Aim-listed marine event company Clipper Ventures, controller of two major sailing events and chaired by veteran yachtsman Sir Robin Knox-Johnston, reported a return to first-half profit today, writes James Crux.

Clipper Ventures (CLV) has disappointed investors with pre-tax deficits at half-time in both 2000 (£123,000) and 1999 (£136,000), and last turned an interim pre-tax profit, of £75,000, back in 1998. However, the share price was buoyed by 2p to 32.5p in early dealings today as the board unveiled a return to first-half form, with figures showing profits of £64,000 on sales of £1.4 million (£1.68 million). Impressively, gross profits put on almost 50 per cent at £559,000 as it focused on developing profitable business and kept a strong grip on costs.

Southampton-headquartered Clipper, which controls two of the world's five circumnavigation sailing races, has an exciting time ahead. Its signature event, 'The Clipper Race', returns later in the year, with Liverpool hosting the start and finish of the race 'in one of the most exciting sponsorships we have seen'. Sir Robin Knox-Johnston commented that 'the race continues to fire the public's imagination around the world and despite 11 September, bookings of crew places are ahead of the previous 'sell-out' race. Clipper recently revealed that trade groups representing London and Hong Kong will participate in the event and that the two deals could bring in £500,000 worth of sales. 'London First' and 'Invest Hong Kong' will both find ten local ventures to sponsor their yachts, and in return, the sponsors will be offered advertising opportunities on the boats and at the host ports worldwide.

Clipper's other event is the 'Around Alone' contest, a 28,800-mile solo circumnavigation sailing event held every four years. The 2002 race will be the sixth in total and the first under Clipper's ownership and management.

In the year ending April 2001, the company boosted sales by 71 per cent to £2.8 million and managed to reduce pre-tax losses from £1.2 million to £417,700. Founded in 1995 by Knox-Johnston, the first man to sail single-handedly around the world without stopping, Clipper floated on Aim back in 1999 at 40p.

Clipper Ventures	AIM	£2.83m	7.25p	0.00p
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