Interim Results

Artemis Alpha Trust PLC
09 January 2004

ARTEMIS ALPHA TRUST PLC

(Formerly Piccadilly Growth Trust Plc)

Preliminary Unaudited Results for the half year ended 31st October 2003





CHAIRMAN'S STATEMENT

Introduction

The past six months have witnessed an unprecedented level of activity in the
life of your Company. In June, Artemis Investment Management Limited ('Artemis')
became its Manager, in August the Company's name was changed to Artemis Alpha
Trust plc and in October your Board announced its intention to expand the size
of the Company. Subsequently, I wrote to shareholders with details of a placing
and open offer to raise some £19 million of new equity.

Performance

Over the period under review, the share price rose 97.3%* from 55.0p* to 108.5p
*, with the diluted NAV rising to 99.0p* (a rise of 41.8%*) which compares with
a 14.2%* rise for the FTSE All-Share Index on a total return basis over the same
period. The shares have also benefited from a re-rating with an opening discount
to NAV of 21.2%* reversing direction and ending the period at a premium to NAV
of 9.6%*.

Results

The retained profit of £55,000 for the half year compares with a retained loss
of £38,000 for the half year ended 31st October 2002.

Your Board is pleased to declare an interim dividend of 1.0p per ordinary share
and, in the absence of unforeseen circumstances, expects to recommend the
payment of a second interim (instead of a final) dividend of 1.0p per ordinary
share for the year ended 30th April 2004. The interim dividend will be paid on
16th January 2004 to shareholders on the register on 12th December 2003. The new
ordinary shares issued on 15th December 2003 do not carry an entitlement to
either of these dividends.

Fundraising

On 10th December 2003, shareholders approved the resolutions put to an
Extraordinary General Meeting to enable the placing and open offer to proceed.
The additional monies raised have been committed to a combination of existing
and new holdings. Your Board is confident that the Artemis investment process
will continue to identify attractive investment opportunities for the enlarged
Company.

*Sources: Reuters/JCF Group



Simon Miller

Chairman

9th January 2004





INVESTMENT MANAGER'S REPORT

Introduction

Artemis took over the management of the Company's investments on 1st June 2003.
Following our appointment, we immediately set about reorganising the portfolio.
The portfolio is now broadly the way we would like, comprising mainly UK and
selected international equities. The current asset allocation is split 25% large
cap, 10% mid cap and 65% small cap. In the short-term, this has been very
beneficial given the performance of smaller companies over the period.

Our investment process of re-rating and momentum has helped identify some
potentially exciting opportunities. In the short-term, the Company's holding in
Yoomedia has provided a boost and, given recent corporate news, still looks like
it could go much further. Although the current portfolio is broadly in line with
our current sector preferences for oil exploration, natural resources and
specific special situations, we remain positive about the many investment
opportunities we see for the Company. Within oil exploration, the Company has
holdings in Emerald Energy and First Calgary, which have made a positive
contribution. This sector position is supplemented by a major holding in Shell.
In natural resources we favour gold with holdings in Avocet, Eureka Mines and
GMA Resources.

The most unsusual investment within the technology weighting of the Company's
portfolio is IP2IPO - an intellectual property company with potentially
lucrative links to Oxford University's chemistry department and the universities
of Southampton and Kings College London.

Market Background

The UK stockmarket made significant gains over the period and large, mid and
small cap companies moved up together. Early signs of economic recovery,
combined with undemanding valuations in many sectors, have underpinned
sentiment. Furthermore, the US stockmarket has continued to make further
progress and, barring some major international catastrophe, the US will continue
to be primed ahead of the election next year.

The resources sector continues to attract investor interest with gold hitting
new highs as a dollar hedge and other resources benefiting from rising demand
from China. The oil price remains at the top end of its trading range.

Outlook

It is clear that economic conditions are improving and the subsequent cost of
money is going up, albeit modestly. This is not bad and in the short-term the
stockmarket has momentum and will be pulled up by the US stockmarket, which is
receiving a pre-election boost. Over the medium-term the picture is less clear
but we remain confident of our stockpicking abilities and, following a
successful fund raising, we are looking forward to another positive period for
the Company. Our stock selection is positioning the portfolio to favour
recovery, and sectors such as resources, technology and healthcare.



John Dodd

Artemis Investment Management Limited

9th January 2004





Consolidated Statement of Total Return (incorporating the revenue account*)

                                                        (Unaudited)                             (Unaudited)
                                  1st May 2003 to 31st October 2003       1st May 2002 to 31st October 2002
                                  Revenue      Capital        Total     Revenue       Capital         Total
                                     £000         £000         £000        £000          £000          £000

Gains/(losses) on                       -        3,938        3,938           -       (3,757)       (3,757)
investments
Exchange losses on capital              -         (72)         (72)           -           (3)           (3)
items
Income                                302            -          302         176             -           176
Investment management fee             (6)         (53)         (59)         (7)          (66)          (73)
Other expenses                       (90)        (136)        (226)        (64)             -          (64)

                              -----------  -----------  ----------- -----------   -----------   -----------
Net return on ordinary                206        3,677        3,883         105       (3,826)       (3,721)
activities before finance
costs and taxation
Interest payable and similar          (3)         (26)         (29)         (5)          (38)          (43)
charges
                              -----------  -----------  ----------- -----------   -----------   -----------
Return on ordinary                    203        3,651        3,854         100       (3,864)       (3,764)
activities before taxation
Tax on ordinary activities           (18)            -         (18)         (8)             -           (8)

