Minoan reveals half year results as it presses ahead with sale of T&L arm
Minoan Group saw gross profits in its Travel and Leisure group, which includes Stewart Travel, increase 15% to £4.7 million in the first six months of the financial year to the end of April.
However, the group is planning to sell its Travel and Leisure arm to focus on developing a resort complex in Greece, for which it has outline planning permission.
In an announcement this morning, the Group said total transaction values had risen 19% to £47.4 million.
Its loans increased to £6.8 million, up from £6.1 million last October, but the Group believes that following the sale of Travel and Leisure, it will be ‘substantially debt free’.
Chairman Christopher Egleton added: "As previously stated, the completion of the sale of the Travel & Leisure Division will allow me and my fellow directors to concentrate our efforts to optimise the value for shareholders of the Group’s project in Crete.
"In this coming period I believe that we will conclude the sale of the T&L business and thus take forward a substantially debt free Group that will deliver long awaited value to stakeholders by concentrating on maximising the value of the [Crete] Project."
The company’s operating loss for the six-month period fell £103,000, but the reported net loss for the period rose from £907,000 to £1,095,000 due to an increase in finance costs of £327,000.
In July, Minoan announced the repayment date for its loan facility had been extended to allow time for the sale of the T&L business to be completed and is now on demand with a long stop date for completion of the sale of August 31.
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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