Interim Results
January 30 2004 - 2:03AM
UK Regulatory
RNS Number:8083U
Clipper Ventures PLC
30 January 2004
Clipper Ventures PLC ("Clipper Ventures")
Unaudited Results for the Six Months Ended 31st October 2003.
Chairman's Statement
Introduction
The Board is very pleased with progress over recent months. The world downturn
undoubtedly affected the company adversely and this is reflected in our current
results. However, recently concluded deals (which are not reflected in the
current results) show a very strong and profitable future for the business. With
our two cornerstone events now moving in the right direction the Board is now
turning its attention to accelerating the growth of the company. We see this
coming from both organic growth and acquisitions.
The Clipper Race
The past 6 months have been a very exciting time for our next race, Clipper
05-06. We were very pleased to be able to announce in October that Liverpool
will host the start and finish of the next two races in a deal worth #1.8million
in sponsorship fees with many additional value in kind benefits. This is by far
the largest sponsorship agreement concluded by Clipper Ventures and we look
forward to a truly spectacular start to our next race. In November we announced
that Perth, Western Australia and Durban, South Africa would also enter yachts
into the next race. These deals show the fruits of our strategy of taking the
Clipper Race international. We are in negotiation with a number of other
international cities and expect to be able to make further announcements
shortly.
Crew recruitment is well underway with more than three and a half thousand
enquiries for the race. The build of the new fleet of 10 Dubois 68's is well
advanced with the first yacht now out of the mould and looking absolutely
spectacular. Costs are running to budget on the build project, but the recent US
$ exchange rate movement has given the company an exchange gain of more than 15%
of the total cost. We have also commissioned the first quality tests on the
yacht build and were pleased that the results showed all the quality standards
we have set being surpassed. These yachts promise an exciting and fast race for
our new crews.
5 Oceans
Preparation for the next 5 Oceans single-handed, professional race are
progressing well. The first stop over to be announced was Perth, and further
stop over announcements are expected shortly. We have received interest in
entries from some of the world's most talented and high profile sailors. With
these pieces in place we are now starting our search for title and subsidiary
sponsors.
Outlook
The developments I have outlined above promise a strong and positive
profitability stream for the company. It is anticipated that this cash flow will
fund much of the development of the business, although in the short term the
Board anticipates that additional equity will be required to both strengthen the
balance sheet and to fund acquisitions. The Directors intend subscribing for a
significant proportion of any such issue.
Sir Robin Knox-Johnston
Chairman January 2004
Profit and Loss Account
Period Ended 31st October 2003 (unaudited)
6 Months 6 Months
to to
Oct-03 Oct-02
Continuing Discontinued Total Total
Operations Operations
#'000 #'000 #'000 #'000
Turnover 1,477 29 1,506 1,674
Cost of Sales 1,029 70 1,099 835
Gross Profit 447 (41) 407 839
Net Operating Expenses 879 1 880 756
Operating Profit/(Loss) (432) (42) (473) 83
Interest Receivable - -
Interest Payable 71 70
Profit/(Loss) on Ordinary Activities Before Tax (545) 13
Taxation - -
Profit/(Loss) for the Half Year (545) 13
Balance Sheet
As At As At
31-Oct-03 31-Oct-02
Fixed Assets
Intangible Assets 109 109
Tangible Assets 1,791 2,597
Investments 29 29
1,929 2,735
Current Assets
Stocks 120 158
Debtors 619 1,891
Cash in Hand - 2
739 2,051
Creditors : Amounts due within one year (2,104) (2,773)
Net Current Liablilities (1,364) (722)
Total Assets less Current Liablilties 565 2,013
Creditors : Amounts due after more than 1 year (500) (1,342)
Total Net Assets 65 671
Capital and Reserves
Called Up Share Capital 367 328
Share Premium Account 2,500 2,110
Profit and Loss Account (2,802) (1,767)
Shareholder Funds 65 671
Cash Flow Statement
6 Months 6 Months
Ended Ended
31-Oct-03 31-Oct-02
Net Cash Inflow.(Outflow) from Activities (468) 735
Interest Paid (71) -69
Net Cash (Outflow)/Inflow from returns on
Investments and servicing of finance (71) -69
Capital Expenditure -78 -22
Capital Disposals 508
Issue of Debentures 125
Net Inflow/(Outflow) of Bank Loans -55
Capital Element of HP Rental Payments -2
Net cash Inflow from Financing 125 -57
Increase/(decrease) in cash 16 587
Notes to the Interim Report
Period ended 31st October 2003
1. The interim accounts were approved by the Board of Directors
on 27th January 2004.
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 2003.
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 Advisors : ARM Corporate Finance, 12 Pepper St, London E14 9RP.
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
END
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