31st Jul 2018 12:35
LONDON (Alliance News) - Minoan Group PLC on Tuesday reported a wider interim loss as it continues to look to sell off its Travel & Leisure business to pay off debt.
For the six months to April, the luxury holiday resort developer posted a pretax loss of GBP1.1 million from GBP907,000 a year prior. It produced no revenue, not having any operating assets.
Minoan signed an exclusivity deal in March with an unnamed buyer for its Travel & Leisure business, and it remains confident a sale will complete soon. The for-sale business was excluded from its half-year results.
The focus then will be on developing a 6,000 acre plot it has in Crete, for a "complex resort" of up to 108,000 square metres. Minoan is in talks with possible partners and investors, and it said it is encouraged by the potential for these talks to come to fruition. The project received Greek government approval in 2016.
Shares were 3.2% lower Tuesday at 5.52 pence each.
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