Minoan Group Plc announces its unaudited interim results for the 6 months ended 30 April 2018.
HIGHLIGHTS
- Activity in the tourism asset market in Greece is showing a substantial increase
- Discussions and negotiations with prospective partners and investors in Greece are increasing in momentum
- The Board has taken the decision to dispose of the Travel & Leisure division (subject to shareholder approval) partly in order to pay down group debt. The division has been treated as a non-current asset held for sale in the Financial Statements. Note 3 of the interim results sets out segmental information in a format shareholders will be familiar with
- Group total transaction value up by circa 19% to £47,395,000 from £39,729,000
- Travel and Leisure gross profit up by circa 15% to £4,678,000 from £4,052,000
- Loans classified as current liabilities increased to £6,832,000 (October 2017: £6,118,000). The directors believe that following the sale of Travel and Leisure the Group will be substantially debt free.
Christopher Egleton, Minoan Chairman, said:
“As previously stated, the completion of the sale of the Travel & Leisure Division will allow me and my fellow directors to concentrate our efforts to optimise the value for shareholders of the Group’s project in Crete.”
The Company’s unaudited interim results for the 6 months ended 30 April 2018 can be viewed on Minoan’s website, www.minoangroup.com, with effect from 31 July 2018.
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