and included the 
          report of the auditors which was unqualified and did not include a 
          statement under either Section 237(2) or Section 237(3) of the 
          Companies Act 1985.

          The figures and financial information for the year ended 30th April 
          2004 do not constitute statutory accounts as defined in Section 240 of 
          the Companies Act 1985. Statutory accounts for the year ended 30th 
          April 2004 will be delivered to the Registrar of Companies in due 
          course.
     
5.        Dividend

          The Directors have declared a second interim dividend of 1.00 p per 
          ordinary share (in lieu of a final dividend) which will be paid on 4th 
          August 2004 to eligible shareholders on the register on 21st May 2004.
          Holders of the new ordinary shares, issued in December 2003, are not 
          eligible for this dividend. All of the Company's shares now rank pari 
          passu and will therefore be eligible for future dividend payments.

6.        The Annual Report will be sent to shareholders in August 2004 and 
          thereafter copies will be available from the registered office at 55           
          Moorgate, London EC2R 6PA. The Annual General Meeting of the Company 
          will be held on 7th September 2004.



For further information, please contact:

Billy Aitken

Artemis Investment Management Limited

Tel: [phone]

BNP Paribas Secretarial Services Limited

Tel: [phone]


Dated: 2 AUGUST 2004


                      This information is provided by RNS
            The company news service from the London Stock Exchange