31st Jul 2014 10:17
LONDON (Alliance News) - Travel and leisure company Minoan Group PLC Thursday said it narrowed its losses in the first-half of the year, as total transaction value rose, supported by strong growth in its travel and leisure division.
Minoan reported a pretax loss of GBP694,000 for the six months to June 30, compared with a GBP903,000 loss last year.
Total transaction value increased to GBP24.2 million in the period, from GBP19.8 million the prior year.
Revenue on the other hand, which are generated solely by its travel and leisure division, declined to GBP2.5 million, down from GBP5.5 million a year earlier.
"The growth during the first half in total transaction value generated by the Travel and Leisure division and, importantly, both gross margin and profits has continued into the second half," said Chairman Christopher Egleton in a statement.
During the period, Minoan completed the "buy in" of the 20% stake in the Travel and Leisure division for GBP930,000, which it said believes will be earnings enhancing. Back in February the group announced the "buy in" of the 20% stake in its travel and leisure business, a stake that had been sold in the previous year.
Minoan said discussions are currently underway with potential partners to move its Crete project forward.
The travel company 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.
"With the Crete project in Fast Track and all the necessary reaffirmations of support in place both from the Local Municipality and the Greek Government, we are progressing talks over the summer with a number of third parties who have expressed an interest in participating in the project once the Presidential Decree has been granted," said Egleton.
In May, the group raised GBP687,000 before expenses by placing shares with institutional and other investors, funds it said it may use to pursue acquisitions and support its development.
The group said Thursday that it is now "examining a number of acquisitions."
Minoan shares were down 3.5% at 14.60 pence mid-morning Thursday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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