Clipper Ventures, the operator of round-the world yacht races, has disappointed investors since its launch onto the markets in 1998. Chaired by Robin Knox-Johnston, Clipper has posted a loss in its accounts for each and every year since, and witnessed a few non-race orientated ventures (most notably its corporate yachting arm) fail to deliver. According to chief executive William Ward, all of this could be about to change. Ward suggests that as the revenues for its Clipper 2002/3 Race and its Around Alone 2002 start being recognised, Clipper could end the year with profits of £250,000. And while he expects a loss for 2004, he agues that the 2005/6 round-the-world race has the potential to deliver profits in the region of £3.5m. The reason for this optimism is that Clipper is set to buy ten new bigger boats (it recently raised £1m for this purpose, and will also sell its current fleet to meet the asking price). It is also trying to reinvigorate sponsorship revenues and hike the cost of taking part in the race. One or two other commercial enterprises have been hatched to further strengthen income. Still very speculative, though.