"We suffered a horrendous accident and one thing we are all very, very sure about is that we don't want that to happen again.
"We will be taking baby steps and we will progress at our own speed and we will be ready to race after that. We don't want to run before we can walk. It's great fun progressing [as fast as they are] but we have to respect the boat; that has been made clear to us so brutally."
Asked who he thought had the fastest boat, Percy said: "There's been a lot of opinions from a lot of experts, myself included, that have been wrong. It is actually quite hard to assess. We have our numbers from the first three days we have sailed and we have the numbers from the other challengers - and we are a long way behind."
He praised Team NZ's efforts as the benchmark.
"We see Dean Barker and his guys out there doing a fantastic job of sailing and putting all of us to shame. They are a great sight for us to behold."