- Minoan Group narrowed its FY pretax loss to £1.18m, from £1.3m. Revenue was £51.2m, from £37.4m.

Chairman Christopher Egleton said Minoan had never been closer to realising management's ambition of developing the group into a successful international travel and leisure business after 12 months of outstanding progress.

"Growth at the T&L division is accelerating, with strong double-digit increases in both revenues and operating profit."

The new loan facility would ensure the pace of acquisitions continues to pick up while the buyback of the minority stake in the business ensures that Minoan shareholders will benefit from the full impact of this excellent performance.

With the Crete Project in Fast Track, the SEA submitted and reaffirmations of support from both the Greek Government and the Local Municipality, a final decision was expected shortly that would be the main value crystallisation event for the Project.

"Given this backdrop we look forward to the coming year with every expectation of delivering further significant improvements both operationally and in terms of enhancing shareholder value."

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