31st Jul 2015 10:26
LONDON (Alliance News) - Minoan Group PLC Friday reported a widened pretax loss in the first half of its financial year as it booked depreciation and amortisation costs, but revenue rose as it said that trading in the business continues to improve.
The travel company said it made a pretax loss of GBP759,000 in the six months to April 30, wider than the GBP694,000 loss it made in the same period the year before. However, revenue grew to GBP3 million from GBP2.5 million.
Minoan said that the underlying performance of the group's travel division has continued to improve, but said that profit was hit by an increased charge for depreciation and amortisation. It added that its results for the full year will be hit due to a dispute with the provider of back office services, although this has now been resolved.
Minoan added that July has been the best trading month of the year so far and that it is examining a number of significant transactions to expand the travel division, including through acquisitions which will be earnings enhancing.
"The group has seen improved growth in the first half, with the travel division benefiting from the strength of the pound and the UK's continuing economic recovery. Trading remains strong with the business in robust shape to move forward over the rest of this year and management continue to examine earnings enhancing strategic acquisitions to further improve the travel and leisure division's performance," Chairman Christopher Egleton said in a statement.
"Given the positive performance over the past six months, the group looks forward to building on the progress made, delivering further improvements in trading performance and increasing shareholder value over the rest of this year," he added.
Shares in Minoan were trading up 6.7% at 10.00 pence Friday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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