Interim Results
January 25 2002 - 2:00AM
UK Regulatory
RNS Number:4602Q
Clipper Ventures PLC
25 January 2002
Clipper Ventures Plc ("Clipper Ventures")
Unaudited Results for the six months ended 31st October 2001.
Chairman's Statement
Introduction
I am pleased to report that Clipper Ventures has been able to further
consolidate and develop its position as one of the world's leading marine event
companies. The investment we have put into the structure and efficiency of the
business is now paying off as we see the company returning to profitability.
The coming months are set to be a very exciting time for Clipper Ventures. We
are looking forward to the start of the next Clipper Race in October 2002, which
will start from Liverpool, England. September 2002 sees the start of the Around
Alone Race from Newport, Rhode Island.
Results
Gross Profit is up 48% at £559k. This has been the key contributor moving the
business to an Operating Profit from an Operating Loss. The business has been
kept cash neutral with the cash outflow from operations being just £23k. This,
combined with the cash generation of the business in the year to 30th April
2001, has led to a reduction in interest costs of 32%.
The results now show the benefit of our focus on developing profitable business
while maintaining a strong grip on the costs of the business.
Operations
Clipper 2002
This race continues to fire the public's imagination round the world. Despite
the terrorist atrocities of 11th September 2001, bookings of crew places are
ahead of the previous "sell out" race at a similar stage. The city sponsorship
formula continues to prove successful. This allows cities to compete against
each other in a major sporting event and to promote themselves in the ports of
call. We are delighted to welcome back from the 2000 event Bristol, Glasgow,
London and Liverpool. Liverpool has also agreed to host the start and finish of
the race in one of the most exciting sponsorship deals we have seen with the
Clipper Race. We are also excited that Cape Town and Hong Kong have joined as
our first international yacht sponsors.
The Clipper race is now a truly global event, and we continue our search for an
overall sponsor to share in the benefits of the considerable media coverage the
race will generate.
Around Alone
Registrations from the world's leading sailors continue to be received for this
prestigious single-handed contest. Newport, Rhode Island will host the start and
finish of the race in the biggest sponsorship deal that Clipper Ventures has
ever seen. The final route is currently being settled, and will be announced
shortly.
Events and Training
Our Events and Training division is planning a range of exciting events for the
forthcoming season. The flagship event will be our Industry Championship. This
pits competitors in vertical industry sectors against one another in a series of
races through out the year. An overall Champion will emerge after the final
series towards the end of the season. A full complement of corporate sailing
events, such as Cork and Cowes Week are planned, along with regattas coinciding
with the start of the Clipper Race.
Outlook
The business is now profitable, efficient and attracting major sponsorship. We
are entering one of the most exciting periods for our company with two worldwide
events about to start. The Clipper Ventures brand grows stronger and stronger as
our ability to generate global media coverage grows. This places us in a good
position to aggressively pursue the opportunities that our success is bringing
us.
Sir Robin Knox-Johnston
Chairman 24th January 2002
Profit and Loss Account
Period Ended 31st October 2001
6 Months to 6 Months to
31st October 2001 31st October 2000
(unaudited) (unaudited)
£'000 £'000
Turnover 1,400 1,679
Cost of sales 841 1,302
_________ _________
Gross Profit 559 377
Marketing and administrative expenses 425 397
_________ _________
Operating Profit / (Loss) 134 (20)
Interest payable 70 103
_________ _________
Profit / (Loss) on ordinary activities 64 (123)
before taxation
Tax on loss on ordinary activities - -
_________ _________
Profit/(Loss) on ordinary activities 64 (123)
after taxation
Dividends - -
Profit/(Loss) for the Financial period 64 (123)
Earnings per share (pence) 0.48 (1.00)
Statement of Total Recognised Gains and Losses
Period Ended 31st October 2001
6 Months to 6 Months to
31st October 2001 31st October 2000
(unaudited) (unaudited)
£'000 £'000
Profit/(Loss) for the financial period attributable
to shareholders 64 (123)
Total Recognised gains and losses 64 (123)
recognised since the last annual report
Balance Sheet
As at 31st October 2001
31st October 2001 31st October 2000
(unaudited) (unaudited)
£'000 £'000
Fixed Assets
Intangible Assets 109 -
Tangible Assets 2,829 3,090
Investments 29 -
_________ _________
2,967 3,090
Current Assets
Stock 176 391
Debtors 2,418 2,746
Cash at bank and in hand - 6
_________ _________
2,594 3,143
Creditors : Amounts falling due (3,256) (5,182)
within one year
__________ _________
Net Current Assets (662) (2,039)
__________ _________
Total assets less current liabilities 2,305 1,051
Creditors : Amounts falling due (1,270) (314)
more than one year
1,035 737
Capital and Reserves
Called up share capital 328 319
Share premium account 2,110 1,601
Profit and Loss account (1,403) (1,183)
Shareholder Funds 1,035 737
Cash Flow Statement
Period Ended 31st October 2001
6 Months to 6 Months to
31st October 2001 31st October 2000
(unaudited) (unaudited)
£'000 £'000
Net cash (outflow) / inflow from
operating activities (23) 756
Interest paid (67) (102)
Interest element of finance lease rental
payments - (1)
Net cash (outflow) / inflow from returns on _________ _________
investments and servicing of finance (67) (103)
Capital expenditure
Payments to acquire tangible fixed assets 1 (88)
_________ _________
Cash inflow / (outflow) before financing (89) 565
Issue of equity share capital 18 -
Net inflow / (outflow) of bank loans (89) (168)
Capital element of hire purchase rental
payments (3) (5)
_________ _________
Net cash inflow / (outflow) from financing (74) (173)
Increase / (decrease) in cash (163) 392
Notes to the Interim Report
Period ended 31st October 2001
1. The interim accounts were approved by the Board of Directors
on 24thJanuary 2002.
2. The interim report has been prepared using accounting
policies consistent with those set out in the statutory accounts of the
Company for the period ended 30 April 2001.
3. The interim financial information is unaudited and does not
constitute statutory accounts within the meaning of section 240 of the
Companies Act 1985.
4. Copies of the interim report are being sent to all
shareholders and will be available to the public from the company's
registered office.
5. The Directors do not recommend the payment of a dividend.
Nominated Adviser : Corporate Synergy PLC, 12 Nicholas Lane, London, EC4N
7BN.
Broker : Hoodless Brennan & Partners Plc, 40 Marsh Wall,
London, E14 9TP.
Registered Address : Shamrock Quay, William Street, Southampton, SO14 5QL
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