Round-the-world yacht race operator, Clipper Ventures, attributed widening losses to investment in its new divisions and one-off costs such as the move to Aim. Pre-tax losses increased tenfold to £1.19m for the 15 months to the end of April on turnover ahead 73% to £1.61m. During the period under review, Clipper Ventures has sought to diversify its activities and smooth out a bumpy two-year race-orientated financial cycle. Alongside the addition of a rigid inflatable boat division, Clipper has beefed up its corporate sailing facilities in the hope that it will deliver a threefold increase in turnover in the current year. More ambitiously, it created ClipperTelecom, on-line portal for the sailing community with aspirations to become an internet and telecommunications business. Although the group outlined flotation plans back in May for this business, subsequent market volatility has delayed these plans. Managing director of ClipperTelecom, David Bland, added that he expected the listing to go ahead 'by Christmas'. With the 2000 race starting next week, Clipper added that it was expecting £1.5m in cash and goods from sponsorship.