Minoan travel group swims through Brexit uncertainty to "most rewarding period in its history"

Alys Key
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Travel firm Minoan Group said it is “poised for what is likely to be the most rewarding period in its history” as travel and leisure profit jumped 14 per cent.

The company's half-year results come after its proposals for a €250m (£220m) resort in Crete finally got the go-ahead. Minoan had been facing opposition to a presidential decree which gave it planning consent for the project, but the objections were later dismissed.

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The company said of the final decision: “It puts the Group in a strong position in terms of negotiating with potential partners and investors to ensure that shareholders receive the best value in any transaction.”

Transaction values rose 20 per cent in the six months to 30 April, hitting £39.7m. Reported revenues were similarly up 20 per cent to £4.2m.

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The Aim-listed company had previously said its gross profits were negatively affected by the Brexit vote.

Despite recovering since then, it posted an overall operating loss of £270,000 for the first half, though this narrowed from a £310,000 loss last year.

This was partly due to development costs of £238,000 during the period. Total operating expenses were up 11 per cent to just over £4m.

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