CLV Clipper Ven.

    RNS Number : 3721G
  Clipper Ventures PLC
  22 October 2008
   

    Clipper Ventures PLC
    22 October 2008

    Clipper Ventures PLC
    ('Clipper Ventures' or the 'Company')

    Trading update


    Clipper Ventures today announces that in light of the near certainty of a global recession the Board of has downgraded its profit
forecasts to match those of its last financial year (Year ended 30th April 2008). 

    The Velux 5 Oceans Race for 2010 has secured its title sponsor and is delivering income in line with expectations.

    Income relating the 2009 Clipper Round the World Race is in line with the previous race and as a result the organisation is not
expecting to show the profit growth previously anticipated.

    Given the broad economic uncertainties, the Board has decided it would be prudent to adopt a policy of preserving as much cash in the
business as is possible. With this in mind it is the intention to temporarily suspend any dividend payments until such time as it becomes
financially prudent to recommence the payment of dividends.


    For further information please contact:

    Clipper Ventures PLC
    William Ward, Chief Executive                       Tel: +44 (0)239 252 6000
    Jeremy Knight, Finance Director                    www.clipper-ventures.com 

    HB Corporate                     
    Luke Cairns/ Edward Cozens                            Tel: +44 (0)207 510 8600
                                                                                         www.hbcorporate.co.uk 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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