Round-the-world yacht race organiser Clipper is struggling financially, with its currently-running Around Alone race expected just to break-even, a disappointing result given the time and effort that has gone into organising the event. Results for the six months to October showed a small £13,000 pre-tax profit on turnover raised 20% to £1.7m but a lack of cash in the business at the end of the interim period (despite strong debtor recoveries) has left the balance sheet looking somewhat exposed. Probably because of this, the group's non-core Events & Training division has been closed, and its yachts are being sold. The company also admits that it is reviewing various options to finance the building of 12 new 68 feet-long yachts, with an equity issue a distinct possibility. For the future, chairman Sir Robin Knox-Johnson and his board colleagues have big plans for the 2005 Clipper race, intending to make it into a round-the-world 'Nations Cup'. In the current race several world cities are running (and sponsoring) yachts, and more are being sought for next time. Meanwhile the 2006 Around Alone race is into the planning stages and is anticipated to be profitable. But the potential returns remain a long way off. Combined with the need for more money, this makes the shares look unattractive.