Clipper Ventures – the AIM-listed firm founded and chaired by record breaking mariner Sir Robin Knox-Johnston – lost £1.
7m excluding tax in the year to the end of April.
But that loss includes a £750,000 write-off of its old fleet of eight Clipper yachts, which the company is currently selling for £150,000 apiece, and Clipper Ventures expects more cash to roll in when its two main races begin later this month and next October.
The fifth Clipper Round-the-World Race, which includes an entry from Jersey, will set sail from Liverpool a week on Sunday.
Clipper Ventures has already secured £8.
m in contracted income and the boats are almost full with crew.
As the year to 30 April did not include any races, the company has deferred £4.
7m of income until the years ending 2006 and 2007 for revenue from its flagship events to come in.
The other main event on the Clipper calendar is a professional solo race called the 5-Oceans solo grand prix.
The company reports that planning is ‘advancing satisfactorily’ and Bilbao in Spain has been awarded the rights to host the start and finish of the race subject to a £1.
5m contribution to Clipper Ventures.
