In a slightly skewed comparison, Clipper Ventures plunged £99,500 into the red, even as turnover more than doubled to £1.2m. A change in the year end and the bumpy two-year race-orientated cycle are the main obstacles in charting the group's progress. A planned change in accounting policy in respect of income promises to frustrate comparisons further. The group has also invested heavily in a newly-created corporate sailing division which has yet to recover the outlay. Clipper reported high booking levels for the 2000 Clipper race, and sponsorship opportunities continue to grow. The group recently signed a distribution deal with South African-based Gemini Inflatables for the exclusive marketing, importing and distribution of Geminin products in the UK.