2016 - not bad30 Mar 2017 16:17
RNS Number : 6175T
Minoan Group PLC
31 March 2016
?
31 March 2016
Preliminary Results Announcement
Minoan Group Plc (or "the Group") announces its preliminary results for the year ended 31 October 2015
Highlights
· Presidential Decree granting approval for the project in Crete has been secured, which is a transformational event for the Group
· Discussions are currently underway with various potential partners including, inter alia, Hotel Operators, Joint Venturers, Financiers and Investors to consider the best route for the project to deliver maximum value for shareholders
· Total Group transaction value up 20% from £50,757,000 to £60,964,000
· Group gross profits increased by over 14% to £6,493,000 from £5,680,000
· The Travel and Leisure division remained profitable, with profit before taxation of £233,000 though this was lower than last year due to a dispute with a back office services provider, which has been successfully resolved
· Strong start to the current year in Travel and Leisure with total transaction value up 16% despite the current challenging environment for tourism and travel globally
· Group is well positioned to capitalise on the transformational event of securing of the Presidential Decree in Greece and further expand its fast-growing and profitable T&L business
Minoan Chairman, Christopher Egleton commented:
"This is definitely a landmark year for the Group, with the issuance of the Presidential Decree approving our project in Crete. It will be the catalyst for one of the most significant foreign investments in the Greek tourist sector and stands to deliver substantial value for shareholders while supporting the local economy and creating some 1,200 long term jobs.
We are already having a number of conversations to examine the best way forward to develop what will be one of the premier resorts in the Mediterranean and to ensure that we maximise returns for our investors.
With the exception of a few localities, Greece's tourism industry continues to expand rapidly and the relative isolation of Crete from regional migrant issues combined with improvements in local transport infrastructure, such as the opening of the new Sitia International airport, are strongly supportive of our plans for a world-class tourist resort.
The T&L division has performed robustly, expanding total transaction value and increasing gross profits. Our "buy and build" strategy of integrating specialist travel brands remains central to the business and we see opportunities for further expansion to create value.
Overall 2016 promises to be a transformational year for the Group, with the prospects for both arms of the business looking very strong . The Board's top priority remains to ensure th
Sign In
Follow the stocks
