Minoan sees profits rise as it signals further expansion

Minoan sees profits rise as it signals further expansion

Fast growing travel group Minoan achieved a gross profit of £1.1 million in the six months to April 30 against £76,000 for the same period a year earlier.

However, traditional winter half-year pre-tax losses deepened to £780,000 from £498,000.

The Glasgow-based group is awaiting approval for a luxury resort development in Crete as it completed the integration of the businesses of King World Travel, John Semple Travel, Stewart Travel Centre and Ski Travel Centre.

Further expansion was also signalled today by chairman Christopher Egleton.

“A number of discussions are currently ongoing and further announcements are expected in the near future,” he said while issuing half year results.

Egleton said Minoan’s travel and leisure businesses continue to trade well despite the difficulties suffered in the sector in recent months.

“We have now established a central office in Glasgow with the capacity and infrastructure to service a substantially greater volume of business in the future,” he said.

“The level of expertise and commitment brought to the business by the management team, now strengthened by the arrival of Willie Stewart and the members of the Semple family, means the group is in position to take advantage of commercial opportunities as they arise.”

Minoan entered into an agreement last month with the Candia Investment Corporation to create a financial joint venture for its development in north eastern Crete.

“The more positive news emerging from Greece combined with the progress made in the group's travel and leisure business gives the board considerable cause for optimism for the future,” Egleton added.

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