The group stated in its financial results for the six months ended April 30 that its travel and leisure division continues to be its main operating driver, “delivering another period of strong growth”.
Total transaction value for the division was up by about 15% in the six months ended April 30 2016 to £33.1 million, and has continued to rise, up 20% to £39.7 million in the six months to April 30 2017.
Gross profit has also continued to increase, up 14% in the current period to £4.1 million. Profit at Ebitda level (earnings before interest, taxes, depreciation and amortization) was up 35% on the comparable period last year, from £332,000 to £449,000.
Citing its recent acquisition of independent Morningside Travel in Edinburgh, Minoan said that “with a successful track record of travel agency acquisitions”, the group is still looking for further suitable opportunities to acquire “other leading, specialist travel agencies” to help further enhance the travel and leisure division’s performance.
Group total transaction value was up by 20% to £39.7 million.
The results come as Minoan Group is poised for “what is likely to be the most rewarding period” in its history.
Due to the dismissal of the appeals against a presidential decree, it now (after a drawn out process) in effect has permission to go ahead with its Itanos Gaia project in Crete – a major hotel and leisure project.
The site comprises around 6,000 acres and is set on a peninsula. It has 28 kilometres of coastline with coves and bays, cliffs and views in all directions. The areas for development within the site, with outline consent for 108,000 square metres, are spread over approximately 2,000 acres.
With the dismissal of the appeals, the group said it is now in position to move towards the completion of a number of ongoing negotiations with potential partners and investors.
“It is also likely that, with the announcement of the dismissals, a number of previously silent observers will wish to become involved, as has already occurred”, said the group in a statement.
In terms of local infrastructure, Minoan said Sitia Municipality, the Regional Government of Crete and the Central Government in Athens have worked together to improve the access to the area by means of major improvements to the main road network linking the area to the centre and west of Crete.
The local authorities in Crete have also “dramatically improved the local road network” and the project is now less than 30 minutes from Sitia International Airport.
Christopher Egleton, Minoan Chairman, said: "Following the dismissal of the appeals against the presidential decree granting outline planning consent for its project in Crete, and the continued increase in the profitability of its travel business, the group is about to enter the most rewarding period in its history."
