Clipper moved into profit in the interim period, making £64,000 on £1.4m sales in the six months to October. House broker Hoodless Brennan expects the round-the-world yacht race organiser to make £0.3m pre-tax profits and 2.3p of EPS this year, rising to £0.7m and 4.9p in 2003. The company makes its money by selling crew places for its various races, plus sponsorship deals for the boats and races. Its Around Alone race will begin in September from Newport, Rhode Island - to be followed by the start of the Clipper 2002 race from Liverpool in October. Cities around the world, such as Hong Kong, New York and Cape Town, have agreed to sponsor boats for the latter race, although an overall sponsor has yet to be found. The shares should be seen as a speculative investment.