RNS31 Mar 2017 13:51
31 March 2017
Preliminary Results Announcement
Minoan Group Plc (or "the Group") announces its preliminary results for the year ended 31 October 2016
Highlights
· Greek Media has reported the dismissal of the appeals against the Presidential Decree which, if confirmed, will be a transformational event for the Group.
· Discussions continue with various potential partners including, inter alia, Hotel Operators, Joint Venture Partners, Financiers and Investors to consider the best route for the project to deliver maximum value for shareholders.
· Total Group transaction value up by over 11% to £67,820,000 from £60,964,000
· Group gross profits increased by 8% to £7,044,000 from £6,493,000
· The Travel and Leisure delivered EBITDA in excess of £700,000 despite the negative impact of Brexit. This has been followed up by a strong start to the current year (commission earned up 16%)
· Group is well positioned to capitalise on the transformational event of securing the Presidential Decree in Greece, when it is confirmed.
Minoan Chairman, Christopher Egleton commented:
"On the assumption that the reports in the Greek media are correct, the next twelve months are likely to be the most value enhancing in the Group's history."
Minoan Group Plc's Preliminary Results Announcement for the year ended 31 October 2016 can be viewed on the Company's website, www.minoangroup.com, with effect from 31 March 2017.
For further information please visit www.minoangroup.com or contact:
Minoan Group Plc
Christopher Egleton
christopher.egleton@minoangroup.com
Duncan Wilson
0141 226 2930
Bill Cole
020 8253 4305
WH Ireland Limited
020 7220 1666
Adrian Hadden/Nick Prowting
Throgmorton Street Capital
020 7071 0808
Forbes Cutler
Morgan Rossiter
020 3195 3240
Richard Morgan Evans/James Rossiter