Minoan Group Plc announces its Preliminary Results for the year ended 31 October 2018.
Highlights
- Travel & Leisure division sold during the year 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.
- The Group made a loss after taxation of £3,022,000 (2017: £2,516,000)
- Loans classified as current liabilities decreased to £1,443,000 from £6,118,000.
- Total equity at 31 October of £40,596,000 (2017: £42,289,000)
- The Group has appointed a team of internationally recognised planners, architects and designers, which includes the Chicago Consultants Studio Inc., renowned experts in master planning, Vassily Laffineur an Associate at the award winning Renzi Piano Building Workshop and leading designers Desani. The Group has recently received an approach and is in discussions to create a joint venture on one of the five hotel and villa sites.
Minoan Chairman, Christopher Egleton commented:
“From the Company’s perspective, 2018 was notable for the sale of Stewart Travel Limited and a marked reduction in Group indebtedness. There is now clear evidence of price increases in the Greek property market and increased activity and confidence. We are hopeful that 2019 will finally witness the commencement of the realisation of the value of our Crete project.”
Minoan Group Plc’s Preliminary Results Announcement for the year ended 31 October 2018 can be viewed on the Company’s website, www.minoangroup.com, with effect from 8 April 2018.
For further information please visit www.minoangroup.com
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