An upbeat message has been delivered by the boss of Scottish travel group Minoan on the back of improved first half financial results.
The parent company of brands such as Stewart Travel, John Semple Travel and King World Travel had a breakthrough last month in winning the green light to develop a luxury resort in Crete.
Group total transaction value was up by about 20% to £39.7 million in the six months to April 30 over the same period a year earlier.
Gross profits from the Glasgow-based company’s travel and leisure businesses grew by 14% to more than £4 million. This boosted travel and leisure earnings [EBITDA] by 35% to £449,000 from £332,000
Minoan chairman Christopher Egleton 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.”
The company acquired Edinburgh-based agency Morningside Travel for £135,000 in May.
Egleton disclosed that the company may seek to bring in a partner or investor as it reviews ways to increase its rate of growth.
He said: “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.”
He added: “The past six months have been a landmark period for the group with the profitability of the travel and leisure business reaching new heights, while the dismissal of the appeals against the presidential decree promises to be the catalyst for the joint development of one of the premier resorts in the Mediterranean and a world-class tourist destination.
“The forthcoming year looks set to be a transformational period for the group.”