The Minoan Group has announced plans for further acquisitions as it reports pre-tax profits are up.
At its results for the year ending 31 October 2012, the travel firm reported pre-tax profits of £413,000 compared to £154,000 in the previous period.
The Group losses before taxation were cut by nearly £300,000, down from £1,615,000 in 2011 to £1,347,000.
With the Glasgow central office fully established and management team in place, Minoan says it is ‘well positioned to capitalise on further commercial opportunities in the travel and leisure sector’.
Minoan chairman, Christopher Egleto, said: "The fast-expanding travel business is performing well, delivering increases in both revenues and profits, and with the recent agency additions now integrated there are firm foundations for further strong growth, both organically and through more acquisitions."
Post year-end acquisitions Classic Travel and Golf Concierge will also add to the strength of the group.
The Glasgow-based group bought Classic Travel Limited and Golf Concierge last November as part of its ‘rigorous’ acquisition trail which also saw the purchase of King World Travel, John Semple Travel and Stewart Travel, see previous story.
Minoan also signed a deal with the National Federation of Sub Postmasters to put kiosks in sub post offices around the country.
