Interim Results
January 29 2003 - 2:00AM
UK Regulatory
RNS Number:7269G
Clipper Ventures PLC
29 January 2003
Clipper Ventures Plc ("Clipper Ventures")
Unaudited Results for the six months ended 31st October 2002.
Chairman's Statement
Introduction
I am pleased to present our half year results. These show an operating profit of
#83,000 and a profit before tax of #13,000 as the income from Clipper 2002 and
Around Alone 2002 starts to be included in the results. The company has also
generated #735,000 of cash from operating activities. This results from payments
received from Clipper 2002 crews and sponsors immediately prior to the start of
the races.
The Clipper Race
The race has had an exciting start, with some 40,000 people turning out to watch
the start. The media coverage of the race and the public following it has
generated on both our website and at the Liverpool start has been very
encouraging.
Plans are now well advanced on the building of 12 new Clipper 68' yachts. The
board are currently reviewing options to finance this programme which may be
partly achieved through an equity issue. With Clipper 2002 we welcomed our first
international cities as entries. It is now our intention to make the 2005 race
truly international with entries from around the globe - the race will become
the "Nations Cup" of round the world yacht racing. With our Strategic partners,
Fast Track, we have started presenting the opportunity the race presents for
cities round the world. The reaction of cities presented to so far has been very
positive, and we remain convinced that the hard work put into building the
Clipper brand is set to deliver strong results.
Around Alone
The fleet is now approaching Tauranga, New Zealand, the finish of the third leg
of the race. Again, media coverage has been excellent. It is anticipated that
the current race will break-even. The company has now started planning the
format and sponsorship packages which are anticipated to move the 2006 race into
profitability.
Events and Training
We have now completed the closure of the division. This has been timed to
minimise the cash outflows associated with the winter season. The process of
selling the 38' yachts has now started, being handled by the well respected
Berthon International Yacht Brokerage.
Sir Robin Knox-Johnston
Chairman 28 January 2003
Enquiries
Jeremy Knight, 02380 237 088
Finance Director, Clipper Ventures Plc
Profit and Loss Account
Period Ended 31st October 2002
6 Months to 6 Months to
31st October 2002 31st October 2001
(unaudited) (unaudited)
#'000 #'000
Turnover 1,674 1,400
Cost of sales 835 841
_________ _________
Gross Profit 839 559
Marketing and administrative expenses 756 425
_________ _________
Operating Profit / (Loss) 83 134
Interest payable 70 70
_________ _________
Profit / (Loss) on ordinary activities 13 64
before taxation
Tax on loss on ordinary activities - -
_________ _________
Profit/(Loss) on ordinary activities 13 64
after taxation
Dividends - -
_________ _________
Profit/(Loss) for the Financial period 13 64
Earnings per share (pence) 0.48 0.48
Statement of Total Recognised Gains and Losses
Period Ended 31st October 2002
6 Months to 6 Months to
31st October 2002 31st October 2001
(unaudited) (unaudited)
#'000 #'000
Profit/(Loss) for the financial period attributable
to shareholders 13 64
Total Recognised gains and losses 13 64
recognised since the last annual report
Balance Sheets as at 31 October
As at As at
31st October 2002 31st October 2001
(unaudited) (unaudited)
#'000 #'000
Fixed Assets
Intangible Assets 109 109
Tangible Assets 2,597 2,829
Investments 29 29
_________ _________
2,735 2,967
Current Assets
Stock 158 176
Debtors 1,891 2,418
Cash at bank and in hand 2 -
_________ _________
2,051 2,594
Creditors : Amounts falling due (2,773) (3,256)
within one year
_________ _________
Net Current Assets (722) (662)
_________ _________
Total assets less current liabilities 2,013 2,305
Creditors : Amounts falling due (1,342) (1,270)
more than one year _________ _________
671 1,035
Capital and Reserves
Called up share capital 328 328
Share premium account 2,110 2,110
Profit and Loss account (1,767) (1,403)
_________ _________
Shareholder Funds 671 1,035
Cash Flow Statement 6 Months to 6 Months to
31st October 2002 31st October
2001
(unaudited) (unaudited)
#'000 #'000
Net cash (outflow) / inflow from
operating activities 735 (23)
Interest paid (69) (67)
Interest element of finance lease rental
payments - -
Net cash (outflow) / inflow from returns on _________ _________
investments and servicing of finance (69) (67)
Capital expenditure
Payments to acquire tangible fixed assets (22) 1
_________ _________
Cash inflow / (outflow) before financing 644 (89)
Issue of equity share capital 0 18
Net inflow / (outflow) of bank loans (55) (89)
Capital element of hire purchase rental
payments (2) (3)
_________ _________
Net cash inflow / (outflow) from financing (57) (74)
_________ _________
Increase / (decrease) in cash 587 (163)
Notes to the Interim Report
Period ended 31st October 2002
1. The interim accounts were approved by the Board of Directors on 28th January
2003.
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 2002.
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, free of charge, to the public from the company's registered office.
5. The Directors do not recommend the payment of a dividend.
Nominated Advisors : 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
This information is provided by RNS
The company news service from the London Stock Exchange
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