Trading Update
10 January 2009 - 1:45AM
UK Regulatory
RNS Number : 4199L
Clipper Ventures PLC
09 January 2009
09 January 2009
Clipper Ventures plc
Trading Update
Clipper Ventures Plc ("Clipper", the "Company" or the "Group"), the AIM quoted ocean racing company, today announces that since the
publication of the Company's half year results, on 27 November 2008, economic uncertainty has continued, which has lead to price reductions
in the Corporate Entertainment market. As a consequence the Company has taken the decision to reduce its expected level of sales and its
margins in its Corporate Sailing Division. Similarly the market for Sail Training is proving difficult and as such the Company has reduced
its expected level of income in this division. The Company is not expecting to see an operating profit for the year to 30 April 2009 from
its subsidiary Zapcat Racing Ltd, which is facing a very difficult event sponsorship environment. As part of a general cost review the
Company is actively seeking buyers for the division. Neither a profit nor a loss on disposal is included in the Company's forecasts.
As a result of these revisions of expectation the Group anticipates its operating profit for the year ending 30 April 2009 may be around
�800,000, significantly lower than management's expectation in November 2008, and the Group does not expect to see significant growth in
profitability while the economic environment remains challenging.
***ENDS***
For further information, please contact:
Clipper Ventures plc Tel: +44 (0) 2392 526000
William Ward Chief Executive
Jeremy Knight Finance Director
HB Corporate Tel: +44 (0) 2075 108600
Imran Ahmad/Edward Cozens
This information is provided by RNS
The company news service from the London Stock Exchange
END
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