31st Mar 2016 11:15
LONDON (Alliance News) - Travel company Minoan Group PLC said its focus in 2016 will be on its Crete project and that the year has started well after its pretax loss widened in 2015.
Earlier this month, Minoan secured Greek approval to use the land required to develop its resort project on the island of Crete, which Chairman Christopher Egleton described as "transformational" for the company.
Talks are now underway with potential partners for the project, the company said, including hotel operators, joint venture partners, financiers and investors.
For 2015, Minoan said its pretax loss widened to GBP1.6 million from GBP1.0 million a year earlier, hit by a writedown booked following a dispute with a back office services provider to its Travel & Leisure division.
Revenue grew to GBP6.8 million from GBP5.9 million, driven by volume growth for the travel unit. 2016 has started well, Minoan said, with gross revenue up 16% year-on-year so far despite ongoing declines in bookings for popular tourists destinations.
Egleton said the Greek travel industry has continued to expand, with a exception of some areas, and the relative isolation of Crete from the migrant issues effecting Greece should support Minoan's ambitions.
Minoan shares were down 11% to 7.70 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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