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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Minoan Group Plc | LSE:MIN | London | Ordinary Share | GB0008497975 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.80 | 0.75 | 0.85 | 0.825 | 0.80 | 0.80 | 1,065,087 | 14:16:45 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Hotels And Motels | 0 | -1.07M | -0.0013 | -6.15 | 6.58M |
From Apr 2019 to Apr 2024
TIDMMIN
RNS Number : 1288E
Minoan Group PLC
14 July 2016
14 July 2016
Interim Results Announcement
Minoan Group Plc
(the "Group" or the "Company" or "Minoan")
announces its unaudited interim results for the 6 months ended 30 April 2016
HIGHLIGHTS
-- Group total transaction value up by circa 15% to GBP33,106,000 from GBP28,723,000 -- Travel and Leisure gross profit up by circa 19% to GBP3,544,000 from GBP2,981,000
-- Travel and Leisure profit at EBITDA level increased by circa 12% to GBP332,000 from GBP297,000
Christopher Egleton, Minoan Chairman, said:
"We are very pleased that we have made progress across both our key operating divisions over the past six months. Our Travel Business has continued to expand organically and invest for future expansion while with regard to our Crete Project, we are encouraged by the shortest possible delay in the hearing of the appeals against the issuance of the Presidential Decree ("PD") granting outline planning consent for the Group's project in Crete and the fact that the PD has already been judged to be legal by this court on two occasions. In summary, I believe we have never been closer to fulfilling our substantial potential."
The Company's unaudited interim results for the 6 months ended 30 April 2016 can be viewed on Minoan's website, www.minoangroup.com, with effect from 14 July 2016.
For further information visit www.minoangroup.com or contact:
Minoan Group Plc Christopher Egleton christopher.egleton@minoangroup.com Duncan Wilson 0141 226 2930 Bill Cole 020 8253 4305 WH Ireland Limited 020 7220 1666 Adrian Hadden/Mark Leonard Throgmorton Street Capital 020 7071 0808 Forbes Cutler Morgan Rossiter 020 3195 3240 Richard Morgan Evans/James Rossiter
Chairman's Statement
Introduction
In reviewing the 6 months ended 30 April 2016 during the current momentous events in the UK I am pleased that the Group was able to make progress in both divisions.
In summary, our travel business continued to expand organically and invest for future expansion whilst in Greece, albeit as usual the subject of appeals, the Presidential Decree ("PD") granting the equivalent of outline planning permission for the Project was issued on 11 March 2016.
Greece
The general situation in Greece appears to have become more stable. Funds from the current 'Bailout' have been released and the Banks have been recapitalised. These two factors alone are expected to lead to more activity in the economy which, after so many years of austerity, is a welcome development.
The very short delay of the hearing date for the appeals against the issue of the PD to 16 September 2016 is, we are advised, the first possible date after the Council of State's summer recess. Your Board and I hope that the Court will reach an early decision and are encouraged by the fact that the PD has already been judged to be legal by this Court on two occasions.
In the meantime, in light of the Greek Government's continued support for Foreign Direct Investments, we continue to make progress with the Project itself as well as with a number of discussions taking place with potential partners and financing institutions.
Travel and Leisure ("T&L")
The first six months of the year have been marked by two principal matters.
First, continued organic growth which has seen an increase in gross profit by circa 19% to GBP3,544,000 from GBP2,981,000. This has been achieved against the negative background of reduced demand in our market in Turkey as a result of security concerns.
Second, notwithstanding further significant investments for the future expansion of the business, I am pleased to report that at the EBITDA level profit has increased by circa 12% to GBP332,000 from GBP297,000. These investments were in 'soft' infrastructure and the June opening of a new hi-tech service centre in Ayr to facilitate the ongoing growth of our web based businesses, which now account for roughly two thirds of our total transaction value.
Stewart Travel and its brands are agency businesses and as such do not carry the fixed cost or significant foreign exchange risks associated with suppliers of 'product' such as tour operators, hotels and airlines.
We continue to progress various options to facilitate future growth for the travel business, particularly through acquisitions, for the best advantage of the Group as a whole.
Outlook
In Greece the Court hearing in September is of prime importance. We have confidence in the Greek justice system and hope for an early decision. Meanwhile, we continue to prepare for a successful outcome and the crystallisation of value for shareholders.