                              -----------  -----------  ----------- -----------   -----------   -----------
Return on ordinary                    185        3,651        3,836          92       (3,864)       (3,772)
activities after taxation
for the financial period
Dividends in respect of             (130)            -        (130)       (130)             -         (130)
equity shares
                              -----------  -----------  ----------- -----------   -----------   -----------
Transfer to/(from) reserves            55        3,651        3,706        (38)       (3,864)       (3,902)

                                  =======      =======      =======     =======       =======       =======

Return/(loss) per ordinary          1.42p       27.98p       29.40p       0.71p      (29.61p)      (28.90p)
share**


                                                          (Audited)
                                         Year ended 30th April 2003
                                  Revenue      Capital        Total
                                     £000         £000         £000
Gains/(losses) on                       -      (3,903)      (3,903)
investments
Exchange losses on capital              -         (14)         (14)
items
Income                                390            -          390
Investment management fee            (14)        (127)        (141)
Other expenses                      (126)            -        (126)

                              -----------  -----------  -----------
Net return on ordinary                250      (4,044)      (3,794)
activities before finance
costs and taxation
Interest payable and similar          (7)         (66)         (73)
charges
                              -----------  -----------  -----------
Return on ordinary                    243      (4,110)      (3,867)
activities before taxation
Tax on ordinary activities           (21)            -         (21)

                              -----------  -----------  -----------
Return on ordinary                    222      (4,110)      (3,888)
activities after taxation
for the financial period
Dividends in respect of             (261)            -        (261)
equity shares
                              -----------  -----------  -----------
Transfer to/(from) reserves          (39)      (4,110)      (4,149)

                                  =======      =======      =======

Return/(loss) per ordinary          1.70p     (31.49p)     (29.79p)
share**


*The revenue columns of this statement represent the consolidated revenue
accounts of the Group.

** The return per ordinary share has been based on 13,049,698 (2002: 13,049,698)
ordinary shares, being the weighted average number of ordinary shares in issue
during the period.

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

These financial statements have been prepared using the accounting standards and
policies adopted at the previous year end.







Consolidated Balance Sheet

As at 31st October 2003
                                         (Unaudited)                (Unaudited)                  (Audited)
                                   31st October 2003          31st October 2002            30th April 2003
                                                £000                       £000                       £000
Fixed Assets
Investments                                   14,383                     10,974                      8,102
Current Assets
Investments                                      248                          -                          -
Debtors                                          625                        124                        682
Cash at Bank                                     509                         24                        999

                                         -----------                -----------                -----------
                                               1,382                        148                      1,681
Creditors: amounts falling due                 2,586                      1,769                        677
within one year
                                         -----------                -----------                -----------
Net Current (liabilities)/                   (1,204)                    (1,621)                      1,004
assets
                                         -----------                -----------                -----------
Total net assets                              13,179                      9,353                      9,106

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

Capital and reserves
Called up share capital                          130                        130                        130
Share premium account                          8,208                      8,208                      8,208
Capital redemption reserve                         2                          2                          2
Warrant reserve                                  367                          -                          -
Capital reserve - realised                     2,095                      4,463                      1,577
- unrealised                                   2,291                    (3,482)                      (842)
Revenue reserve                                   86                         32                         31

                                         -----------                -----------                -----------
Equity shareholders' funds                    13,179                      9,353                      9,106

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




Note

The above financial information does not constitute statutory financial
statements as defined in Section 240 of the Companies Act 1985. The audited
financial statements for the year ended 30th April 2003, which contained an
unqualified auditors' report, have been lodged with the Registrar of Companies
and did not contain a statement under Section 237(2) or (3) of the Companies Act
1985.





Consolidated Statement of Cash Flows

For the six months ended 31st October 2003
                                                   (Unaudited)           (Unaudited)            (Audited)
                                          1st May 2003 to 31st  1st May 2002 to 31st      Year ended 30th
                                                  October 2003          October 2002           April 2003
                                                          £000                  £000                 £000
Net cash inflow operating activities                         2                    12                   60

                                                   -----------           -----------          -----------
Servicing of finance
Loan interest paid and other finance                      (25)                  (42)                 (75)
costs
                                                   -----------           -----------          -----------
Net cash outflow from servicing of                        (25)                  (42)                 (75)
finance
Tax recovered                                                9                     9                    -

                                                   -----------           -----------          -----------
Capital expenditure and financial
investment
Purchases of investments                              (19,292)               (2,291)              (4,104)
Sales of investments                                    17,101                 2,399                6,411

                                                   -----------           -----------          -----------
Net cash (outflow)/inflow from capital                 (2,191)                   108                2,307
expenditure and financial investment
Equity dividends paid                                    (130)                 (107)                (238)

                                                   -----------           -----------          -----------
Net cash (outflow)/inflow before                       (2,335)                  (20)                2,054
financing
                                                   -----------           -----------          -----------
Financing
Amounts drawn/ (repaid) under revolving                  1,550                   175                (925)
credit facility
Proceeds from issue of ordinary shares                       -                   385                  385
Expenses of share issue                                      -                  (38)                 (38)
Proceeds from issue of warrants                            367                     -                    -

                                                   -----------           -----------          -----------
Net cash inflow/(outflow) from financing                 1,917                   522                (578)

                                                   -----------           -----------          -----------
(Decrease)/increase in cash                              (418)                   502                1,476

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




Notes to the financial information for the half year ended 31st October 2003
2003 Interim Report

The 2003 Interim Report will be finalised on the basis of information set out in 
this announcement. The Report will be sent to shareholders in January 2004 and 
thereafter copies will be available from the Company Secretary at the
registered office, 55 Moorgate, London, EC2R 6PA.



9 JANUARY 2004


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