(Alliance News) - Minoan Group PLC on Thursday reported a narrowed annual loss after a charge the prior year that did not repeat.
Shares in Minoan were up 6.4% at 1.17 pence in London on Thursday afternoon.
Minoan is currently developing a holiday resort in Crete, Greece and posted a GP2.1 million pretax loss for its financial year ended October 3, far narrower than its prior year loss of GBP3.0 million.
This resulted from a GBP2.6 million non-repeating charge related to assets held for sale the prior year.
Minoan did did report any revenue in financial 2019 or financial 2018 as it is still developing its resort.
Chair Christopher Egleton said: "I am pleased to say that the company ended the year in a much better position than at the start. The cost reduction programme was successful and has continued into the current year. The loss has been reduced and this year will see a further substantial reduction. Overall liabilities were also reduced.
"The work on the project is ongoing and has been very effective with discussions continuing to take place with prospective anchor partners. Although Covid-19 has delayed a number of initiatives, I believe that as lockdowns ease we will see renewed acceleration in our rate of progress."
By Anna Farley; annafarley@alliancenews.com
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