Chairman's Statement (continued)
Outlook (continued)
Discussions regarding the plans for our travel business are in progress with advisors and others. I expect to be able to give shareholders more information in the near future.
The 'Brexit' vote, together with its effect on Sterling, may have significant impacts on both our businesses. In travel it is likely to put up the cost of travel and holidays, which may affect the level of bookings going forward although increased prices may also result in higher commission. The effect in Greece is that the underlying value of the Project, which is based on Euros/Dollars, means that a lower Sterling exchange rate will lead to an increase in the equivalent Sterling value.
In conclusion, whilst there are momentous events over which we have no control, we have never been closer to fulfilling our substantial potential.
Christopher W Egleton
Chairman
14 July 2016
Unaudited Consolidated Statement of Comprehensive Income
6 months ended 30 April 2016
Hot Features
Premium
6 months 6 months Year ended
ended 30.04.16 ended 30.04.15 31.10.15
GBP'000 GBP'000 GBP'000
--------------- --------------- ----------
Total transaction value 33,106 28,723 60,964
--------------- --------------- ----------
Revenue 3,544 2,981 6,816
Cost of sales - - (323)
--------------- --------------- ----------
Gross profit 3,544 2,981 6,493
Operating expenses (3,618) (3,011) (6,523)
Other operating expenses
Corporate development
costs (222) (244) (511)
Charge in respect of share
based payments (14) (28) (57)
Operating loss (310) (302) (598)
Finance costs (746) (457) (1,022)
Loss before taxation (1,056) (759) (1,620)
Taxation - - -
--------------- --------------- ----------
Loss for period attributable
to equity holders of the
Company (1,056) (759) (1,620)
--------------- --------------- ----------
Loss per share attributable
to equity holders of
the Company: Basic and
diluted (0.56)p (0.43)p (0.89p)
--------------- --------------- ----------
Unaudited Consolidated Statement of Changes in Equity
6 months ended 30 April 2016
6 months ended 30 April 2016
Share Share Merger Warrant Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP000 GBP'000 GBP'000
-------- -------- -------- -------- ------------ ----------
Balance at 1 November
2015 14,975 31,435 9,349 1,904 (13,831) 43,832
Loss for the period - - - - (1,056) (1,056)
Issue of ordinary
shares at a premium 82 800 - - - 882
Share based payment
charge - - - - 14 14
Balance at 30 April
2016 15,057 32,235 9,349 1,904 (14,873) 43,672
-------- -------- -------- -------- ------------ ----------
6 months ended 30 April 2015
Share Share Merger Warrant Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------- --------- --------
Balance at 1 November
2014 14,843 30,261 9,349 313 (12,268) 42,498
Loss for the period - - - - (759) (759)
Issue of ordinary
shares at a premium 80 531 - - - 611
Share based payment
charge - - - - 310 310
Balance at 30 April
2015 14,923 30,792 9,349 313 (12,717) 42,660
-------- -------- -------- -------- --------- --------
Year ended 31 October 2015
Share Share Merger Warrant Retained Total
capital premium reserve reserve earnings equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- -------- --------- --------
Balance at 1 November
2014 14,843 30,261 9,349 313 (12,268) 42,498
Loss for the year - - - - (1,620) (1,620)
Issue of ordinary
shares at a premium 132 1,174 - - - 1,306
Share based payment
charge - - - 1,591 57 1,648
Balance at 31 October
2015 14,975 31,435 9,349 1,904 (13,831) 43,832
-------- -------- -------- -------- --------- --------
Unaudited Consolidated Balance Sheet as at 30 April 2016
As at 30.04.16 As at 30.04.15 As at 31.10.15
GBP'000 GBP'000 GBP'000
---------------- ---------------- --------------
Assets
Non-current assets
Intangible assets 9,818 9,568 9,835
Property, plant and equipment 688 718 711
Total non-current assets 10,506 10,286 10,546
---------------- ---------------- --------------
Current assets
Inventories 41,781 40,607 41,266
Receivables 2,683 1,916 2,171
Cash and cash equivalents 67 539 145
---------------- ---------------- --------------
Total current assets 44,531 43,062 43,582
---------------- ---------------- --------------
Total assets 55,037 53,348 54,128
---------------- ---------------- --------------
Equity
Share capital 15,057 14,923 14,975
Share premium account 32,235 30,792 31,435
Merger reserve account 9,349 9,349 9,349
Warrant reserve 1,904 313 1,904
Retained earnings (14,873) (12,717) (13,831)
---------------- ---------------- --------------
Total equity 43,672 42,660 43,832
---------------- ---------------- --------------
Liabilities
Non-current liabilities - 4,000 -
