31st Mar 2015 12:08
LONDON (Alliance News) - Minoan Group PLC Tuesday reported a narrower pretax loss for 2014, but remains confident that its planned project in Crete will "transform" the performance of the travel and leisure business.
The travel company said its pretax loss of narrowed to GBP1 million from GBP1.2 million in 2014, despite revenue falling to GBP5.9 million from GBP9.2 million.
Minoan is planning a luxury holiday resort on a 26 square kilometre site at Cavo Sidero in Crete, comprising holiday villages, golf courses, a marina, and a conference centre, for which it recently received approval from Plenum of the Greek Council of State. The decree has now been forwarded to relevant ministers in Greece for final approvals.
"The T&L division's acquisition and brand integration strategy are driving a strong trading performance, underpinned by margin growth, which is boosting gross profit and provides a strong platform for planned further expansion to transform the division into a robust international leisure and travel business," Chairman Christopher Egleton said in a statement.
"With regard to the macro economic situation in Greece, it is not entirely clear what the future holds. In this context it is worth repeating that the new Greek Government has stated that it wishes to support the tourism industry as a major part of the Greek economy," he added.
"Given these developments, the group looks forward to realising the benefits of the substantial progress made, both through an improved trading performance and in terms of boosting shareholder value," he concluded.
Shares in Minoan were trading up 4.6% at 11.90 pence Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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