Minoan Group hit by service provider dispute
Scottish-based Minoan Group saw the profits of its travel and leisure division almost halved to £233,000 last year, partly due to a dispute with its back office services provider, which led to a one-off cost of £410,000.
As a result, its overall reported loss rose from £1 million in 2014 to £1.6 million in the year to October 2015.
Reporting the results today, the company said: "This dispute affected numerous parts of the business including total transaction value, the restriction of our expected expansion into foreign exchange and an increase in costs.
"The total impact of what was a completely unexpected and one off event is estimated to have amounted to approximately £410,000. All these matters have now been successfully resolved.
The company said the travel and leisure division saw a 20% rise in transactional value to £60.9 million, and a 10% rise in gross profit to £6.5 million.
Chairman Christopher Egleton said: "The financial results for the year ended 31 October 2015 reflect what has beena highly encouraging year in advancing our dual strategies to maximise value from the Greek side of our business and to continue the trend of underlying growth in T&L."
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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