Current liabilities 11,365 6,688 10,296
Total liabilities 11,365 10,688 10,296
---------------- ---------------- --------------
Total equity and liabilities 55,037 53,348 54,128
---------------- ---------------- --------------
Unaudited Consolidated Cash Flow Statement
6 months ended 30 April 2016
6 months 6 months Year ended
ended 30.04.16 ended 30.04.15 31.10.15
GBP'000 GBP'000 GBP'000
--------------- --------------- ------------------------
Cash flows from operating
activities
Net cash inflow/(outflow)
from continuing operations
(note 1) (490) 396 (348)
Finance costs (265) (175) (394)
Net cash (used in)/generated
from operating activities (755) 221 (742)
--------------- --------------- ------------------------
Cash flows from investing
activities
Purchase of property,
plant and equipment (24) (64) (116)
Purchase of intangible
assets (51) (256) (629)
Net cash used in investing
activities (75) (320) (745)
--------------- --------------- ------------------------
Cash flows from financing
activities
Net proceeds from the
issue of ordinary shares - 11 70
Loans received 752 500 1,435
Net cash generated from
financing activities 752 511 1,505
--------------- --------------- ------------------------
Net (decrease)/increase
in cash (78) 412 18
--------------- --------------- ------------------------
Cash at beginning of
period 145 127 127
--------------- --------------- ------------------------
Cash at end of period 67 539 145
--------------- --------------- ------------------------
Notes to the Unaudited Consolidated Cash Flow Statement
6 months ended 30 April 2016
1 Cash flows from operating activities
6 months 6 months Year ended
ended 30.04.16 ended 30.04.15 31.10.15
GBP'000 GBP'000 GBP'000
--------------- --------------- -------------
Loss before taxation (1,056) (759) (1,620)
Finance costs 265 175 394
Depreciation 51 52 103
Amortisation 158 102 208
Exchange loss relevant
to property, plant and
equipment 6 11 19
Increase in inventories (515) (565) (1,224)
Share based payments 495 310 685
Increase in receivables (512) (324) (579)
Decrease in non-current
liabilities - - 430
Increase in current liabilities 593 794 -
Non cash movement in equity 25 600 1,236
--------------- --------------- -------------
Net cash inflow/(outflow)
from continuing operations (490) 396 (348)
--------------- --------------- -------------
Notes to the unaudited interim results
6 months ended 30 April 2016
1. General information
The Company is a public limited company incorporated in England and Wales and quoted on AIM. The Company's principal activity in the period under review was that of a holding and management company of a Group involved in the design, creation, development and management of environmentally friendly luxury hotels and resorts and in the operation of independent travel businesses, through which the Group provides a broad range of services including, inter alia, transportation, hotel and other accommodation and leisure services.
2. Basis of preparation
The interim financial statements are unaudited and do not constitute statutory accounts as defined in Section 434(3) of the Companies Act 2006. A copy of the audited Report and Financial Statements for the year ended 31 October 2015 has been delivered to the Registrar of Companies. The auditor's report on these accounts was unqualified and did not contain statements under s498(2) to s498(4) of the Companies Act 2006. The Report and Financial Statements for the year ended 31 October 2015 were approved by the Board on 30 March 2016.
The interim financial statements for the 6 months ended 30 April 2016 comprise an Unaudited Consolidated Statement of Comprehensive Income, Unaudited Consolidated Statement of Changes in Equity, Unaudited Consolidated Balance Sheet and Unaudited Consolidated Cash Flow statement plus relevant notes.
The interim financial statements are prepared in accordance with EU adopted International Financial Reporting Standards ("IFRS") and the International Financial Reporting Interpretations Committee ("IFRIC") interpretations and the Companies Act 2006 applicable to companies reporting under IFRS.
The principal accounting policies adopted in the preparation of the interim financial statements are consistent with those adopted in the Report and Financial Statements for the year ended 31 October 2015.
Going concern
The interim unaudited financial statements have been prepared on the going concern basis.
The directors have considered the financial and commercial position of the Group in relation to its project in Crete (the "Project") and also in respect of its travel and leisure business. In particular, the directors have reviewed the matters referred to below.
