Minoan narrows losses but warns of possible Greek project delays

31st Jul 2014 16:48

Travel agency firm Minoan reported narrower half-year losses but warned of potential delays in a Greek resort project.Minoan, which has a number of travel agencies and a resort development division progressing a five star-plus quality resort in Crete, said pre-tax losses were £694,000, 23% down from £903,000 a year ago.Pre-tax profits in its travel & leisure arm rose 27% to £149,000 and the group said it was examining a number of acquisitions to give the division "critical mass".The group said its Greek project in Crete had received environmental approval, but still needed a presidential decree to go ahead.Minoan also said it was in talks with third parties about taking part in the scheme after the decree is granted."Major legislative changes of this nature, although enacted to speed up the planning process, can take time to implement into new working practices and require the completion of amendments to a pre-existing, often onerous bureaucratic process," it said."Nonetheless, our internal work is now broadly complete. The Greek Council of State, which is responsible for reviewing the presidential decree, is now in summer recess until September and we are confident of a positive outcome in the period following the reconvening of the court."Shares in Minoan closed down 2.25p or 14.9% at 12.88p in London.PW