Minoan sees gross proftis rise

Minoan Group, owner of King World Travel, John Semple Travel, Stewart Travel and Ski Travel Centre, saw gross profit for the six months to the end of April increase to £1.15m from £76,000 the previous year.

However, its pre-tax losses over the winter rose from £498,000 last year to £780,000.

Chairman Christopher Egleton said he was "delighted" with the progress made in the Group's travel and leisure business and the potential to continue the growth.

Minoan recently entered into a joint venture to develop a luxury resort in Crete, for which it is awaiting approval. "The more positive news emerging from Greece combined with progress made in the Group's travel and leisure business gives the Board considerable cause for optimism for the future," added Egleton.

Minoan has completed the integration of its UK travel businesses and established a central office in Glasgow. "The level of expertise and commitment brought to the business by the management team, now strengthened by the arrival of Willie Stewart and the members of the Semple family, means the Group is in position to

take advantage of commercial opportunities as they arise," added Egleton.

"A number of discussions are currently ongoing and further announcements are expected in the near future."

By Linsey McNeill

Monday, July 30, 2012