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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Clipper Ven. | LSE:CLV | London | Ordinary Share | GB0002643566 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 6.625 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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RNS Number : 0167J
Clipper Ventures PLC
27 November 2008
Clipper Ventures PLC
27 November 2008
Clipper Ventures plc
(The 'Group', the 'Company' or 'Clipper Ventures')
Interim Results for the six months ended 31 October 2008
Clipper Ventures today announces the interim results for the six months ended 31 October 2008.
Highlights
* Post-tax profit of £176k (2007: £313k);
* Operating cash outflow of £1,007k (2007: inflow £927k);
* Net debt of £148k (2007: Net funds £1,069k);
* Net assets £4,724k (2007: £4,193k)
Clipper Ventures develops and promotes major marine events, attracting significant participation, associated sponsorship revenue and
media coverage, including the Clipper Round the World Yacht Race and the VELUX 5 OCEANS Race. It also organizes corporate sailing, sailing
training and the Zapcat British Championship races.
For further information, please contact:
Clipper Ventures plc Tel: +44 (0) 2392 526000
William Ward Chief Executive
Jeremy Knight Finance Director
HB Corporate Tel: +44 (0) 2075 108600
Luke Cairns/Edward Cozens
CHAIRMAN's STATEMENT
Clipper Round The World Yacht Race
After a successful Clipper 07-08 race, which finished in July 2008, preparations for the Clipper 09-10 race which commences in September
2009 are well underway. Hull and Humber will be the Official Start / Finish Port, with Qingdao (China), California (USA) and Singapore
already confirmed as host ports and entries for the race. Negotiations continue with a number of other cities and crew recruitment continues
to proceed in line with expectations.
VELUX 5 OCEANS Race
We were happy to announce that La Rochelle (France) will be the Official Start / Finish Port for next edition of the VELUX 5 OCEANS race
which will start on October 2010. The full route is due to be announced in December with stop-over ports already confirmed in Cape Town
(South Africa) and Wellington (New Zealand). Good communications continue with potential competitors, as well as partners and suppliers to
the race.
Clipper Corporate Events
Clipper Corporate Events uses the ten Clipper 68-foot round the world racing yachts when they are not taking part in the Clipper Round
The World Yacht Race, and also has access to three of Clipper's original fleet, the Clipper 60s.
2008 was a successful first year and saw the launch of the Clipper Industry Series which attracted industry leaders to compete against
others in their sector, whilst taking advantage of a compelling environment through which to entertain clients, reward employees and develop
business through networking.
Business was also generated through 3rd party event agencies who recognize the unique nature of the Clipper fleet.
As well as income generation, chartering the fleet to some of the UK's leading blue chip and financial corporations has an additional
benefit in raising the profile of Clipper Ventures plc and provides a platform from which to generate sponsorship fees for other Clipper
Ventures' events.
Clipper Training
The relationship with Plymouth University continues, building on our world-class training offered to race crews for the past 12 years,
including offering the general public as well as our race crews the opportunity to study towards a maritime studies degree.
Financial Review and Outlook
The Board is pleased to report that the group remains profitable, generating Group Operating Profits of £205k in the six months to 31
October 2008 (2007: £313k). The mix of low margin crew income to high margin sponsorship income in the period was significantly higher than
that during the same period last year.
The Group has outstanding borrowings of £639k (2007: nil) and a cash balance £491k (2007: £1,069k). This position should strengthen as
the Group approaches its year end (April 2008) in the run up to the Clipper 09-10 Race and the VELUX 5 OCEANS Race.
As a result of the current global economic situation, the Board does not anticipate a growth in profits for the year ending 30 April
2008 year on year and has suspended dividend payments, adopting a policy of retaining as much cash in the Group as possible.
________________________
Sir Robin Knox-Johnston
Chairman
CONSOLIDATED INCOME STATEMENT (unaudited)
for the six months ended 31 October 2008
Six months ended Six months ended
31 October 31 October
2008 2007
(unaudited) (unaudited)
£000 £000
Revenue 3,500 2,366
Cost of Sales (2,386) (1,128)
Gross Profit 1,114 1,238
Administrative Expenses (890) (910)
Operating Profit 224 328
Finance Expenses (19) (15)
Profit before taxation 205 313
Income tax expense (29) -
Profit for the Year 176 313
_ _
Earnings per ordinary share - 0.45p 0.8p
basic
Earnings per ordinary share - 0.44p 0.8p
diluted
CONSOLIDATED balance sheet (unaudited)
for the six months ended 31 October 2008
31 October 31 October
2008 2007
(unaudited) (unaudited)
£000 £000
ASSETS
Non-current assets
Property, plant and equipment 3,992 4,302
Goodwill 211 321
Investments in subsidiaries - -
Trade and other receivables 1,220 221
receivable after 1 year
Deferred income tax asset 32 357
5,455 5,201
Current Assets
Inventories 86 94
Trade and other receivables 3,163 4,473
receivable within 1 year
Cash and cash equivalents 491 1,069
3,740 5,636
Total Assets 9,195 10,837
LIABILITIES
Non-current liabilities
Deferred income 2,562 459
Deferred income tax liabilities 2 -
2,564 459
Current liabilities
Interest bearing loans and borrowings 639 -
Trade and other payables 644 1,171
Deferred Income 577 4,965
Current tax liabilities 47 49
1,907 6,185
Total Liabilities 4,471 6,644
Net Assets 4,724 4,193
_ _
EQUITY
Issued share capital 587 587
Share premium 2,143 2,143
Retained earnings 1,994 1,463
4,724 4,193
_ _
COnsolidated cash flow statement (unaudited)
as at 31 October 2008
Six months ended Six months ended
31 October 31 October
2008 2007
(unaudited) (unaudited)
£000 £000
Cash flows from operating
activities
Profit before taxation 205 313
Adjustments for:
Depreciation 165 91
Finance expenses 19 15
(Increase) / decrease in (3) 53
inventories
(Increase) / decrease in trade (454) 319
and other receivables
(Decrease) / increase in trade (939) 136
and other payables
____________ ____________
Net cash (outflow) / inflow (1,007) 927
from operating activities
Cash flows from investing
activities
Acquisition of property, plant (20) -
and equipment
Proceeds from sale of assets - 176
held for re-sale
____________ ____________
Net cash (outflow) / inflow (20) 176
from investing activities
Cash flows from financing
activities
Purchase of treasury shares - (40)
New loans 400 -
____________ ____________
Increase / (decrease) in debt 400 (40)
Dividends paid (78) (98)
Interest paid (19) (15)
____________ ____________
Net cash inflow / (outflow) 303 (153)
from financing activities
____________ ____________
(Decrease) / increase in cash (724) 950
and cash equivalents
____________ ____________
Cash and cash equivalents at 1,215 119
beginning of period
Cash and cash equivalents at 491 1,069
end of period
____________ ____________
COnsolidated STATEMENT OF CHANGES EQUITY (unaudited)
as at 31 October 2008
Share Capital Share Premium Retained Earnings Total
Account
£000 £000 £000 £000
At 31 October 2007 (unaudited) 587 2,143 1,463 4,193
Prior period effects of
adoption of IFRS:
Adjustment to goodwill - - (105) (105)
Movement on deferred tax asset - - (312) (312)
Total recognised income and - - 890 890
expenses for the period
Treasury shares purchased - - (40) (40)
At 30 April 2008 (unaudited) 587 2,143 1,896 4,626
Total recognised income and - - 176 176
expenses for the period
Dividends paid - - (78) (78)
At 31 October 2008 587 2,143 1,994 4,724
(unaudited)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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