17th Mar 2014 12:29
LONDON (Alliance News) - Travel agency operator Minoan Group PLC Monday said it has agreed to acquire Martin Singer Travel, an independent business near Aberdeen Airport, in a deal worth GBP250,000.
Minoan said for the year-ended December 2013, Martin Singer posted pretax profit of GBP131,000 and revenue of GBP2.2 million.
The acquisition, which is expected to be completed by the end of May, is forecast to be earnings enhancing in the current financial year.
So far eight travel agencies and businesses have been acquired and integrated into the company, which will report gross revenues of around GBP50 million and an operating profit for the continuing travel businesses in excess of GBP600,000 when the group publishes its annual results later this month.
The stock was trading at 14.13 pence Monday morning, down 0.99 pence or 6.6%.
By Anthony Tshibangu; [email protected];
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