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Clipper Ventures

  • BY: Andrew Hore |
  • POSTED: 07/09/2008 |

Clipper Ventures reported flat second half profits.

The Clipper round the world yacht race organiser reported a rise in profits from £931,000 to £1.14m in the year to April 2008, as turnover improved from £6.98m to £7.91m. The rise in interim profits was slightly more than this. 

The Clipper 2007-08 race was the main contributor in the year. The race finished in July so more revenues will be recognised in the first half of this financial year.

Velux has renewed its sponsorship of the Velux 5 Oceans Race.

There is no final dividend. Clipper paid 0.25p a share in 2006-07 and talked of a progressive dividend policy. It did pay an interim of 0.2p a share.

Management says that it wants to conserve its cash. It had net cash of just under £1m at the end of April. There is likely to be a cash outflow until next spring when revenues for the Clipper 2009-10 race start to come in. It makes sense to maintain a level of cash in the bank to cover the period of poor cash flow.

Clipper’s net asset value was £4.63m at the end of April, of £4.42m excluding goodwill. The shares edged up 0.25p to 8.25p each, which gives Clipper a market value of £3.22m. 

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