Minoan reports ‘robust’ revenues

Minoan reports ‘robust’ revenues

Growing Scottish travel group Minoan reported a “robust” performance with revenues of £37 million and operating profits of around £400,000.

The figures for the company’s travel business for the year to October 31 helped to reduce losses at group level.

These are expected to be lower than in the previous year despite the continuing costs of developing a resort in Crete, central costs and a share based payments charge.

The audited figures for the year are expected to be published next month.

Minoan said: “Trading since the financial year end has been very positive with commission up in excess of 20% across the travel business as a whole compared with the same period last year.

“The full year figures for 2013 are expected to show a substantial improvement compared to those for 2012.”

The first 50 computerised travel agency kiosks have been installed across sub post offices mainly in market towns, following an exclusive agreement with the National Federation of Sub Postmasters announced last year.

Minoan plans to install kiosks across the UK’s network of more than 9,000 sub post offices.

Company chairman Christopher Egleton said: “The group has had an eventful year with the rapidly-expanding travel business performing well and progress made on the Crete project.

“Our travel buy-and-build strategy is paying off, with the recent acquisitions now integrated and the installation of the first 50 sub post office-based travel kiosks.

“All this has helped to deliver a good set of trading figures from the travel business.”


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