News blog
Clipper Ventures
- BY: Andrew Hore |
- POSTED: 31/01/2008 |
Clipper Ventures has more than trebled its interim profits.
The round the world yacht race organiser’s turnover fell from £3.12m to £2.37m in the six months to October 2007. The Clipper Round the World yacht race had only completed one out of the seven legs during the period. The first half of the previous year included the Velux 5 Oceans race and the latest period included the final payments relating to that race. Costs also fell and that is why profit increased from £89,000 to £313,000.
Much of the revenue from the Clipper race has been received but only one-seventh of the income directly related to the race has been recognised in this period. Some sponsorship revenue, though, was taken into last year’s income. Most of the crew revenue and some of the sponsorship revenues will be included in group revenues over the next 12 months. This provides strong visibility of revenues. The race has already generated contracted revenues of £10m compared with a final outcome for the previous race of £8.4m. That figure will increase further.
Management hasn’t seen any effect from the problems with the world economy. Bookings for upcoming legs of the current Clipper race and for future races are in line with expectations
Clipper is paying an interim dividend of 0.2p a share. Last year’s final of 0.25p a share was its maiden dividend. There was just over £1m in the bank at the end of October.
The shares held steady at 12.5p, although that is their 12 month low. This values Clipper at £4.87m. Its net asset value is £4.19m and that doesn’t take account of the value of the Clipper Round the World race.
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