Round-the-world yacht race organiser Clipper had 'a very strong cash performance in the half year to October', as Clipper 2002 crew fees came in. This competition is now under way, having started from Liverpool at the end of October, with the crews currently resting in Cascais, Portugal before starting Race 2. The race was a near sell-out, but sponsorship proved difficult to secure, partly because of the difficult advertising environment. Clipper's Around Alone race launched from New York in September, with the 13 single sailors currently in the middle of the Atlantic on their way to Cape Town. This has attracted a better level of sponsorship and publicity. Final results showed losses cut from £407,000 to £313,500 on turnover down from £2.7m to £2.5m. 'Continuous profitability' is expected from now on due to money received from current races, but it is too early to judge whether this will be enough to make the shares worth buying. Avoid for now.