Following the unanimous approval of a Plenum of the Greek Council of State, the highest court in Greece, the Presidential Decree granting land use approval for the Project was issued on 11 March 2016 and has been published in the Government Gazette. The planning rules for the Project are now enshrined in law. Appeals against the Presidential Decree have been lodged and the hearing by the Greek Council of State of these appeals will be on 16 September 2016.
The directors consider it relevant that having completed financial joint venture agreements prior to the above, and any other consents, they will conclude further Project joint venture agreements in the near term. In addition, the directors are considering other options which would have a major beneficial impact on the Group's resources.
In addition to specific Project related matters as noted above, and as has been the case in the past, the Group continues to raise capital in order to meet its existing working capital requirements and the directors consider that any necessary funds will be raised as required.
Notes to the unaudited interim results (continued)
6 months ended 30 April 2016
2. Basis of preparation (continued)
Going concern (continued)
With a number of acquisitions in the planned expansion of its Travel and Leisure business having been completed over period of time, the Group is now generating profits and cash flow within this sector of its activities.
Having taken these matters into account, the directors consider that the going concern basis of preparation of the financial statements is appropriate.
3. Segmented information
The Group strategy and growth objectives necessitate the building of an associated infrastructure. The Group considers it appropriate to identify separately the corporate development division together with costs related to acquisitions. Accordingly, the Group is organised into three divisions both by business segment and geographical location:
-- the luxury resorts division, currently being the development of a luxury resort in Crete, which includes the central administration costs of the Group;
-- the Travel and Leisure division (UK), being the operation and management of the travel businesses; and
-- the corporate development division (UK) as described above.
Notes to the unaudited interim results (continued)
6 months ended 30 April 2016
3. Segmented information (continued)
The information presented below is consistent with how information is presented to the Board, with the Group's accounting policies and with the geographical location of the relevant divisions.
6 months ended 30 April
2016
Luxury Travel Corporate
Resorts and Leisure Development Total
GBP'000 GBP'000 GBP'000 GBP'000
-------------- -------------------- ---------------------- ---------------
Total transaction value - 33,106 - 33,106
Revenue - 3,544 - 3,544
Cost of sales - - - -
-------------- -------------------- ---------------------- ---------------
Gross profit - 3,544 - 3,544
Operating expenses (197) (3,421) (222) (3,840)
-------------- -------------------- ---------------------- ---------------
(197) 123 (222) (296)
Charge in respect of
share based payments (14) - - (14)
-------------- -------------------- ---------------------- ---------------
Operating (loss)/profit (211) 123 (222) (310)
Finance costs (680) (66) - (746)
(Loss)/profit before
taxation (891) 57 (222) (1,056)
-------------- -------------------- ---------------------- ---------------
Operating expenses
include:
Depreciation and amortisation - 209 - 209
Operating leases -
plant and equipment - 8 - 8
-------------- -------------------- ---------------------- ---------------
Assets/liabilities
Goodwill 6,127 2,601 - 8,728
Other non-current assets 138 1,640 - 1,778
Current assets 42,638 1,893 - 44,531
Total assets 48,903 6,134 - 55,037
-------------- -------------------- ---------------------- ---------------
Total liabilities 7,859 3,506 - 11,365
-------------- -------------------- ---------------------- ---------------
Notes to the unaudited interim results (continued)
6 months ended 30 April 2016
3. Segmented information (continued)
6 months ended 30 April
2015
Luxury Travel Corporate
Resorts and Leisure Development Total
GBP'000 GBP'000 GBP'000 GBP'000
------------------ ------------------- ------------- --------------
Total transaction value - 28,723 - 28,723
Revenue - 2,981 - 2,981
Cost of sales - - - -
------------------ ------------------- ------------- --------------
Gross profit - 2,981 - 2,981
Operating expenses (173) (2,838) (244) (3,255)
------------------ ------------------- ------------- --------------
(173) 143 (244) (274)
Charge in respect of
share based payments (28) - - (28)
------------------ ------------------- ------------- --------------
Operating (loss)/profit (201) 143 (244) (302)
Finance costs (426) (31) - (457)
(Loss)/profit before
taxation (627) 112 (244) (759)
------------------ ------------------- ------------- --------------
Operating expenses
include:
Depreciation and amortisation - 154 - 154
