Clipper Ventures, the Ofex-traded yacht racing company, boasted a jump in turnover from £157,000 to £2.31m for the year ended 31 January 1999. Pre-tax profits surged into the black at £185,000. The implementation of a strategy to broaden the company's business base and to smooth out the two-year race-orientated cycle, has sent costs soaring to £1.5m from £46,000. Much of this was invested in eight new yachts, destined for the newly established, and potentially profitable, corporate division. Clipper reported that forward bookings have been encouraging. The Clipper 2000 race, sponsored by The Times, also promises increased revenue, and plans for brand merchandising are under development.