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Minoan forecasts better financial performance
Glasgow-based Minoan Travel is forecasting a significant improvement in the financial performance of its travel and leisure arm this year after seeing a 60% increase in revenue for the first six months to £19.8million.
It said net profit before tax rose from £10,000 to £117,000 to the end of April following the acquisition of specialist travel agent Classic Travel.
In the last financial year, the Group made a pre-tax profit of £413,000.
Announcing its interim results for this year, Minoan said it had successfully concluded the consolidation of all the travel businesses acquired over the past 27 months under the Stewart Travel brand.
Chairman Christopher Egleton said: "The acquisitions made by our fast-expanding travel business have been successfully integrated and we expect it to deliver revenues and profits well in excess of the last financial year."
He revealed that L&G, one of the UK’s largest blue chip institutional investors, had recently increased its stake in Minoan to 4.80%.
Egleton said the company was talking to potential partners, investors and hotel operators regarding its proposal for a 1,936-bed hotel and leisure development in Crete.
"The coming year promises to be the most significant and transformational in the Group’s history," added Egleton.
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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