Operating leases -
plant and equipment - 11 - 11
------------------ ------------------- ------------- --------------
Assets/liabilities
Goodwill 6,127 2,451 - 8,578
Other non-current assets 134 1,574 - 1,708
Current assets 41,402 1,660 - 43,062
Total assets 47,663 5,685 - 53,348
------------------ ------------------- ------------- --------------
Non-current liabilities 4,000 - - 4,000
Current liabilities 5,247 1,441 - 6,688
------------------ ------------------- ------------- --------------
Total liabilities 9,247 1,441 - 10,688
------------------ ------------------- ------------- --------------
Notes to the unaudited interim results (continued)
6 months ended 30 April 2016
3. Segmented information (continued)
Year ended 31 October 2015
Luxury Travel Corporate
Resorts and Leisure Development Total
GBP'000 GBP'000 GBP'000 GBP'000
Total transaction
value - 60,964 - 60,964
---------------- --------------------- -------------------- ----------------------
Revenue - 6,816 - 6,816
Cost of sales - (323) - (323)
---------------- --------------------- -------------------- ----------------------
Gross profit - 6,493 - 6,493
Operating expenses (417) (6,106) (511) (7,034)
---------------- --------------------- -------------------- ----------------------
(417) 387 (511) (541)
Charge in respect
of share based payments (57) - - (57)
---------------- --------------------- -------------------- ----------------------
Operating (loss)/profit (474) 387 (511) (598)
Contribution to central
costs 100 (100) - -
Finance costs (968) (54) - (1,022)
---------------- --------------------- -------------------- ----------------------
(Loss)/profit before
taxation (1,342) 233 (511) (1,620)
Taxation - - - -
---------------- --------------------- -------------------- ----------------------
(Loss)/profit after
taxation (1,342) 233 (511) (1,620)
Operating expenses
include:
Depreciation and amortisation - 311 - 311
Operating leases -
plant and equipment - 59 - 59
---------------- --------------------- -------------------- ----------------------
Assets/liabilities
Goodwill 6,127 2,511 - 8,638
Other non-current
assets 134 1,774 - 1,908
Current assets 42,082 1,500 - 43,582
---------------- --------------------- -------------------- ----------------------
Total assets 48,343 5,785 - 54,128
---------------- --------------------- -------------------- ----------------------
Total and liabilities 7,181 3,115 - 10,296
---------------- --------------------- -------------------- ----------------------
4. Goodwill
Goodwill arising on acquisitions represents the difference between the fair value of the net assets acquired and the consideration paid and is recognised as an asset.
Goodwill arising on acquisition is allocated to cash-generating units. The recoverable amount of the cash-generating unit to which goodwill has been allocated is tested for impairment annually, or on such other occasions that events or changes in circumstances indicate that it might be impaired. Any impairment is recognised immediately as an expense and is not subsequently reversed.
The Group conducts an annual impairment test on the carrying value of goodwill based on the recoverable amount of two cash generating units: the Project and the Travel and Leisure business.
The directors consider that there have been no indicators of impairment of goodwill for either the Project or the Travel and Leisure CGU since the last annual review and therefore do not consider that an interim review is required.
Notes to the unaudited interim results (continued)
6 months ended 30 April 2016
5. Loss per share attributable to equity holders of the Company
Earnings per share are calculated by dividing the earnings attributable to the equity holders of a company by the weighted average number of ordinary shares in issue during the period. Diluted earnings per share are calculated by adjusting basic earnings per share to assume the conversion of all dilutive potential ordinary shares. There are no dilutive instruments in issue, therefore the basic loss per share and diluted loss per share are the same. The weighted average number of shares used in calculating basic and diluted loss per share for the 6 months ended 30 April 2016 was 188,729,546 (6 months ended 30 April 2015: 177,502,902, year ended 31 October 2015: 182,214,717).
6. Share based payments charge
6 months 6 months Year ended
ended 30.04.16 ended 30.04.15 31.10.15
GBP'000 GBP'000 GBP'000
--------------- --------------- ----------
Share based payments -
directors 14 28 57
Share based payments -
warrants finance charges 481 282 628
495 310 685
--------------- --------------- ----------
In accordance with IAS 32, the share based payments charge in respect of warrants finance charges shown above has been included in Finance costs in the Unaudited Consolidated Statement of Comprehensive Income.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR UORBRNOABAAR
(END) Dow Jones Newswires
July 14, 2016 02:00 ET (06:00 GMT)
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